MKTG Chapter 2, MRKT Chapter 3, Marketing CH 4 QUIZ, Marketing CH 5 QUIZ, Marketing Ch. 3 Quiz, Marketing CH 6 QUIZ, Marketing CH 7 QUIZ, Marketing CH 8 QUIZ
54) In a basic SWOT analysis the "T" stands for ________. A) timing B) trust C) threats D) trade E) tangible
C
Which of the five characteristics identified has an inverse relationship with an innovation's rate of adoption, meaning as this characteristic increases, the rate of adoption is slower?
Complexity
The website leftyslefthand.com markets products to left-handed consumers only. Which targeting strategy does this represent?
Concentrated marketing
Which of the following is likely to slow the adoption of a new technology?
Conceptual complexity
Which type of consumer products are frequently purchased with little planning, little comparison or shopping effort, and low customer involvement?
Convenience products
Which of the following is NOT a primary goal of competitive marketing intelligence?
Creating an understanding of the business-to-business environment
A wedding services company changes its marketing strategy to reflect the fact that more LGBTQ (lesbian/gay/bisexual/transgender/queer) 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?
Cultural
_______________ is a characteristic important in influencing an innovation's rate of adoption and described by the degree to which the innovation may be tried on a limited basis.
Divisibility
56) In SWOT analysis, which of the following would be considered a strength? A) internal limitations B) trends in the market C) favorable factors in the environment D) factors that challenge the company's performance E) internal resources
E
Jill Parker owns 2,000 acres of ranchland in Iowa. Recently, a supply of natural gas was discovered on her property. Not knowing much about the marketing environment, she asks you what she should do. Which of the following is the BEST advice?s.
Jill should focus on the business market and license the natural gas rights.
technological change
Kodak and Blockbuster each failed to react to the ___________ environmental force, causing them to lose considerable market share and go out of business.
Which of the following are tradition-bound, suspicious of changes, and adopt the innovation only when it has become something of a tradition itself?
Lagging adopters
In determining product quality, what are the two dimensions of quality marketers must decide upon?
Level and consistency
8) A company's mission statement serves as a statement of ________.
purpose
Which of the following statements about big data is correct?
One result of big data is that marketing managers are often overloaded and overwhelmed with information.
Which of the following statements about online research is correct?
Online surveys generally have higher response rates than those conducted by mail or phone.
Which of the following is a variable used to segment business buyers that is not used to segment consumer buyers?
Operating characteristics
___________ is the service characteristic to which marketers need to pay close attention when there are fluctuations in demand.
Perishability
Which of the following needs in Maslow's hierarchy is generally satisfied first?
Physiological needs
The environmental force that includes laws and regulations set forth to make trade and marketing practices fair is the __________ force.
Political
Which of the following describes the process of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers?
Positioning
Marketers of brands understand that they must figure out how to reach ___________________ that can exert social influence on others.
opinion leaders
If competitors cannot easily copy the benefit a company chooses to promote, that benefit is said to be _________.
preemptive
12) Revlon has clearly defined its "mission" of selling lifestyle and self-expression. In order for the firm to launch its strategic plan, the mission needs to next be turned into detailed ________ that guide each level of the company.
product mixes
The second purpose of government regulation is to _____________________.
protect consumers from unfair business practices
A purse company's ads feature the members of a popular housewives reality show. Product sales increase significantly among fans. From fans' viewpoint, the housewives reality show is a ______________.
reference group
19) In the Boston Consulting Group approach, ________ serves as a measure of company strength in the market.
relative market share
20) The BCG growth-share matrix classifies four types off SBUs. They are ________ , ________ , ________ , and ________.
stars; cash cows; question marks; dogs
In the BCG approach, ________ are high-share, high-growth businesses or products. They need heavy investment to finance rapid growth. When their growth slows down, they turn into ________.
stars; question marks
72) Which of the following involves looking at whether a company's basic strategies are well matched to its opportunities?
strategic control
1) Which of the following involves adapting a firm to take advantage of opportunities in its constantly changing environment?
strategic planning
When a firm develops and maintains a strategic fit between its goals and capabilities, it is performing ________.
strategic planning
To increase its U.S. market share, Starbucks has stepped up efforts in the areas of product availability and promotion. These are examples of broad ________.
strategies for growth
When a company lengthens a product line by adding more items beyond its current range, it is ________.
stretching the line
16) The best known product portfolio planning method was developed by ________.
the Boston Consulting Group
When Dr. Lawncare developed his revolutionary new solar-powered lawnmower, he expected that during the growth stage of the product life cycle ___________.
