MTKG 321: EXAM 1
The average ticket price for Bolt Bus is _________
$20
If you would have invested $10,000 in Starbucks in the beginning, how much would it be worth today?
$5 million
Which of the following is not a requirement or characteristic of a market
A large number of people or organizations
The Coca-Cola Company has recognized the significant increase in population diversity within the U.S. soft-drink market. Which one of the following best illustrates the company's integration of this knowledge into its marketing strategy?
Ads featuring Hispanic actors and Tejano music
If Ski Butternut decides to focus solely on the 1st time skier, it would be segmenting its consumer market using a _______________ variable.
Behavioristic
The video describes its employees as people who wear flip flops and come to work riding bikes, commuter rails and walking. This description was used to portray Recycline's ____________.
Brand Identity
Your firm's finance department has just issued new guidelines for how market segments are to be evaluated based on sales expectations. In general, the new guidelines require the marketers to measure company sales potential based on a general economic forecast for a time period. Which one of the following types of market segment evaluation approaches is the finance department advocating?
Breakdown approach
The director of marketing for 3M tapes tells the rest of the management team, "When it comes to our transparent packaging tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market." This strategy indicates that the packaging tape unit falls into which one of the following classifications?
Cash cow
Starbucks feels that its biggest market is ____________
China
Bolt Bus offers affordable fairs, extra legroom and power outlets to its customers. These features represent its Strengths or _______________________
Competitive Advantages
There are a number of situational influences that impact the consumer's buying decision process. Which of the following is one of those influences?
Consumer's mood influences
Ski Butternut states that its primary target market is young families. Therefore, Ski Butternut is using ______________ variables to segment its consumer markets
Deomographic
The Pillsbury company defines all individual consumers who are purchasers of flour as its target market. It also defines all businesses who purchase flour as its target market. What targeting strategy would be most appropriate in this case?
Differentiated
Ski Butternut offers its customers terrain parks, mid-week packages, financial incentives, training and races. To reach out to its target market, it is using a/an _____________________.
Differentiated targeting strategy
Lindsay was reviewing her bank statement for last month. She had paid her rent, her car payment, electric and phone bills, and made three trips to the grocery. Lindsay had also bought tickets to a Katy Perry concert and new clothes to wear to the concert. The money spent on Lindsay's rent, car, electric and phone bills was likely from her ____ , while the money spent on the concert tickets and new clothes was from her _____.
Disposable income; discretionary income
Subaru is producing a new seven-passenger van with all-wheel drive. Which of the following would be the best variables for segmenting the market for this new model?
Geographic location and family life cycle
Recycline is an example of a cultural value referred to as ___________
Green marketing
Which one of the following is most likely to be a product for which both the purchasing decision and the brand decision are strongly influenced by reference groups
Jeans
Like marketing research, sales forecasting utilizes a wide array of tools and techniques to enhance the accuracy of the forecast. For example, ____________ combines and averages the outlooks of top executives from different functional areas in a firm or firms. ______________ weighs each year's sales data, giving greater weight to results from the most recent years.
Jury of executive opinion; Exponential smoothing
Ski Butternut uses surveys to identify what types of families visit the mountain. Ski Butternut knows that its typical family has two children under the age of 18 with 1-2 parents who ski with the children. This information is an example of a ______________.
Market segment profile
____ describe the similarities among potential customers within a market segment and explain the differences among people in different market segments.
Market segment profiles
Grant Turner makes an appointment to visit with a new dermatologist in town because of a recent bad sunburn. When he arrives at the dermatologist's office, Grant notices a foul odor in the air, worn floor coverings, cluttered rooms that have paint peeling from the walls, and poor lighting. However, the other patients in the waiting room were talking about how much they liked the doctor. While Grant viewed the dermatologist as competent, Grant decided not to visit him again even though the dermatologist recommended a follow-up. Which situational influences are most likely to have affected Grant's decision?
