MKT MIDTERM QUIZZES
How does the new concept of marketing differ from the old concept of marketing? The new concept is more cost efficient. B. The new concept requires less work from marketing executives. C. The new concept focuses on making money. D. The new concept focuses on having a well-developed product. E. The new concept focuses on the needs of the customer.
The new concept focuses on the needs of the customer.
Bob's Bicycle Sales and Repair is a brand new company. From a marketing standpoint, what is the FIRST thing Bob's Bicycle Sales and Repair needs to do? A. Determine who in the community wants or needs a bicycle or repair service. B. Develop a plan to sell as many bicycles as possible. C. Develop relationships with the customers who come to purchase bicycles or repair services. D. Advertise the company as a location in which to purchase bicycles or repair services. E. Develop the best bicycle selection to sell.
A
The ultimate goal of the marketing process is to do which of the following? A. Evaluate customer needs. B. Develop relationships with customers. C. Capture value from customers. D. Determine a target market. E. Create a quality product.
Capture value from customers.
A brand new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new company? A. We are providers of hardware, lumber-based, and appliance products to be used for home improvement and commercial construction projects. B. We embrace the deeper meaning of the home and commercial improvements. C. We will have two million dollars in profit by the end of our second fiscal year and twice that amount by the end of year five. D. We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses. E. We will be the best hardware company in the world. No other company will ever outsell us.
D
Sarah has started a new company, Sarah's Soaps. She has decided upon the overall purpose and mission, created detailed objectives to guide the company, and performed detailed portfolio analysis. Unsure of her next step, she looks to her partner Mildred for advice. What is the BEST advice Mildred could give? A. Let the new department heads take over responsibility to test their effectiveness. B. Reevaluate the mission statement to make sure it reflects the detailed objectives. C. Create a growth-share matrix to find cash cows to help fund question marks. D. Determine a target market and begin aggressively marketing to them. E. Develop detailed marketing and departmental plans that will support the company-wide plan.
E
When is the selling concept typically used by marketers? A. When the company focuses on customer needs B. For the purchase of unsought goods C. When the company seeks the long-term welfare of society D. For seasonal items E. When the product is of high quality
For the purchase of unsought goods
Which of the following statement is correct about the marketing ROI? Marketing ROI uses only those marketing factors that can be measured in dollars. Marketing ROI ignores customer-centered measures of marketing impact, such as customer acquisition and retention. Marketing ROI is easier to calculate than financial ROI. Marketing ROI cannot be assessed in terms of standard marketing performance measures, such as brand awareness, sales, or market share. Marketing ROI measures the profits generated by investments in marketing activities.
Marketing ROI measures the profits generated by investments in marketing activities
How do market demands relate to needs and wants? A. Demands result in customers needing and wanting a particular product. Your answer is not correct.B. Needs are satisfied by wants, and buying power converts wants into demand. C. Wants and demands are equivalent, and both satisfy needs at the same rate. D. Needs, wants, and demands all describe the same state in the customer. E. Needs and wants outweigh demands in the customer's mind.
Needs are satisfied by wants, and buying power converts wants into demand.
Which of the following statements about big data is correct? Big data is very important because marketers today need more information to make good decisions. Analyzing big data is a very easy task. Big data actually refers to very small data sets. One result of big data is that marketing managers are often overloaded and overwhelmed with information Analyzing big data will always lead to useful customer insights
One result of big data is that marketing managers are often overloaded and overwhelmed with information
June and Beatrice have started a new company, Junbee Inc., and are having trouble deciding which marketing path to take to drive sales. June believes they should follow a make-and-sell philosophy that focuses on improving their product, whereas Beatrice believes they should be more customer-oriented and find the right products for their customers. Which of the following BEST describes this situation? A. Should Junbee Inc. follow a product or selling concept? B. Should Junbee Inc. follow a societal marketing or production concept? C. Should Junbee Inc. follow a product or marketing concept? D. Should Junbee Inc. follow a marketing concept or a societal marketing concept? E. Should Junbee Inc. follow a production or selling concept?
Should Junbee Inc. follow a product or marketing concept?
What is the main problem that sellers suffering from marketing myopia face? A. They focus more on the customer's experience than the product itself. B. They focus more on brand image than the quality. C. They focus on customer wants instead of demands. D. They focus more on products than the customer's underlying need. .E. They focus more on profit than the customer's benefit.
They focus more on products than the customer's underlying need.
When a company engages in strategic planning, it must consider which of the following? A. How to take advantage of current business opportunities B. How to best market its products C. How to keep current businesses running smoothly D. How to divide its assets among stockholders E. How to make the most money possible during a fiscal year
a
Which of the following is a personal factor that influences a consumer's buying behavior? A. Social networks B. Family C. Occupation D. Motivation E. Status
c
A power tool company wants to give its customers access to internal, non-public information about how best to use its product in creative ways. What should the company create to provide customers with this information? A. A company extranet B.. A data warehouse C. A company intranet D. A company data mine E. A company website
a
A purse company's ads feature the members of a popular housewives reality show. Product sales increase significantly among the fans. From the fans' viewpoint, the housewives reality show is a(n) _____. A. reference group B. late-majority adopter C. membership group D. family group E. lagging adopter
a
A researcher must always evaluate secondary information carefully; however, the researcher does not need to ensure the evaluation is _________. A. subjective B. accurate C. impartial D. relevant E. current
a
Firms that manufacture seasonal products target their consumers primarily through ________ segmentation. A. occasion B. demographic C. income D. age and life cycle E. psychographic
a
Grocers in neighborhoods with a large Hispanic population typically carry more brands that Hispanic consumers prefer than grocers in other neighborhoods. This is an example of ________. A. local marketing B. differentiated marketing C. undifferentiated marketing D. individual marketing E. concentrated marketing
a
Heeltoe, a boutique that caters to the footwear needs of women, manufactures two different lines of footwear based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged women, and the other line targets younger professionals and homemakers. Heeltoe most likely segments the consumer market based on ________ variables. A. demographic .B. geographic C. psychographic D. behavioral E. universal
a
Items such as technical specifications, quantity, delivery time, return policies and warranties are included in the ____________. A. order routine specification B. supplier selection C. proposal solicitation D. product specification E. general need description
a
Socially responsible target marketing would classify which of the following as an especially vulnerable target market for harmful or controversial products? A. Children B. Single households C. Females D. Baby Boomers E. Wealthy consumers
a
The goal of a market development growth strategy is to do which of the following? A. Identify and develop new markets for current products of a company's market. .B. Offer modified or new products to current markets. C. Make more sales to current customers without changing its original products. D. Buy businesses beyond its current products and markets. E. Start up businesses beyond its current products and markets.