the company would see rising profits
While a valuable planning tool, a problem with using the BCG matrix centers is that it focuses on ________
the present instead of the future
Which of the following is a useful tool for identifying growth opportunities?
the product/market expansion grid
The major cultural values of a society are expressed by people's views of ____________________.
themselves, others, organizations, society, nature, and the universe
11) Which of the following is the principle objective of a market-oriented mission statement?
to satisfy basic customer needs
To create successful new products, a company must _______.
understand its consumers, markets, and competitors and develop products that deliver superior value to customers
When marketers aggressively promote only one benefit to the target market, the benefit promoted is known as the product or service's _____________________.
unique selling proposition
Which of the following would be an appropriate strategy during the growth stage of the product life cycle?
Spend a lot of money on product improvement, promotion, and distribution.
Which of the following statements is true regarding standardizing products for international markets?
Standardization decreases product design, manufacturing, and marketing costs.
There have been dramatic changes in the political environment that affect marketing. Which of the following does NOT represent one of those changes?
Strong emphasis on free trade and open borders
____________ is one problem with business-to-business e-procurement.
Suppliers being pitted against one another
_______________ consists of many different people who play multiple roles in the buying process.
The buying center
Nailit Cosmetics is advertising its newest line of nail polishes, made from a nontoxic, water-based nail polish with amazing summer colors. Nailit is selling the products in specially designed bottles that make application easier. Which of the following is a core customer value for Nailit's line of polishes?
The desire to have beautiful nails
Which of the following is NOT a reason that a firm might want to abandon products or markets?
The economic environment is showing signs of recovery.
Which of the following statements regarding socially responsible product decisions is correct?
The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition.
How does the microenvironment of a company differ from its macroenvironment?
The microenvironment deals with the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
Technological Forces
The microenvironment of a company's market environment includes all of the following except ________.
Which of the following includes shortages of certain raw materials, higher pollution levels, and more government intervention?
The natural environment
_____________________ determines if a buyer is satisfied or dissatisfied with a purchase.
The relationship between the consumer's expectations and the product's perceived performance
Which of the following statements is true regarding product life cycle curves?
The sales of a typical product follow an S-shaped curve made up of five stages.
Which of the following statements is correct concerning service marketers going global?
The trend toward growth of global service companies is expected to continue in the near future.
According to the model of buyer behavior, what is in a buyer's "black box"?
The buyer's characteristics and decision process
Which of the following statements about service marketing is correct?
Training current employees better and hiring new ones with more skills can increase service productivity.
Which of the following statements regarding managing service quality is correct?
Unlike product quality, service quality will always vary.
The 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?
Variability
Which of the following is considered part of an augmented product rather than that of an actual product or core customer value?
Warranty
Nguyen's Sporting Goods is having difficulty obtaining the credit it needs to expand. What should the company do in order to alleviate its financial situation?
Work out a plan with its financial intermediaries
5) Which of the following provides an answer to these questions: What is our business? Who are our customers? What do our customers value? What should our business be?
a mission statement
A company can obtain new products by buying a whole company, a patent, or a license to produce someone else's product through _______________________.
acquisition
Kidcomp, an American computer-manufacturing firm, targets children younger than age 10 by providing free games and applications. The firm's marketing approach is reflective of ________ segmentation.
age and life-cycle
14) Which of the following can be a company division, a product line within a division, or sometimes a single product or brand?
an SBU
After management has identified the key businesses making up its company, what is the next step in portfolio analysis?
assessing the attractiveness of its SBUs
After market strategy is developed, the next step of the new product development process is _______________.
business analysis
13) The collection of businesses and products that make up a company is called its ________.
business portfolio
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.
demographic
Starbucks Coffee has recently begun selling and playing compilation CDs and is supporting its own XM satellite radio station. This represents which strategy for growth?
diversification
Which of the following entails reducing the business portfolio by eliminating products that no longer fit the company's overall strategy?
downsizing
The group of factors that affect consumers' purchasing power and spending patterns is called the _________________.
economic environment
A company's marketing information system (MIS) is valuable because it ___________________.
enables a company to use customer insights to improve relationships with customers
Ad agency Young & Rubicam's BrandAsset Valuator measures brand strength along four consumer perception dimensions. Brand ___________ is defined in terms of how highly consumers regard and respect the brand.
esteem
4) Which of the following is NOT a step in the strategic planning process?
evaluating all members of the value chain
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) ________.
focus group
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.