Physical surrounding
Which marketing mix element does Starbucks manipulate to ensure Health Care to its employees?
Price
Starbucks does not use the typical names for Small, Medium and Large sizes. Instead, it uses Italian names to influence people's attitudes of the product. This shows how Starbucks is capitalizing on __________ Influences in the Consumer Buying Decision Process to sell its coffe
Psychological
Katy Ramirez is a marketer for a company that produces in-ground swimming pools. When forecasting company sales, she finds a direct association between past sales and per capita income. Which sales forecasting technique is Katy using?
Regression analysis
Which of the following is not a purpose of the marketing plan?
Serve as a contract with the customer
If all the gas stations in a city collaborated to determine what gas prices should be charged, they would be violating the
Sherman Antitrust Act.
Starbucks' decision to locate stores across the street from one another to decrease long lines is an example of how a company can alter _______________ Influences in the Consumer Buying Decision Process to better serve customers.
Situational
Recycline is capitalizing on changes in the _________ Forces in the marketing environment to grow its business.
Sociocultural
Which of the following statements is incorrect?
Strategic planning begins at the marketing level and proceeds through business-unit and corporate levels.
Subaru is producing a new seven-passenger van with all-wheel drive. Which of the following would be the best variables for segmenting the market for this new model?
Subaru is producing a new seven-passenger van with all-wheel drive. Which of the following would be the best variables for segmenting the market for this new model?
Which of the following statements is true?
The U.S. Supreme Court ruled that the government is not authorized to ban corporate spending in candidate election
Why would a company use the undifferentiated strategy?
The needs of individual consumers in the target market for a specific product are similar, so the organization can satisfy most customers with a single marketing mix
Which of the following is the biggest drawback to using psychographic variables?
They are difficult to measure.
Which of the following firms would be most likely to have a monopoly for its competitive environment?
TimeWarner Cable TV
Which of the following promotional tools is the most effective/most used form of promotion for Bolt Bus?
After determining that consumers had concerns about fat and carbohydrates, Sardino's Pizza began offering a low-fat, low-carb pizza product. The creation of this new product was the result of
a market opportunity
Your company is holding its annual five-year strategic planning conference. The purpose of the conference is to solidify the go-forward tactics and strategies to enable the company to compete effectively in its industry. You are managing this conference and the various breakout sessions that will take place.
a session where the firm's mission and goals are established or revised.
Having used both Secret and Sure deodorants, Annette feels that Secret is a good product and the one that best meets her needs. She has formed a(n) ____ about Secret.
attitude
Marketers primarily focus their environmental analysis on ____ competitor
brand
when selecting specific target markets, a firm should
choose the segments most in line with the firm's objectives and long-term growth.
Shaun is going shopping with his dad to buy his first baseball glove for Little League. He listens to his dad talk to the salesperson at the sporting goods store, watches him examine the stitching in the glove and then rub his finger over the leather palm. Shaun's observations are part of his
consumer socialization
A group of protesters carries signs encouraging people to boycott The Farmer's Market, a small grocery store in an urban area. The protesters claim that Farmer's takes unfair advantage of elderly and minority consumers by charging them as much as 20% higher prices than other locations in the suburbs. This protest is part of what we see today as the
consumerism movement.
Kelly's Kids is a home-based business that sells high-quality children's clothing at premium prices using in-home parties. These in-home parties typically cater to families with small children and middle- to upper-middle-class income. Kelly's Kids is using ____ variables to segment its market.
demographic
Segmentation variables are usually grouped into four categories
demographic, geographic, psychographic, and behavioristic.
Which of the following is how executives at Recycline describe the brand?
dirty, rough around the edges
The Lazy-Boy Furniture Company collects information about a wide variety of competitive, economic, political, legal and regulatory, technological, and sociocultural forces that affect its marketing activities. This process is called
environmental scanning.