a
The major cultural values of a society are expressed by _________. A. people's views of themselves and others, as well as their views of organizations, society, nature, and the universe B. people's views of themselves C. people's views of organizations D. people's views of the universe E. people's views of society
a
The website leftyslefthand.com markets products to left-handed consumers only. Which targeting strategy does this represent? A. Concentrated marketing B. Undifferentiated marketing C. Differentiated marketing D. Segmented marketing E. Micromarketing
a
What are stars in the growth share matrix? A. High-growth, high-share businesses or products .B. Low-growth, high-share businesses or products C. Low-share, high-growth businesses or products D. The growth star matrix does not contain stars. E. Low-growth, low-share businesses and products
a
What is a business portfolio? A. The collection of businesses and products that make up a company B. The record of the responsibilities of the CEO and the CFO C. A collection of a group of companies within the same area of business D. A projection of a future marketing direction for a company E. A record of business investments
a
What is management's first step when performing a portfolio analysis? A. Identify strategic business units. B. Perform a SWOT analysis. C. Determine the company's goals. D. Determine the company's target market. E. Outline the company's mission statement.
a
When Doritos comes out with new flavors of its tortilla chips, what brand development strategy does it employ? A. Line extension B. Multibrand C. Brand extension D. New brand E. Store brand.
a
Which of the following is a variable used to segment consumer buyers that is not used to segment business buyers? A. Purchasing approaches B. Situational factors C. Psychographics D. Operating characteristics E. Personal characteristics
c
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________. A. generating person-to-person brand conversations B. pushing one-way commercials at customers C. withdrawing from online social networks D. developing print and radio advertisements E. identifying and targeting late adopters
a
When Coca-Cola saw the growth of the bottled water category, they launched Dasani, its brand of bottled water. Which brand development strategy did Coca-Cola use in launching Disani? A. New brand This is the correct answer.B. Licensing C. Brand extension D. Multibranding E. Line extension
a
Which of the following BEST describes a duty that would fall under the jurisdiction of the FDA? A. Checking the quality of food that is served in school lunches .B. Ensuring that pollution standards are met by a company C. Evaluating whether an advertisement to be aired in public is fitting D. Investigating customer complaints about a business E. Protecting the legal status of a company
a
Which of the following is NOT a problem involving the natural environment that marketers need to consider? A. The aging U.S. population B. Raw material shortages C. Pollution D. Greenhouse gases E. Government regulations
a
Which of the following statements about online research is correct? A. Online surveys generally have higher response rates than those conducted by mail or phone. B. Focus groups are rarely conducted online. C. It is more expensive to conduct online research than to do a mail, phone, or personal interview. D. Experiments cannot be conducted online. E. Online research is only feasible for large companies.
a
Which of the following would be good advice for someone that is conducting marketing research in a foreign country? A. Reaching respondents in other parts of the world is more difficult than it is in the U.S. B. Language translation will be easy. C. Consumers in foreign markets generally enjoy participating in marketing research. D. Globalization has slowed down, so international research is no longer necessary. E. You can easily find good secondary data in most foreign markets.
a
Which of the following would make a segment less attractive to enter? A. New entrants finding it easy to enter the segment B. Very few substitute products C. Buyers with weak bargaining power Your answer is not correct.D. A lack of aggressive competitors E. Suppliers with weak bargaining power
a
Chicago's Best Pizzeria has been operating on the north side of Chicago for over 30 years. Its target market includes young, urban professionals who want new style, organic pizzas with exotic ingredients. However, in recent years, the population in the pizzeria's neighborhood has been shifting and fewer young, urban professionals live there. The population has grown older and wants traditional pizza, not pizza with exotic ingredients. Which of the following identifies the pizzeria's BEST response to this situation? A. Target a new market with a different product. B. Run an ad campaign on the health benefits of pizza. C. Be proactive and convince customers that "exotic is better." D. Sell a different food product, such as hamburgers or sushi. E. Cut the prices on its pizza.
a
Lydia's Lights wants to extend its market into Mexico. Before jumping in, the company needs to conduct some in-depth research to gauge customer's needs, interests, and buying patterns. Which of the following is the BEST option for Lydia's Lights? A. Send researchers door-to-door to collect the data from target consumers. B. Deliver surveys to the target consumers through the mail. C. Gather only secondary data to minimize expenses. D. Send out a survey by mass e-mail to the target consumers. E. Set up a call center to be the base for researchers to telephone the target consumers.
a
Tammy's Tap Dancing School currently has several question marks in its business portfolio, but it is currently maintaining its market share. At the most recent board meeting, the CEO of Tammy's Tap Dancing School decided to allocate all of the company's profits toward the growth and expansion of this question mark, in order to cause the question marks to become stars. What is likely to happen to this company? A. The growth of the company will be unpredictable since there is no guarantee a question mark will become a star. .B. The company will gain market share and prosper as the question marks are developed. C. The company will be unable to sustain itself, because its profits will be spent on developing question marks and not on maintaining more profitable SBUs. D. The company will not show any growth or change at all, because profits will neither increase nor decrease. E. The company will go bankrupt, because all of its profits will be wasted on uncertain SBUs.
a
Tina's Tunes is a music store that has been selling CDs for 20 years. Throughout the last six years, sales have continuously declined and profits have almost completely disappeared. The CEO of Tina's Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to Tina's Tunes? A. Tina's Tunes is likely to fail because it is ignoring the technological environment. B. Tina's tunes are likely to prosper as mistrust in the digital age increases. C. Tina's Tunes is likely to fail because it is ignoring the natural environment. D. Tina's Tunes is likely to fail because it is ignoring the current political environment. E. Tina's Tunes will experience a rebound as the fear of the Great Recession declines.
a
_________ refers to the degree to which innovation appears superior to existing products. A. Relative advantage B. Compatibility C. Divisibility D. Complexity E. Communicability
a
Materials and parts, capital items, and supplies and services are groups of _____ products. A. specialty B. shopping C. unsought D. convenience E. industrial
e
One reason demographic variables are the most popular bases for segmenting customer groups is because they ________. Answers: create smaller segments create more easily accessible segments do not involve stereotypes are easier to measure than other variables involve fewer attributes to consider
are easier to measure
The major purpose of conducting Business portfolio analysis is to ________. study the products and strategies of competitors to improve the company's own products analyze consumer feedback in order to better position the company's brand image assess the attractiveness of an SBU's market and the strength of its position in the market segment the company's markets to reach target consumers effectively conduct marketing research to evaluate the company's marketing strategy
assess atractivenes
A(n) ________ describes a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea. Answers: role cue drive attitude motive
attitude
A colleague needs to collect descriptive data about his customer's attitudes. He has not done this type of research before. What research approach would you recommend to best suit this research project? A. An ethnographic study B. A survey C. Observation D. An experiment E. Secondary data
b
A company can differentiate itself from competitors using symbols such as McDonald's golden arches, Twitter's bird, and the Nike swoosh. Which type of differentiation is this? A. Product differentiation B. Image differentiation C. Channel differentiation D. Services differentiation E. People differentiation
b
A wedding services company changes its marketing strategy to reflect the fact that more LGBT (lesbian/gay/bisexual/transgender) marriages are taking place. The company is offering a broader range of ceremonies that cater to this market. Which of the following environments must this wedding company analyze? A. Political B. Cultural C. Technological D. Natural E. Economic
b
Age, personality, buying style, and job position are ________ factors that can influence the business buying decision process. A. interpersonal B. individual C. cultural D. economic E. organizational
b
At one time, Miller Beer was known as the "champagne of bottled beer." It was targeted at an elite class of customers. Later, to increase sales, Miller was repositioned to attract members of the working, middle-class. What is this segmentation method called? A. User status B. Psychographic C. Usage rate D. Behavioral E. Benefit
b
Byron Tied 2 Bowties groups its customers by regions in the United States, such as Midwest, Northeast, and Southwest. For each region, Byron Tied 2 Bowties creates a different set of advertisements and promotions. On which of the following segmentation variables does the firm divide its market? A. Benefits sought B. Geography C. Personality D. Demographics E. Behavior
b
Competitive marketing intelligence uses _________ data sources. A. private B. publicly available C. expensive D. competitor's internal E. internal
b
Dylan Parker owns 27 acres on a farmstead in Iowa. Recently, as he was plowing a field, he came across a rich silver vein in the ground. Realizing his bounty, he decided to open a new business selling silver. Not knowing much about the marketing environment, he asks you what he should do. Which of the following is the BEST advice? A. Dylan should set his attention to the government markets. B. Dylan should focus on the business market and sell the raw silver for further processing. C. Dylan should reach out to reseller markets to sell his silver quickly. D. Dylan should focus on the consumer market and sell silver directly for personal consumption. E. Dylan should focus on farming and ignore the silver vein.
