MKTG 209 exam 1

________ are the most affluent and brand conscious demographic segment in the United States.

Asian Americans

________ markets consist of individuals and households that buy goods and services for personal use.

Consumer

________ is the final step in the marketing research process.

Interpreting and reporting the findings

In adjusting to the economy, companies may be tempted to increase their marketing budgets.

false

In markets with few customers and high margins, sellers should try to develop basic relationships rather than full partnerships.

false

Market offerings are limited to physical products.

false

Micromarketing includes global marketing and standardized marketing.

false

People's orientation to their society does not impact their consumption patterns and attitudes toward the marketplace.

false

Personal sources of information normally inform the buyer, but commercial sources legitimize or evaluate products for the buyer.

false

The full positioning of a brand is called the unique selling proposition.

false

The more loyal a firm's profitable customers, the lower its customer equity.

false

Xenon Corp. releases frequent updates to improve its expensive software products. This marketing approach used by the firm is most likely based on the production concept.

false

To market the cause of suicide prevention, rapper Logic worked with the National Suicide Prevent Lifeline (NSPL) to create a video embedded with his song "1-800-273-8255," the NSPL phone number. This is an example of a marketing offering for a(n) ________.

idea

Which of the following represents a change in the technological environment of a marketing firm?

increased use of RFID systems to track products

What are the two main types of research instruments used to collect primary data?

questionnaires and mechanical devices

A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________.

reference group

Information collected from commercial online databases or through Internet search engines are examples of ________ data.

secondary

Companies are likely to gain ________ through speedy, convenient, or careful delivery of products.

services differentiation

Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________.

target marketing

A belief is a descriptive thought that a person holds about something. Beliefs may be based on real knowledge, opinion, or faith and may or may not carry an emotional charge.

true

A business marketer normally deals with far fewer buyers than a consumer marketer.

true

Chosen symbols, characters, and other image elements are communicated through advertising that conveys the company's or brand's personality.

true

Customer-perceived value is defined as a customer's evaluation of the perceived difference between all the benefits and all the costs of a market offering relative to those of competing offers.

true

Digital and social media play an important role in engaging always-connected business buyers in a way that personal selling alone cannot.

true

In a straight rebuy, a buyer reorders something without any modifications.

true

Marketing intermediaries form an important component of a company's overall value delivery network.

true

Target and Kohl's have opened smaller-format stores designed to fit the needs of densely packed urban neighborhoods. This is an example of geographic segmentation.

true

The Internet of Things (IoT) is a global environment where everything and everyone is digitally connected to everything and everyone else.

true

The main differences between the business market and the consumer market are found in market structure and demand, the nature of the buying unit, and the types of decisions and the decision process involved.

true

Using a differentiated marketing strategy, a company is likely to design a product and a marketing program that will appeal to the largest number of buyers.

true

Which generational group is most comfortable using digital technologies?

Generation Z

Which of the following is true about local marketing?

It increases manufacturing costs.

________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior.

Market segmentation

________ data consist of information collected for the specific purpose at hand.

Primary

________ outline(s) sources of existing data as well as specific research approaches, sampling plans, and measurement instruments.

The research plan

Which of the following is an advantage of primary data?

They are more relevant than secondary data.

Secure is a financial services and insurance company. The company's most profitable division is one that sells the Secure Future Plan. The Secure Future Plan targets customers who are entering retirement and want long-term savings so they can remain financially independent in the later years of their life. The marketing team at Secure has most likely targeted the plan to ________.

baby boomers

The ABC Company manufactures microprocessors and caters exclusively to private manufacturers that produce high-end computers. Which type of market does ABC directly target?

business market

Vernon Inc. would like to set the best price for a new product. The firm conducts an experimental study by selling the new product at two different prices in two different locations keeping other factors constant to see if a lower price results in better sales. This is most likely an example of ________ research.

causal

A brand difference is said to be preemptive if ________.

competitors cannot easily copy the difference

A Steinway piano-any Steinway piano-costs a lot. But to those who own one, a Steinway is a great value. This is an example of ________.

customer perceived value

Recyclable or biodegradable packaging, recycled materials and components, and better pollution controls are ways that marketers have responded to the ________.

environmental sustainability

Which of the following is a psychographic characteristic of a consumer?

lifestyle

Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization.

macroenvironment

Which of the following is a quantitative approach to research?

marketing surveys

Harmon, a nationwide department store, uses checkout scanners to record shoppers' purchases. Which term best describes Harmon's checkout scanners?

mechanical instrument

________ are defined as states of felt deprivation.

needs

Which of the following would most likely use informal research methods to obtain marketing insights?

not-for-profit organizations

Harper Farms raises chickens. For years, it has used wooden coops for hauling its poultry to market. When the owner, Jane Harper, went to reuse some of her coops, she noticed many of them could not be sufficiently cleaned for reuse and needed to be replaced. Which stage of the business buying decision process was Harper in when she decided to replace her old coops?

problem recognition

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

psychographic