generating person-to-person brand conversations
A service firm must orient and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction. This process is known as _________________________.
internal marketing
New product commercialization takes much thought and planning. The first critical step in the commercialization process is ____________________.
introduction timing
The three functions of __________ include identifying, describing, and promoting the product.
labelingQ
A common practice among marketers is to identify and develop new markets for their existing products. This practice is called ________.
market development
In the Boston Consulting Group approach, ________ provides a measure of market attractiveness.
market growth rate
17) Most portfolio analysis methods evaluate SBUs on two dimensions, namely ________ and ________.
market or industry attractiveness; strength of the SBU's position
Making more sales to current customers without changing a firm's products is ________.
market penetration
Starbucks has introduced a debit card that lets customers prepay for coffee and snacks. This effort by Starbucks management is an example of ________.
market penetration
Which of the following is the process of dividing a market into distinct groups of buyers with different needs, characteristics, or behaviors?
market segmentation
Your firm is attempting to divide up the total market to determine the best segments it can serve. Which is the correct order of doing so?
market segmentation, target marketing, market positioning
The process of customer-driven marketing involves which of the following?
market segmentation; target marketing; differentiation; positioning
Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as ______________________.
market segmenting
Which department in a company carries the primary responsibility for achieving profitable growth?
marketing
Which of the following measures the profits generated by investments in marketing activities?
marketing ROI
40) Which of the following is the marketing logic by which a company hopes to achieve profitable customer relationships?
marketing strategy
The type of segment characteristic in which the size, purchasing power, and profiles of the segments can be quantified is known as _______________________
measurable
Mi Rancho Supermarkets is a chain grocer that locates stores in neighborhoods with large Hispanic populations. Their stores carry a greater selection of Hispanic and Latin foods. The type of marketing that Mi Rancho uses is an example of ________.
micromarketing
When a product is in the maturity stage of the PLC, the company tries to increase consumption by finding new users and new market segments for its brands. This attempt to increase consumption is known as ______________________.
modifying the market
Firms that manufacture seasonal products target their consumers primarily through ________ segmentation.
occasion
71) Ensuring that the company achieves the sales, profits, and other goals set out in its annual marketing plan is the purpose of ________.
operating control
A manufacturer of half-ton pickup trucks creates a positioning map for the U.S. half-ton pickup market. The position of each circle on the map indicates the brand's perceived positioning on two dimensions: price and orientation (economy versus performance). The size of each circle indicates the brand's relative market share. This is an example of a ________________.
perceptual positioning map
The third purpose of government regulation is to _____________________.
protect the interests of society against unrestrained business practices
The purpose of business legislation is primarily based on ________.
protecting companies from each other
Dividing buyers into groups based on social class, lifestyle, or personality characteristics is called ________ segmentation.
psychographic
H2Coast, an automobile manufacturer, produces fuel-efficient hybrid vehicles that are targeted toward high-end exotic-vehicle collectors with ample leisure time. H2Coast most likely segments the consumer market based on ________ variables.
psychographic
The marketing manager at Only Organic Delicatessen targets customers who are focused on organic, healthy food choices but who still want to dine out. The restaurant chain offers a wide variety of organic, low-fat, locally raised produce and foods. Only Organic's approach is best referred to as ________ segmentation.
psychographic
Installing an innovation management system to collect, review, evaluate, and manage new product ideas represents a(n) ______________ approach to new product development.
systematic
Which of the following is often considered a key business marketing strategy for winning and holding accounts?
systems selling
Each department in a company that carries out value-creating activities can be thought of as a link in the company's ________.
value chain
39) Multinationals like Honda Motor Co. and Wal-Mart stores have designed programs to work closely with their suppliers to help them reduce their costs and improve quality. This illustrates the importance of an efficient ________.
value delivery network
Service _______ means that the quality of services depends on who provides them as well as when, where, and how they are provided.
variability
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 owner 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?
Tina's Tunes is likely to fail because it is ignoring the technological environment.
48) Which of the following is the place a product occupies in the consumer's mind relative to competition? A) position B) placement C) market segmentation D) market targeting E) product promotion
A
51) In the four Ps of the marketing mix, design, packaging, services, and variety all fall under the category of ________. A) product B) price C) promotion D) place E) position
A
53) In the marketing management functions, an SWOT analysis should ________ a marketing plan. A) precede B) coincide with C) follow D) evaluate E) take priority over
A
61) IBM has its sales and marketing people assigned to markets in specific countries, regions, and districts. This is an example of which type of marketing organization? A) geographic B) product C) functional D) divisional E) psychographic
A
66) The ________ organizational system's main advantage is that the company is organized around the needs of specific market segments. A) market management B) geographic C) product management D) vertical E) functional
A
68) Evaluating the results of marketing strategies and plans and taking corrective action to ensure that objectives are attained is called ________. A) marketing control B) strategic control C) operating control D) developmental control E) efficiency
A
Which of the following identifies a change in the technological environment that could affect the success of a business?