b
From a marketing standpoint, which of the following BEST describes Baby Boomers? A. They tend to research products before they consider a purchase. B. They constitute a lucrative market for financial services, new housing and home remodeling, new cars, travel and entertainment, eating out, and health and fitness products. C. They are slowing down as they age. D. They are more likely to be receptive to irreverent ad pitches that make fun of convention and tradition. E. They blend the online and offline worlds seamlessly as they socialize and shop.
b
The marketing manager at Fanny's targets customers who are working to lose weight but who still want to dine out. The restaurant chain offers a wide variety of low-fat, low-calorie meals that appeal to dieters. Frizzles' approach is best referred to as ________ segmentation. Answers: age and life-cycle user status benefit demographic geographic
benefit
How do company objectives and goals relate to the company mission statement? A. The mission statement and the company goals are two different pieces used to explain the business of the company to its shareholders. B. The goals and objectives outline the steps necessary to accomplish the company's mission statement. Your answer is correct.C. The mission statement is developed based upon the company's goals and objectives. D. The goals and objectives are a restatement of the mission statement in more understandable terms. E. The mission statement defines what the company does, and the goals and objectives outline why the company does it.
b
How does the microenvironment of a company differ from its macroenvironment? A. The microenvironment affects a larger portion of the company than the macroenvironment. B. The microenvironment deals with the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. C. The microenvironment is company-based, whereas the macroenvironment is customer-based. D. The microenvironment deals with the big problem, whereas the macroenvironment deals with trivial problems. E. The microenvironment uses more financial resources than the macroenvironment.
b
Many companies build extensive electronic collections of consumer and market information obtained from data sources within the company's network. This is known as ___________. A. marketing research B. an internal database C. an intranet D. online marketing research E. marketing intelligence
b
Marketers must be careful to guard against stereotypes when using ________. A. demographic segmentation B. age and life cycle segmentation C. benefits segmentation D. psychographic segmentation E. income segmentation
b
Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the company's niche productlong dash—premium, organic dog and cat foodlong dash—and contracted to sell it in several high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do now? A. Develop the formula for the organic pet food. B. Create a promotion strategy to increase customer awareness. C. Determine the company's primary competition in the pet food market. D. Work on a line of leashes, pet brushes, and pet furniture. E. Determine the target market for the product.
b
Sky owns a small hot air balloon company in Albuquerque, New Mexico. He recently started a Facebook page for his company and many of his customers are asking for store-sponsored hot air balloon trips. They believe Sky's expertise would make him the perfect guide. Sky decides to host quarterly hot air balloon trips and experiences a huge increase in sales and customer satisfaction. Which of the following is the BEST conclusion that can be drawn from Sky's situation? A. Customer insights are emotional and often irrelevant to a small business. B. Customer insights can provide valuable information to a small businesses. C. Most small businesses have no way of easily accessing customer insights. D. Customer insights are not dependable. E. Customer insights can be gained only through costly market research.
b
The marketing manager at Arbor's Delicatessen targets customers who are working to lose weight but who still want to dine out. The restaurant chain offers a wide variety of low-fat, low-calorie meals that appeal to dieters. Arbors' approach is best referred to as ________ segmentation. A. user status B. psychographic C. geographic D. age and life cycle E. benefit
b
This adopter group is skeptical and only adopts new products after a majority of people has tried it. A. Early mainstream. B. Late mainstream. C. Innovators. D. Early adopters. E. Lagging adopters.
b
To be successful, why should companies try to adopt a proactive stance on marketing? A. A proactive stance ensures that a company will increase its market share. B. A proactive stance allows a company to influence the market in its favor. C. A proactive stance allows a company to let the market determine prices for its products. D. A proactive stance allows a company to compete with its competitors on quality alone. E. A proactive stance allows a company to compete with its competitors on pricing alone.
b
To create value for customers, marketers must improve the performance of the ______, which includes partnering with suppliers, distributors, and customers. A. internal value chain B. value delivery network C. marketing system D. strategic plan E. competitive delivery network
b
What determines if a buyer is satisfied or dissatisfied with a purchase? A. The amount of information gathered in the decision process B. The relationship between the consumer's expectations and the product's perceived performance C. How others feel about the purchase D. The number of alternatives considered in the purchase decision E. Whether or not the buyer experiences cognitive dissonance
b
What is the first step of the buyer decision process? A. Information search B. Need recognition C. Postpurchase behavior D. Purchase decision E. Alternative evaluation
b
What is the nature of demand in business markets? A. Business market demand is independent of consumer market demand. B. Demand in business markets is derived demand. C. Demand in business markets does not fluctuate. D. Demand in business markets fluctuates less than in consumer markets. E. Demand in business markets is elastic.
b
What is the purpose of the marketing mix as part of the overall marketing strategy? A. To create an overall positive image in the customer's mind that is favorably associated with the company B. To elicit a response that influences a demand for the product from the customers the company is targeting C. To compare some or all of the company's products with the products of the company's competitors D. To maximize the company's profits through successful marketing and sales of a particular product E. To streamline a company's research, marketing, production, and sales of a particular product
b
When consumers respond in a similar way to a given set of marketing efforts, they can be referred to as a(n) _________. A. target market B. market segment .C. differentiation D. value chain E. market
b
Which of the following BEST describes the purpose of the customer insights team? A. To represent the company to its customers B. To create more value for customers C. To advertise new products to customer bases D. To instruct other company departments in customer service E. To develop new markets of customers for the company
b
Which of the following lists the five steps of the buyer decision process in the correct order? A. Need recognition, information search, purchase decision, evaluation of alternatives, and postpurchase behavior. B. Need recognition, information search, evaluation of alternatives, purchase decision, and postpurchase behavior. C. Need recognition, purchase decision, information search, evaluation of alternatives, and postpurchase behavior. D. Need recognition, evaluation of alternatives, information search, purchase decision, and postpurchase behavior. E. Purchase decision, need recognition, information search, evaluation of alternatives, and postpurchase behavior.