Due to limited resources, a consumer decided to serve Hawaiian Punch to a New Year's Eve party crowd instead of Korbel champagne. As a result of this action, Korbel and Hawaiian Punch can be viewed as ____ competitors.
generic
Systems such as PRIZM and Acorn provide companies with lifestyle and demographic information about neighborhoods throughout the United States. This information is used to aid
geodemographic segmentation.
According to the Boston Consulting Group, question marks are characterized as products
having a small share of a growing market and requiring large amounts of cash to build market share.
Bolt Bus is proud of its efficient website that makes purchasing tickets easy for the customer. This website represents a Strength for Bolt Bus that helps Bolt Bus meet the needs of its customers. In a SWOT Analysis, Strengths & Weaknesses are factors that are __________to the firm and Opportunities & Threats are factors that are _________ to the firm.
internal; external
The primary advantage of a concentrated targeting strategy is
it allows a firm to specialize to meet specific customer needs
The primary advantage of a concentrated targeting strategy is
it allows a firm to specialize to meet specific customer needs.
According to the video, what did Ski Butternut do to evaluate consumer behavior this year?
launched a new website
Family life cycle is most typically based on
marital status and age of children
Which of the following is the most specific and detailed type of business strategy?
marketing
J.C. Penney is presently involved in a process of assessing marketing opportunities and resources, determining marketing objectives, re-defining marketing strategies, and developing guidelines for implementation and control. Thus, J.C. Penney is involved in
marketing planning
Based on the video, which of the following would NOT be a part of Bolt Bus' target market?
older consumers who cannot drive
The four major competitive structures are
oligopolies, monopolies, monopolistic competition, and pure competition.
The Boston Consulting Group's matrix is based on the
philosophy that a product's market growth rate and its market share are important determinants of its marketing strategy.
Jana now feels that her teeth are not white enough after seeing advertisements for whitening toothpaste. Marketers promote these brands based on ____ needs, appealing to sex appeal.
physiological
Maslow's hierarchy of needs refers to the five levels of needs that humans seek to satisfy, from most to least basic to survival. These needs, in order from most to least basic to survival are
physiological, safety, social, and esteem, self-actualization.
Antonio is in the market for a new car. He believes that lately there have been more car ads than usual on TV. The need Antonio has is most likely driving which of the following phenomena?
selective exposure.
Market researchers for a local bakery determined that Jewish people consume 63 percent of the portion of bagels sold in New York City. This is an example of ____ influence on consumer buying decision processes.
subcultural
What was the first product offered by Recycline?
toothbrush
When using personality characteristics as a market segmentation variable, marketers generally
use a positively viewed characteristic they assume much of their target market has or would like to have.
Your quarterly strategic planning meeting will be held next month. You will schedule all the brainstorming and discussion activities for the meeting in a sequence and structure consistent with the hierarchy of the traditional strategic planning process. Which of the following sequence of activities should you schedule in order to be most consistent with the hierarchy of the traditional strategic planning process?
1: Develop the company's mission and goals; 2: Develop business unit strategies; 3: Complete a SWOT analysis for the company; 4: Develop functional area goals and objectives.
People and organizations have needs and wants they seek to satisfy through the purchase of goods and services. These people and organizations represent a _____________ that marketers try to appeal to. Marketers will sometimes find it more advantageous to attempt to appeal to a subgroup of these people and organizations which is called a ________________. This subgrouping process is accomplished through the use of _______________ techniques.
Market; Market segment; Market segmentation
You commute a long distance to get to work every day, and the cost of gasoline is putting a strain on your personal finances. You realize that you need to look at buying a new car that gets better gas mileage, or that doesn't run on gasoline at all. In terms of the traditional consumer buying decision process, you are currently in the ___________ stage, and you are about to enter the ___________ stage.
Problem recognition; Information search
In order for the marketer to achieve effective market segmentation, which of the following conditions must exist:
The segment must have enough profit potential to justify the development of a special marketing mix for the segment.