A company develops a new battery that lasts twice as long as its predecessor.
A power tool company wants to give its customers access to internal, nonpublic information about how best to use its product in creative ways. What should the company create to provide customers with this information?
A company extranet
In the early 1970s, Gary Dahl sold Pet Rocks. The product had a short, temporary period of unusually high sales driven by consumer enthusiasm and immediate product popularity, but then sales declined very quickly. The PLC sales pattern for Pet Rocks is known as ________________.
A fad
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 local restaurant refusing to counter false allegations of salmonella
7) All of the following are accurate guidelines for a company's mission statement EXCEPT which one?
A mission statement should be narrow.
To be successful, why should companies try to adopt a proactive stance on marketing?
A proactive stance allows a company to take advantage of opportunities as they arise.
Which of the following correctly defines a product?
A product is anything offered to a market that might satisfy a need or want.
What constitutes a marketing information system (MIS)?
A system to generate and validate actionable customer and market insights
Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST path for this company to start to develop an efficient MIS?
Assess the information needs of the company
46) Your new employer has asked you, as a new marketing graduate, to develop a group of potential customers who might respond in a similar way to a given set of marketing efforts. You have been asked to develop a(n) ________. A) target market B) market segment C) market D) market strategy E) undefined niche
B
Which of the following generational groups represents one of the most powerful forces shaping the marketing environment?
Baby boomers
Which of the following describes the process of dividing markets into groups based on consumers' knowledge, attitudes, uses, or responses?
Behavioral segmentation
Which types of companies would most benefit from conducting marketing research?
Both large multinational firms like Disney and IBM and small local firms
47) Which of the following involves evaluating each market segment's attractiveness and selecting one or more segments to enter? A) market segmentation B) differentiation C) market targeting D) the market mix E) positioning
C
49) Effective positioning begins with ________ the company's marketing offer in order to give consumers more perceived value. A) pricing B) aligning C) differentiating D) promoting E) placing
C
50) Which of the four Ps describes the goods-and-services combination the company offers to the target market? A) price B) promotion C) product D) place E) package
C
58) The main section of the marketing plan presents a detailed ________ analysis of the current marketing situation. A) who, when, where B) when, where, how C) SWOT D) competitor E) economic
C
62) Which of the following is the most common approach to marketing organization? A) geographic B) product management C) functional D) divisional E) combination
C
65) The ________ organizational format was first used by Procter and Gamble in 1929. A) geographic management B) functional C) product management D) customer management E) market management
C
67) An increasingly large number of firms are changing their organizational focus from ________ to ________. A) product management; functional management B) product management; geographic management C) brand management; customer management D) geographic management; functional management E) global management; regional management
C
23) In the BCG matrix, income from ________ can be used to help finance the company's question marks and stars.
Cash Cows
To exercise social responsibility, many companies are linking themselves to what type of marketing?
Cause-related
Socially responsible target marketing would classify which of the following as an especially vulnerable target market for harmful or controversial products?
Children
Which of the following incorporates the advantage of brands operating in different categories with the combined brands creating broader consumer appeal and greater brand equity?
Co-branding
Which of the following is NOT a social factor influencing consumer buying behavior?
Cognitive dissonance
Consumers obtain information from numerous sources. Which of the following involves dealer and manufacturer websites, packaging, and displays?
Commercial sources
Which of the following is NOT a product life cycle (PLC) stage?
Commercialization
Economic
Companies such as Walmart and Target, which focus on lower prices and greater value, are most likely reacting to which of the following environmental forces?
Demographical
Companies that are successful in appealing to different generational needs and wants are successful in reacting to which macroenvironmental force?
Which of the following is NOT a step in the marketing research process?
Comparing research findings to other studies
Which of the following refers to the degree to which an innovation fits the values and experiences of potential consumers?
Compatibility
Lucy Ortiz is preparing a PowerPoint presentation of the marketing process to show at a sales meeting. ________ should appear in the center of her diagram depicting marketing strategies and the marketing mix.