b
Which of the following statements regarding the business market is correct? A. In the business market buying process, buyers and sellers are less dependent on each other than in the consumer market. B. Many sets of business purchases are made for one set of consumer purchases. C. The business market has more buyers than the consumer market. D. The business market is not as large as the consumer market in terms of dollars spent and items purchased. E. Business buying decisions are less complex than consumer buying decisions.
b
Which of the following types of marketing involves creating opinion leaders to serve as brand ambassadors to spread the word about a company's products? A. Direct marketing B. Buzz marketing C. Social marketing D. Values marketing E. Traditional marketing
b
Which type of consumer products are frequently purchased with little planning, little comparison or shopping effort, and low customer involvement? A. Shopping products B. Convenience products C. Industrial products D. Capital products E. Specialty products
b
Why is marketing return on investment so difficult to measure? A. Customer-centered measures are inconvenient. B. There is no consistent definition. C. Marketers do not keep adequate records. D. Customer engagement is hard to measure. E. Marketing dashboards are inconsistent.
b
f competitors cannot easily copy the benefit a company chooses to promote, that benefit is said to be _________. A. distinctive B. preemptive C. superior D. profitable E. affordable
b
n which type of buying situation will a buyer usually go through all the stages of the business buying process? A. A straight rebuy B. A new task buying situation C. The purchase of raw materials D. A modified rebuy E. The purchase of a business service
b
Noah's Sporting Goods is having difficulty attaining the credit it needs to expand. What should the company do in order to alleviate its financial situation? A. Analyze the finances of one of its competitors B. Work out a plan with its financial intermediaries C. Reexamine its relationship with its resellers D. Find a new physical distribution firm E. Devise a marketing plan with a marketing service agency
b
Which of the following is accurate statement of a good marketing information system? Answers: It focuses solely on maximizing the amount of data generated irrespective of relevance. It typically uses only external sources of data in marketing research. It balances the information that a firm would like to have against what they really need. It develops a way of offering information about future plans of action that might not be very feasible or cost-effective. It eliminates the time-consuming task of assessing the information needs of a firm.
balnces info
Scott Frost has been coming to Adeline's Diner for 20 years and refuses to go anywhere else. Ada, the owner of Adeline's, loves Scott's loyalty but admits he purchases only a cup of cappuccino each visit. Scott would BEST be described as which of the following? A. True friend B. Barnacle C. Butterfly D. Stranger E. True believer
barnacle
Starbucks' decision to sell its coffee beans (both whole and ground) in supermarkets using Starbuck's recognized name, logo and, and packaging would represent which of the following brand development strategies? Line extension Brand extension Market penetration Diversification Multibrands
brand extension
Which of the following describes the current trend in businesses regarding relationships with customers? A. Gather as many customers as possible on a surface level. B. Maintain strong relationships with as many customers as possible. C. Build the right relationships with the right customers. D. Avoid developing relationships with customers at all. E. Find a few customers and develop strong relationships with them.
build right rel w right customers
A company is conducting market research to determine the best areas to sell its product. It has already determined its research questions. What is the next step of this company's research plan? A. Define the problem. B. Share the data with other companies in similar situations. C. Collect the data. D. Determine the best method to conduct research. E. Analyze potential data sources.
c
A marketing dashboard is used to do which of the following? A. Promote a product to a target group. B. Determine the financial cost of developing a product. C. Monitor strategic marketing performance. D. Analyze the new product lines being developed. E. Develop a course of action to market a product.
c
Consumers can obtain information from any of several sources. Which source is the most effective in that they legitimize the product? A. Commercial sources B. Media sources C. Personal sources D. The Internet E. Public sources
c
Dividing buyers into groups based on social class, lifestyle, or personality characteristics is called ________ segmentation. A. age and life cycle B. user status C. psychographic D. behavioral E. geographic
c
In determining product quality, what are the two dimensions of quality marketers must decide upon? A. Level and price B. Consistency and packaging. C. Level and consistency D. Level and conformance. E. Consistency and conformance.
c
Kroger sponsors such brands as Private Selection, Heritage Farm, and Simple Truth. Kroger does not manufacture any of these products. Which type of brand sponsorship is Kroger using? A. A co-brand B. A national brand C. A private brand D. A licensed brand E. A manufacturer's brand
c
Many marketers think that companies should aggressively promote only one benefit to the target market. The benefit promoted is known as a(n) ________. A. unique position proposition B. unique benefit proposition C. unique selling proposition D. unique difference proposition E. unique product proposition
c
One problem with business-to-business e-procurement is that it _______. A. increases paperwork requirements B. increases the time between order and delivery C. can erode long-standing customer-supplier relationships D. increases transaction costs E. reduces purchasing efficiency
c
Overall, how has the American population changed over time? It has become more likely to develop brand loyalty. B. It has become closer knit and more family-oriented. C. It has become more diverse, better educated, and more mobile. D. It has become wealthier, more cultured, and more frivolous in its spending habits. E. It has become more skeptical about marketing schemes.
c
Proactive businesses often take aggressive actions to affect consumers and the forces in their marketing environments. Which of the following does NOT depict a proactive company? A. Sander's Shoes staging a breast cancer walkathon to gain favorable press coverage B. Richard's Rifles hiring lobbyists to influence gun legislation C. Sophie's Soups refusing to counter false allegations of rat feces in its soups D. Airway Industries filing a lawsuit to keep its competitor from forming a monopoly E. Tim's Tobacco creating a blog to help shape public opinion
c
Question marks, cash cows, dogs, and stars are the four types of SBUs defined in which of the following? A. Product expansion grid B. SWOT analysis C. Growth-share matrix D. Market segmentation E. Value delivery network
c
The value of customer relationships that a brand creates is called _______. A. brand value B. customer value C. customer equity D. brand equity Your answer is not correct.E. brand differentiation
c
Which brand dimension is defined as how consumers feel a brand meets their needs? A. Differentiation B. Esteem C. Relevance D. Equity Your answer is not correct.E. Knowledge
c
Which kind of company would most benefit from conducting marketing research? A. Only medium-sized companies that are about half the size of Disney and IBM need market research. B. Neither large multinationals like Disney and IBM nor small locals truly need market research. C. Both large multinationals like Disney and IBM and small locals truly need market research. D. Only small locals like Beatrice's Bistro need market research. E. Only large multinationals like Disney and IBM need market research.
c
Which of the following identifies a change in the technological environment that could affect the success of a business? A. A company packages its product to be twice the size of its predecessor. B. A company develops a new battery that costs twice as much as its predecessor. C. A company develops a new battery that lasts twice as long as its predecessor. D. A company develops a customer support program that customers rate twice as responsive as the previous program. E. A company develops a new warranty that lasts as long as its predecessor.
c
Which of the following is NOT part of an overall SWOT analysis evaluation of a company? A. Opportunities B. Strengths C. Strategy D. Threats E. Weakness
c
Which of the following statements about service marketing is correct? A. Service marketers do not need to differentiate their offerings. B. Companies should strive to streamline services to increase efficiency. C. Training current employees better and hiring new ones with more skills can increase service productivity. D. It is easier to define service quality than product quality. E. Due to the variability of services, top service companies set modest service-quality standards.