Cusstomer value and relationship
___________________ is the value of customer relationships that a brand creates.
Customer equity
Juanita owns a small hot-air balloon company in Albuquerque, New Mexico. She recently started a Facebook page for her company, and many of her customers are asking for store-sponsored hot-air balloon trips. They believe Juanita's expertise would make her the perfect guide. Juanita 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 Juanita's situation?
Customer insights can provide valuable information to a small businesses.
Intuit Labs, a division of Intuit, the accounting and payroll software developer, follows a "Design for Delight (D4D)" development philosophy, which states that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit using?
Customer-centered new product development
52) Today the four Ps are compared to the four Cs. Product and place are called ________ and ________, respectively. A) convenience; customer solution B) customer cost; convenience C) communication; customer solution D) customer solution; convenience E) communication; convenience
D
55) In a basic SWOT analysis, the "S" stands for ________. A) situation B) solutions C) satisfactions D) strengths E) strategy
D
57) In SWOT analysis, which of the following refers to factors in the external environment? A) strengths B) strategies C) weaknesses D) opportunities E) trends
D
59) A marketing plan begins with an executive summary, which quickly overviews goals and ________. A) budgets B) controls C) promotions D) recommendations E) obstacles
D
60) According to the textbook, your boss is most likely referring to ________ when she mentions "doing things right." A) strategy B) planning C) objectives D) implementation E) efficiency
D
63) Berman Electric, a chain of 18 appliance stores, has a marketing organization in which specialists head different marketing activities. What is this type of organization called? A) geographic B) product C) organic D) functional E) market
D
69) The marketing control process entails the following steps in order: setting goals, ________, evaluating performance, and ________. A) evaluating goals; measuring performance B) achieving goals; measuring performance C) taking corrective action; measuring performance D) measuring performance; taking corrective action E) taking corrective action; following up
D
70) Which of the following is NOT a step in the marketing control process? A) setting goals B) measuring performance C) taking corrective action D) defining the mission E) evaluating the causes of gaps between expected and actual performance
D
What is the nature of demand in business markets?
Demand in business markets is derived demand.
___________ segments are those segments that are conceptually distinguishable and respond differently to different marketing mix elements and programs.
Differentiable
64) Modern marketing departments are arranged in the following ways, EXCEPT which one? A) functional organization B) geographic organization C) product management organization D) market management organization E) strategic management organization
E
Munoz Specialty Foods groups its customers by regions in the United States, such as Midwest, Northeast, and Southwest. For each region, Munoz creates a different set of advertisements and promotions. On which of the following segmentation variables does the firm divide its market?
Geographic
The Ritz-Carlton has carefully created a strong and distinctive differentiation strategy, which is supported by everything the company says, is, and does. Which type of differentiation is this?
Image differentiation
A company is conducting market research to determine the best areas in which to sell its product. It has developed the research plan. What is the next step of this company's research plan?
Implement the plan
Which of the following is NOT one of the typical advantages of e-procurement systems?
Improving customer-supplier relationships
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 or her job?
Inform customers of the company's privacy policy
Which of the following statements about new product development strategy is correct?
Innovation can be very expensive and very risky.
Which of the following statements regarding packaging is correct?
Innovative packaging can give a company an advantage over competitors and boost sales.
Marketers obtain needed marketing information from which of the following?
Internal data, marketing intelligence, and marketing research
_______________ represent an internal source of new product ideas for a company.
Intrapreneurial programs
25) Which of the following does NOT accurately reflect a problem with the BCG matrix approach?
It focuses on planning for the future.
Of the following, which best reflects how the American population has changed over time?
It has become more diverse, better educated, and more mobile.
When we see Hello Kitty on children's clothing, Disney characters on lunchboxes, and SpongeBob SquarePants on breakfast cereals, which form of brand sponsorship is being used?
Licensing
When Doritos comes out with new flavors of its tortilla chips, what brand development strategy does it employ?
Line extension
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?
Macroenvironment
Which of the following statements regarding the business market is correct?
Many sets of business purchases are made for one set of consumer purchases.
Which stage of the PLC is characterized by peak sales, low costs per customer, high profits, mainstream adopters, and a stable number of competitors that are beginning to decline?
Maturity
Which stage of the product life cycle normally lasts longer than the others and poses great challenges to marketing management?
Maturity
When Subaru of America allows Outback buyers to customize cars to meet their exact needs and preferences, it is practicing which type of marketing?
Micromarketing
Which of the following statements concerning new products is correct?
Modified and improved products are considered new.
What is the first step of the buyer decision process?
Need recognition
Which of the following lists the five steps of the buyer decision process in the correct order?
Need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior
When Coca-Cola saw the growth of the bottled-water category, it launched DASANIÒ, its brand of bottled water. Which brand development strategy did Coca-Cola use in launching DASANI?
New brand
Which of the following would make a segment less attractive to enter?
New entrants finding it easy to enter the segment
Which of the following BEST describes research relationships?
Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research.
Which of the following is a personal characteristic influencing a consumer's buying behavior?
Occupation
Kroger, headquartered in Cincinnati, Ohio, is one of the nation's largest grocery chains. It owns several brands sold in its stores, including Private Selection, Heritage Farm, and Simple. These brands represent which type of brand sponsorship?
Private brands
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?
Proactive
The business buying process can be a complex and complicated process with eight basic stages. Which of the following is the first stage in this process?
Problem recognition
Which of the following statements regarding the important decisions in the development and marketing of individual products is correct?
Product attributes that communicate and deliver benefits to the consumer include quality, features, and style and design.
______________________ protect consumers from harm and the company from liability by proactively ferreting out potential product problems.
Product stewards
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?
Psychographic
Which of the following would be good advice for someone conducting marketing research in a foreign country?
Reaching respondents in other parts of the world is more difficult than it is in the United States.
Which of the following would NOT be useful in determining marketing ROI?
SWOT analysis
Which of the following information must a researcher evaluate to make certain it is relevant, accurate, and impartial?
Secondary information
Amazon is now promising same-day pick-up of goods as well as local secure pick-up points. What point of differentiation is this?
Services differentiation
Goldtone is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors of short-listed ideas will be adequately rewarded. In this case, Goldtone is using ________ to generate new product ideas.
crowdsourcing
A sound marketing strategy begins with which of the following?
customer analysis
The real value of marketing information rests in the _____________________.
customer insights it provides
Jack Welch, CEO at General Electric, said that "Companies can't give job security, only ________ can."
customers
Unlike strategic-planning efforts of the past, which were conducted primarily by senior managers, today's strategic planning is ________.
decentralized
3) Which of the following is the first step in strategic planning?
define the company mission
22) ________ are low-growth, high share businesses or products. They generate a lot of cash that the firm uses to pay its bills and support other SBUs that need investment.
Cash Cows
Which of the following describes the type of research used to help define the research problem and suggest hypotheses?
Exploratory research
__________________ is a group numbering 55 million or more consumers and sometimes is an overlooked "in-between" consumer group because it is both smaller and less materialistic than other groups and prizes experience, not acquisition.
Generation X
Which generational group seamlessly blends online and offline worlds as they socialize and shop?
Generation Z
The role of a company's marketing intermediaries is to do which of the following?
Help the company find, promote, sell, and distribute products
___________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.
Marketing analytic
6) ________ should be market oriented and defined in terms of ________.
Mission statements; customers' needs
_____________________ is the step of the new product development process during which a physical product is first developed.
Product development
Chicago's Best Pizzeria has been operating on the north side of Chicago for more than 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 now 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?
Target a new market with a different product.
Wonders such as smartphones, driverless cars, and antibiotics can be attributed to which marketing environment?
Technological
Which of the following BEST describes the purpose of customer insights?
To create more value for customers
Which of the following is the primary reason firms use competitive marketing intelligence?
To gain early insights into competitor moves and strategies, and to prepare quick responses
Why is it important for a company to collect both primary and secondary data when conducting marketing research?
To have a "full picture" of the subject of its study
Which of the following is a pure tangible good?
Toothpaste
_________ refers to the practice of integrating ethnic themes and cross-cultural practices within a company's mainstream marketing.
Total market strategy
Which of the following correctly describes customer purchases, sales force contacts, service and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, and market research studies?
Touch points
24) The four possible strategies that can be pursued for each SBU are building, holding, ________, and ________.
harvesting; divesting
Crowdsourcing is used in the _______________________ step of the new product development process.
idea generation
Adding a new product line to an existing portfolio means that the line has __________________.
increased product mix width
Groups of __________________ products consist of materials and parts, capital items, and supplies and services.
industrial
The type of segmentation that forms segments of consumers who have similar needs and buying behaviors even though they are located in different countries is known as _________.
intermarket segmentation
10) All of the following are examples of product-oriented mission statements, EXCEPT which one?
"We sell lifestyle and self-expression; success and status; memories, hopes, and dreams."
9) Which of the following is NOT a market-oriented business definition?
"to sell tools and home repair and improvement items"