c
______ 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. A. Market segmentation B. Differentiation C. Positioning .D. Market targeting E. Mass marketing
c
_________ refers to the practice of including ethnic themes and cross-cultural practices within a company's mainstream. A. Guerilla marketing B. Cause marketing C. A total market strategy .D. Viral marketing E. Buzz marketing
c
__________ show consumer perceptions of their brands versus those of competing products on important buying dimensions. A. Psychographic maps B. Competitively positioned maps C. Perceptual positioning maps .D. Competitive maps E. Target segment maps
c
he quality of services depends on who provides them as well as when, where, and how they are provided. Which characteristic of services does this describe? A. Perishability B. Intangibility C. Variability .D. Inseparability E. Tangibility
c
H2Coast, an automobile manufacturer, produces fuel-efficient hybrid vehicles that are targeted toward middle-income consumer groups. H2Coast most likely segments the consumer market based on ________ variables. A. behavioral B. universal C. demographic D. geographic E. psychographic
c
Identifying, describing and promoting the product are three functions of ______. A. support services B. design C. labeling D. product lines E. packaging
c
_______ consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance. A. CRM B. Big data C. Marketing analytics D. Touch points E. Marketing information
c
________ segmentation calls for dividing the market into different nations, regions, states, counties, cities, or even neighborhoods. A. Demographic B. Behavioral C. Geographic D. Income E. Lifestyle
c
"P&G ""Tide Loads of Hope"" program provides mobile laundromats and loads of clean laundry to families in disaster-stricken areas. This is an example of ________ marketing." Social environmental ethical cause-related charitable
cause-rel
________ is the degree to which the results of using an innovation can be observed or described to others. Answers: Relative advantage Compatibility Complexity Divisibility Communicability
communicability
A market segment is less attractive when ________. Answers: there are few aggressive competitors in the segment it is difficult for new entrants to enter the segment it contains powerful suppliers who can control prices substitute products are unavailable in the segment buyers in the market segment have weak bargaining powers
contians powerful suppliers who can control prices
Which of the following statements is most likely correct about people's beliefs and values? Belief in marriage is a secondary belief for most Americans. Secondary beliefs and values cannot be changed. Marketers have a high chance of changing core beliefs and values. Secondary beliefs are passed on from parents to children. Core beliefs and values have a high degree of persistence.
core beliefs and values hvae high degree of persist
________ is the concept describing total combined customer lifetime values of all the company's current and potential customers. Share of customer Value proposition Customer equity Market share Customer-perceived value
cust equity
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as ________. perceived-value management societal marketing customer relationship management partner relationship management enterprise resource planning
cust rel management
A company begins developing products by first examining users need and then creating products to fulfill those needs. Which of the following best describes this company's approach? Customer-driven marketing strategy Marketing implementation Value-delivery network Product management organization Selling concept
cust-driven
Craig's Craft Beer structures its company in such a way to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Craig's Craft Beer attempting to build? A. Customer lifetime value B. Customer loyalty C. Partner relationships D. Customer equity E. Share of customer
customer equity
Which of the following concepts refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers? customer equity share of customer customer profitability customer lifetime value
customer-perceived value
A value chain consists of which of the following? A. The network of distributors and suppliers that support a company B. The acquisitions team that buys products for the company to sell C. A chain of SBUs within a company that provide the most value D. The series of internal departments that carry out value-creating activities E. The customers who assign value to products within the company
d
According to the model of buyer behavior, what is in a buyer's black box? A. Purchase behavior B. Attitudes and preferences C. The four Ps D. The buyer's characteristics and the buyer's decision process E. Cultural forces
d
All the people involved in the buying decision in an organization are collectively known as _______. A. buying actors B. the buying nucleus C. the purchasing team D. the buying center E. buying agents
d
Any contact between a customer and a company is called a(n) _________. A. purchase B. service call C. sales call D. touch point E. satisfaction survey
d
Cupcakes by Cindy is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST place for this company to start to develop an efficient MIS? A. Distribute necessary information to the marketing team. B. Analyze the information gathered in market research. C. Conduct surveys or focus groups to gather information. D. Assess the information needs of the company. E. Determine how to use the information gathered by market research.
d
Denim Blue Jean Corporation is a growing company located in Washington State, but it is beginning to develop a presence in the surrounding states as well. It sells only one productlong dash—blue jeanslong dash—but it has 12 different lines of jeans that cater to men, women, children, babies, toddlers, and teens. Which marketing organization would BEST suit Denim Blue Jean Corporation? A. Combination organization B. Geographic organization C. Functional organization D. Market or customer organization E. Product management organization
d
If a company adds a new product line to its existing portfolio, it has increased its _________. A. product mix depth B. product support services C. product mix consistency D. product mix width E. product line length
d
If a segment is large enough or profitable enough to serve, it is ________. A. accessible B. differentiable C. measurable D. substantial E. actionable
d
MorningLinks, Inc., makes breakfast sausages and has begun to use the slogan, "Start Your Day the Organic Way" to jump on the eco-friendly movement. Unfortunately, as soon as consumers discovered MorningLinks' not-so-organic ingredients, the company began to see a rapid decline in profits and customer loyalty. What was MorningLinks' mistake? A. MorningLinks' slogan was not catchy enough. B. MorningLinks failed to target the correct market segments. C. MorningLinks focused only on breakfast sausages instead of diversifying its product mix. D. MorningLinks did not deliver on the promise it made. E. MorningLinks did not properly differentiate its position.
d
Roper's Radical Racers is an upscale company that sells cars primarily to racecar drivers and movie producers. In the past, Roper's Radical Racers marketed itself to the fun-loving driverlong dash—the driver who wanted to "race with life." However, in the current economy, Roper's has changed its slogan to "superior speed, superior savings." Roper's Radical Racers is engaging in which of the following? A. Market consideration B. Price slashing C. Income distribution D. Value marketing E. Diversity targeting
d
Service _______ means that services cannot be seen, tasted, felt, heard, or smelled before they are bought. A. packaging B. perishability Your answer is not correct.C. variability D. intangibility E. inseparability
d
The group of economic factors that affect consumers' purchasing power and spending patterns is called ________. A. income distribution B. macroenvironment C. the value market D. the economic environment E. demographic information
d
The purpose of business legislation is primarily based on ________. A. rehabilitation B. education C. guidance D. protection E. punishment
d
The role of a company's marketing information system (MIS) is important because ______________. A. it allows a company to outperform its competitors in the marketplace B. it maintains the company's internal database of customers C. it increases the likelihood that a customer will buy a product D. it enables a company to use customer insights to improve relationships with customers E. it ensures that the company will have good customer service
d
The role of a company's marketing intermediaries is to do which of the following? A. Determine which products a company should market B. Provide the resources needed by the company to produce goods and services C. Manage the company's human resources efforts D. Help the company find, promote, sell, and distribute products E. Purchase the company's product
d
The Children's Online Privacy Protection Act in the United States enforces laws for what reason? A. Establishes procedures to avoid unwanted telephone solicitations B. Makes deceptive, misleading, and unfair practices illegal regardless of injury to competition C. Bans the sale of hazardous toys and articles D. Prohibits online service operators from collecting personal information from children .E. Regulates the distribution of unsolicited commercial e-mail
d
The demographic, economic, natural, technological, political, and cultural forces that affect a company's ability to serve its customers make up which of the following? A. Cultural environment B. Microenvironment C. Marketing environment D. Macroenvironment E. Technological environment
d
To develop needed information, marketing information systems utilize _________. A. internal databases, big data, and market research B. marketing managers, information users, and internal databases C. marketing intelligence, marketing research, and the marketing environment D. internal databases, marketing intelligence, and marketing research E.. internal databases, marketing research, and marketing managers
d
To exercise their social responsibility, many companies are linking themselves to what type of marketing? A. Environmental B. Generational C. Technological D. Cause-related E. Intermediaries
d
When a company lengthens a product line by adding more items beyond its current range, they are ________. A. filling the line B. decreasing the depth of the line C. decreasing the width of their product mix D. stretching the line E. increasing the width of their product mix
d
Which of the five characteristics identified in the text has an inverse relationship with an innovation's rate of adoption? As this characteristic increases, the rate of adoption is slower. A. Communicability B. Divisibility C. Relative advantage D. Complexity .E. Compatibility
d
Which of the following BEST describes the research relationships? A. Observation is best suited for descriptive research, surveys for exploratory research, and experiments for causal research. B. Observation is best suited for exploratory research, surveys for causal research, and experiments for descriptive research. C. Observation is best suited for causal research, surveys for exploratory research, and experiments for descriptive research. D. Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research. E. Observation is best suited for descriptive research, surveys for causal research, and experiments for exploratory research.
d
Which of the following is NOT one of the marketing management functions? A. Control B. Analysis C. Implementation D. Promoting E. Planning
d
Which of the following is a pure tangible good? A. Financial advice B. A meal at a restaurant C. A medical checkup D. Toothpaste E. A spa treatment
d
Which of the following is a social factor that influences consumer buying behavior? A. Economic situation B. Occupation C. Life-cycle stage D. Roles and status E. Personality
d
Which of the following is a valid concern when it comes to the four Ps? A. It is not helpful for not-for-profit companies. B. It uses the buyer's view of the markets. C. It does not include services. D. It uses the seller's view of the market. E. It does not include packaging.
d
Which of the following is considered part of an augmented product rather than that of an actual product or core customer value? A. Packaging B. Brand name C. Product features D. Warranty .E. Design
d
Which of the following statements is true regarding managing service quality? A. Service quality is easier to define and judge than product quality. B. Setting standards is not important in delivering service quality. C. Service recovery is unimportant in managing service quality. D. Unlike product quality, service quality will always vary. E.. Customer retention is not related to service quality.
d
Which of the following statements is true regarding packaging? A. Packaging does not influence the consumer buying decision. B. Packaging does not impact product safety. C. Packaging is not an important consideration in product strategy. D. Packaging can be an important part of a brand's identity. E. Packaging is not used to gain a competitive advantage.
d
Which of the following statements regarding the important decisions in the development and marketing of individual products is correct? A. Packaging decisions are not an important part of developing individual products. B. Product labelling is no longer subject to legal regulation. Your answer is not correct.C. How a product is branded is separate from the development and marketing of individual products. D. Product attributes that communicate and deliver benefits to the consumer include quality, features, and style and design. E. Determining product support services is not part of the development of individual products.
d
Why is it important for a company to collect both primary and secondary data when conducting marketing research? A. To guarantee the product being researched will be successful B. To keep costs down C. To avoid complaints that the study is not reliable D. To have a "full picture" of the subject of its study E. To ensure the data is usable
d
Wonders such as robotic surgery, miniaturized electronics, and antibiotics can be attributed to which marketing environment? A. Political B. Cultural C. Natural D. Technological E. Social
d
You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a small payment. You are participating in a(n) ________. A. experiment B. individual interview C. ethnographic study D. focus group interview E. immersion group
d
Your local pizzeria promises "Delivery in 30 minutes or less or the pizza is free." What point of differentiation is this? A. Image differentiation B. Product differentiation C. People differentiation D. Services differentiation E. Channel differentiation
d
the Fair Packaging and Labeling Act in the United States enforces laws for what reason? A. To protect the public from the unethical actions of big business B. To protect the environment from over pollution by companies C. To control trade policies and regulations D. To protect consumers from fraudulent packaging and labeling E. To protect the interests of society against unrestrained business behavior
d
Beverly's Burgers came under fire recently when allegations were made that its veggie burgers were actually made with beef. To counter the claims, the restaurant called in a company to test not only its veggie burgers but also the rest of its vegetarian options to prove they lacked meat. The results were displayed publicly on the restaurant's Facebook page. What BEST describes Beverly's Burgers response to the allegations? A. Passive B. Steadfast C. Reactive D. Proactive .E. Determinative
d
Kidcomp, an American computer-manufacturing firm, targets children below the age of ten by providing free games and applications. The firm's marketing approach is reflective of ________ segmentation. A. occasion B. gender C. geographic D. age and life cycle E.. income
d
_________ is NOT a characteristic important in influencing an innovation's rate of adoption. A. Relative advantage B. Complexity C. Communicability D. Motivation E. Divisibility
d
You can practice sustainable marketing by adhering to general practices. Which of the following would allow a company to profit by serving immediate needs and long-term interests but not necessarily be a practice of sustainable marketing? A. Deliver value in a socially and environmentally responsible way. B. Help protect the natural environment. C. Practice caring capitalism by being civic minded and responsible. D. Delay responding to environmental legislation as it is instituted. E. Seek ways to profit by serving the long-run interests of customers and communities.
delay responding
Which of the following statement is most likely accurate about business that takes a proactive stance toward the marketing environment? They develop strategies to change the marketing environment. They believe that marketing strategies are bound by the current environment. They passively accept the marketing environment in its current state. They view the marketing environment as an uncontrollable element. They design strategies according to environmental forces in the market.
develop strats to change marketing environment
If male and female respond similarly to the marketing efforts for a beverage, they are considered not ________ market segments. Answers: accessible measurable reachable differentiable observable
diff
Which of the following is the best description of market segmentation? differentiating a market offering to create superior customer value 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 evaluating each market segment's attractiveness and selecting one or more segments to enter dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors
dividing
An international company has appointed a CPO to ensure the privacy and confidentiality of the consumer data it collects. Which of the following is the CPO MOST likely to do as a function of his job? A. Track the clicks of customers on websites. B. Scour consumer financial information. C. Use customer data in such a way to convince customers to buy products. D. Compile an exhaustive resource of customer data. E. Inform customers of the company's privacy policy.
e
A company's value chain is only as strong as its weakest link. What should a company do to properly gauge the strength of its links and continually improve? A. Perform a growth-share matrix. B. Determine the company's proper marketing mix. C. Evaluate its value delivery network. D. Perform a SWOT analysis. E. Examine the company's partner relationship management.
e
Competitive marketing intelligence is primarily responsible for _____________. A. using primary data over secondary B. developing the research plan C. implementing the research plan D. defining the problem E. the systematic collection and analysis of publicly available information
e
For which service characteristic do marketers need to pay close attention to fluctuations in demand? A. Tangibility B. Variability C. Inseparability D. Intangibility E. Perishability
e
How do the individual components of a SWOT analysis work together to determine the status of a company? A. By developing a marketing strategy that promotes a company's highest-selling products in such a way that there is a measurable return on the company's investment B. By creating a niche in a market that can be exploited by a company to gain the greatest profits C. By streamlining a company's core processes so that all of the company's operations flow smoothly and contribute to the development and sale of its products D. By developing a course of action that best determines a core market, the proper product to give the core market, and how to do so at an affordable price E. By ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development
e
Nailit Cosmetics is advertising its newest line of nail polishes. Nailit is selling the products in specially designed bottles that make application easier, made from a non-toxic, water-based nail polish with amazing summer colors. Which of the following is a core customer value for Nailit's line of polishes? A. The non-toxic properties of the products B. The products' revolutionary packaging C. The Nailit brand D. The natural ingredients E. The desire to have beautiful nails
e
Numbering 49 million or more, this group of consumers is sometimes overlooked because it is less materialistic than other groups and prizes experience, not acquisition. A. Echo boomers B. Senior citizens C. Baby boomers D. Generation Z E. Generation X
e
Service marketing requires ________. This means that the service firm must orient and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction. A. external marketing B. image differentiation C. the service firm to focus only on the customer D. interactive marketing E. internal marketing
e
Toyota allows Scion buyers to customize their cars to meet their exact needs and preferences. This is an example of ____________. A. undifferentiated marketing B. differentiated marketing C. segmented marketing D. concentrated marketing E. micromarketing
e
What is MIS? A. Competitive marketing intelligence B. Customer relationship management C. An internal database D. A customer insights team E. A marketing information system
e
When manufacturers launch products using their own brand names, which sponsorship option are they using? A. Store branding Your answer is not correct.B. Distributor branding C. Private branding D. Co-branding E. National branding
e
When we see Hello Kitty on children's clothing, Disney characters on lunchboxes, and Sponge Bob Squarepants on breakfast cereals, which form of brand sponsorship is being used? A. Private branding B. Store branding C. Co-branding D. National branding E. Licensing
e
Which of the following correctly defines a product? A. Products include tangible objects and services but not events or people. B. A product is not a part of the overall market offering. C. Products are only tangible objects offered to a market to satisfy a want or need. D. Products have two levels dash- the actual product and the augmented product. E. A product is anything offered to a market that might satisfy a need or want.
e
Which of the following is NOT a step in the marketing research process? A. Interpreting and reporting the findings B. Defining the research problem C. Developing the research plan D. Implementing the research plan E. Comparing research findings to other studies
e
Which of the following needs in Maslow's hierarchy is generally satisfied first? A. Social needs B. Self-actualization needs C. Safety needs D. Esteem needs E. Physiological needs
e
Which of the following statements about big data is correct? A. Analyzing big data is a very easy task. B. Big data actually refers to very small data sets. C. Big data is very important because marketers today need more information to make good decisions. Your answer is not correct.D. Analyzing big data will always lead to useful customer insights. E. One result of big data is that marketing managers are often overloaded and overwhelmed with information.
e
Which type of market segmentation has long been used in clothing, cosmetics, toiletries, and magazines? A. Benefits sought B. Occasion C. Usage rate D. Income E. Gender
e
_______ involves dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies. A. Market targeting B. Positioning C. Differentiation D. Mass marketing E. Market segmenting
e
______________ is the first stage in the new product adoption process. A. Evaluation B. Interest C. Adoption D. Trial E. Awareness
e
n a _________, the business-to-business buyer reorders something without modifications. A. buying decision B. system selling C. modified rebuy D. new task E. straight rebuy
e
Connie's Cupcakes has started to grow larger than Connie could ever have imagined. She is having a hard time keeping track of all of the business' marketing activities. She knows that she is going to need help to keep her business growing and is looking to hire. Whom should Connie hire? A. Frances French, her best friend and fellow entrepreneur who would come on as an additional chief executive officer B. Cash Money, a well-educated accountant who would begin working as the new chief financial officer C. Craig Moore, an extremely successful entrepreneur who is actually looking to buy out Connie and grow the business exponentially D. Tim Forrest, an operations specialist who would be hired as the new chief operating officer E. Noah Lopez, a marketing specialist who would be hired as Connie's new chief marketing officer
e
Joe's faith in Adidas, his favorite brand of running shoes, makes him consider other offerings introduced by Adidas. Joe is not a risk-taker, and he tends to evaluate each new product carefully before purchasing it. Joe is an opinion leader in his social networking community and best described as a(n) ________. Answers: lagging adopter innovator early adopter early mainstream adopter late mainstream adopter
early adopter
A marketing team of a company has been assigned to watch trends in spending, personal income, savings, and interest rates. This team is most likely gathering information about consumers' ________. social network usage rates economic situations occupational needs purchasing perceptions brand affiliations
eco situation
Which of the following best describes market targeting? 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 identifying consumer needs and creating a product to meet those needs evaluating each market segment's attractiveness and selecting one or more segments to enter dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors
evaluating
The act of obtaining a desired object from someone by offering something in return is known as which of the following? A. An exchange B. A barter C. A trade D. A swap E. A sale
exchange
Kenny's introduced a new beverage and released it in two different cities at two different prices. Marketers of Kenny's then analyzed the sales records of their outlets at the two cities, determined the price that resulted in better profits, and used the information to set a nationwide price for their new offering. This is an example of ________. Answers: exploratory research Bsurvey research ethnography research experimental research descriptive research
experimental
Companies today are moving away from target marketing and toward mass marketing.
f
Secondary data consist of information collected for the specific purpose at hand.
f
""People"" is the one of the 4-Ps of the marketing tool. "
false
"According to the BCG matrix, products or businesses with a low market share in a high-growth market are classified as STARS. "
false
"To design a wining market strategy, a company must first decide what product to sell."
false
The full positioning of a brand is called the unique selling proposition.
false
In a SWOT analysis, which of the following would most likely be considered an opportunity of a company?" a favorable economic climate that encourages consumption the entering of a new competitor from the market higher prices of the company's products resulting from inflation an increase in consumer interest in the company's products an improvement in the company's production technology
favroable eco climate
"State Farm® insures manufacturers, distributors, and consumers against the loss or damage of goods during transportation after a purchase or sale. In this case, State Farm® is an example of a ________." wholesaler retailer financial intermediary physical distribution firm marketing service agency
finacial intermediary
Advantage Airlines has instituted a loyalty rewards program that rewards customers with free Wi-Fi, seat upgrades, and free miles for their continued patronage. What relationship tool is Advantage Airlines using? A. Club marketing program B. Frequency marketing program C. Consumer-generated marketing D. Mass-media marketing E. Customer-perceived value
frequency marketing
How has the Great Recession of 2008dash-2009 affected consumers' attitudes? A. Consumers are showing an enthusiasm for frugality. B. Consumers are moving from mindful to mindless consumption. C. Consumers' attitudes have not been affected by the recession. D. Consumers are more willing to indulge in luxuries. E. Consumers are less willing to save their money.
frugality
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________. Answers: pushing one-way commercials at customers identifying and targeting late adopters developing print and radio advertisements generating person-to-person brand conversations withdrawing from online social networks
gen person to person
Compared with undifferentiated marketing, differentiated marketing is more likely to lead to ________. Answers: reduced sales in each market segment weaker product position in each market segment higher costs of doing business redundancy in product design across market segments smaller market share in the industry
higher costs of doing bus
Anna wants to buy a new jacket. She asks her friends to recommend a store and/or a style of coat. She looks for sale advertisements for coats in newspapers and also visits nearby stores to check if she can find a coat in her budget. In this case, Anna is most likely in the ________ stage of the buyer decision process. Answers: product evaluation evaluation of alternatives need recognition information search purchase decision
info search
Cathy bought two bottles Wine. When asked for an opinion on the quality of the Wines, she later mentioned that the Chateau Margaux tasted like alcoholic grape juice, but the Chateau Margaux the Pontet Canet had a crisp taste that she really enjoyed. Which of the following stages of the buyer decision process do Cathy's remarks reflect? information search situational analysis evaluation of alternatives purchase decision postpurchase behavior
info search
What is the ultimate aim of customer relationship management? A. Produce high customer equity. B. Maintain high customer loyalty. C. Establish brand equity. D. Increase share of customer. E. Produce high customer profitability.
maintain high customer loyalty
A local theatre group wants to increase the membership and attendance at its performances. To do so, it hosts free shows, offers standup comedy nights, and sends volunteers to the local high school. In what is the theatre group engaging? A. Market exchange B. Product placement C. Market research D. Advertising E. Societal marketing
market exchange
When a company divides the market into groups of customers, it is engaging in which of the following? A. Differentiation B. Demand management C. Market segmentation D. Target marketing E. Societal marketing
market segmentation
Which of the following best describes art and science of choosing target markets and building profitable relationships with them? Differentiation Marketing management Positioning Segmentation Value engineering
marketing management
Which of the following statement describing the advantage of primary data? Answers: They are less expensive to obtain than secondary data. They can be obtained more quickly than secondary data. They can be accessed from existing information. They are more relevant than secondary data. They are more reflective of past problems.
more rev than
A customer decides to purchase a Porsche to impress others with her success. This illustrates the importance of understanding the role of ________ in the marketing process. Answers: personality Correct motive attitude learning perception
motive
Which of the following is the first stage of the buyer decision process? need recognition information search evaluation of alternatives purchase decision postpurchase behavior
need recog
Vince's Video has suffered in the current economy because fewer people have the money for videos and because people utilize available technology, including online streaming sites like YouTube and Hulu. The videos Vince's Video does sell are often out priced by versions coming from China or Taiwan, or they are accused of damaging the environment. Which of the following marketing impacts has not likely affected Vince's Video? A. Not-for-profit marketing B. The changing economic environment C. The digital age D. Sustainable marketability E. Rapid globalization
not for profit
Which of the following is the best example of a weakness of a company in a SWOT analysis? an unfavorable economic climate that discourages consumption the exit of a competitor from the market inflation that leads to higher prices of the company's products falling consumer interest in its products obsolete technologies used by the company
obsolete techs
Consumers can obtain information from any of several sources. Which source is the most effective in that they legitimize the product? Answers: The Internet Personal Sources Commercial Sources Media sources Public sources
personal sources
Bose promises "better sound through research." This is an example of ________. people differentiation channel differentiation price differentiation services differentiation Correct product differentiation
prodcut diff
________ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics. Answers: Geographic Demographic Psychographic Behavioral User status
pyschographic
A apparel company's ads feature the members of a popular rock band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________. Answers: membership group reference group laggard subculture late-majority adopter
reference group
Which marketing philosophy holds that consumers will not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort? A. Marketing concept B. Selling concept C. Societal marketing concept D. Production concept E. Product concept
selling concept
Which of the following is the best example of a market development strategy? Selling a new brand through an existing channel of distribution Heavily advertising a new-and-improved product model Selling a company's existing product line into markets not currently served Acquiring a competitor that sells similar products Developing new product with company's supplier
selling exisitng product
It's advisable for a company to fit its products into existing attitude patterns rather than attempt to change them.
t
Selective distortion describes the tendency of people to interpret information in a way that will support what they already believe.
t
Dollar Tree profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________. mass distribution cost leadership differentiation targeting undifferentiated marketing
targeting
What is MOST likely to cause a variation in customer-perceived value? A. The customer's opinion of what constitutes value B. The cost to produce a product C. The popularity of a product to the customer D. The customer's satisfaction with a product E. The cost of advertising to the target market
the customers opinion of what constitutes value
How has the Internet MOST affected companies and customers? A. The Internet has allowed consumers to take marketing content and share it. B. The Internet has increased the potential customer base. C. The Internet has lowered prices. D. The Internet has made advertising easier. E. The Internet has made creating an image more important.
the internet has allowed
Selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as _____________. A. market offerings B. the marketing concept C. customer equity D. the marketing mix E customer-engagement marketing
the marketing mix
Why is good marketing management critical? A. To ensure that the company has a positive image in the eyes of the community B. To ensure that products are promoted well enough to encourage a large flow of customers C. To ensure that the company serves as many customers as it can and as well as it can D. To ensure that investments are properly spent in order to maximize profits E. To ensure that the company is always on the cutting edge of product development
to ensure that the company serves
Which of the following scenarios BEST describes the societal marketing concept? A. Ethel's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.B. Tom's Tires constantly tries to improve the tires it sells by placing all its efforts into new design research. C. Alice's Apple Cart regularly asks its customers what kind of apples they want to buy. D. Wendy's Wedding Wear frequently promotes itself to customers through commercials, fliers, and other forms of advertising. E. Richard's Rotors does everything possible to improve production and lower the cost of its rotors in order to gain customers.
toms tires
"Marketing Myopia describes a tendency to define business too narrowly: on the basis of the products the business sells, rather than the needs the business attempts to serve. "
true
A company chooses to divest when products or business units that are unprofitable or no longer fit the company s overall strategy
true
The two dimensions the BCG approach uses to evaluate and manage SBUs are market growth rate and relative market share.
true
Although not recommended, some marketers decide to ignore market segmentation and target the whole market with one offer. This is known as ________ marketing. undifferentiated differentiated niche local individual
undif
Which of the following is true of perceptual positioning maps? They are used by marketers to divide a market into smaller groups with distinct characteristics. They are used by marketers to identify supplier and retailer perceptions of a product. They are used to analyze consumer perceptions of a brand relative to competing products. They are used to divide buyers into groups based on their perceived income and age. They are used to plot the geographic segments that a company needs to target.
used to analyze cust perceptions
"Which of the following concepts is composed of the company, its suppliers, its distributors, and its customers?" Value Chain growth-share matrix Value delivery network shareholder network business portfolio
value del network
"In their marketing campaign, JetBlue puts ""You Above All"" by ""bringing humanity back to travel"" is their ________." value proposition segmentation strategy market offering selling concept production concept
value proposition
