Quizzes

"At Trader Joe's, our mission is to provide all our customers the best food and beverage values to be found anywhere, and the information to make informed buying decisions." This is a product-oriented business definition

False

Advertising involves a personal presentation by the firm's sales force for the purpose of making sales and building customer relationships

False

Encoding is the process by which the receiver assigns meaning to symbols

False

New World Food Supplements continuously seeks real product and marketing improvements for its line of vitamin and protein supplements. This information indicates that New World is involved in consumer-oriented marketing

False

Secondary beliefs and values are less open to change than core beliefs and values

False

The distribution strategy during the decline stage of PLC involves building more intensive distribution networks

False

The marketing mix consists of people, property, planning, and position

False

Which of the following is true with regard to strategic planning?

Finding the game plan for long-run survival and growth is the focus of strategic planning

Which of the following characterizes emerging economies?

Industrialization typically creates a new rich class and a growing middle class, both demanding new types of imported goods

Which of the following is an advantage of using an internal database?

Internal databases can be accessed more quickly and cheaply than other information sources

Which of the following statements is true of the selling concept?

It is typically practiced with unsought goods

________ are wholesalers who serve grocery and drug retailers, mostly in nonfood items. They price the goods, keep them fresh, set up point-of-purchase displays, and keep inventory records

Rack jobbers

Which of the following is true with regard to services?

Services are a form of a product that consists of activities, benefits, or satisfactions offered for sale

____ is the process of developing and maintaining a crucial fit between the organization's goals and capabilities and its changing marketing opportunities

Strategic planning

Why are customers often considered the most important sources of new-product ideas?

The company can analyze customer questions and complaints to find new products that better solve consumer problems.

Brand name products give buyers assurances of consistent quality

True

For many companies, the package itself has become an important promotional medium

True

Market development involves company growth by identifying and developing new market segments for current company products

True

Sustainable marketing calls for meeting the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs

True

Sustainable marketing consists of five principles: consumer-oriented marketing, customer-value marketing, innovative marketing, sense-of-mission marketing, and societal marketing

True

The American marketing system has been accused of poorly serving disadvantaged consumers

True

The demographic data of a customer is comprised of his or her age, income, family members, and birthdays

True

The integrated marketing concept ties together all the company's messages and images

True

Which of the following statements is true of the idea generation stage in the new-product development process?

Truly innovative companies develop extensive innovation networks that capture ideas and inspiration from every possible source

____ are human needs that are shaped by culture and individual personality

Wants

Electron Corp. purchased Proton Corp. by buying all of its assets and ownership equity. This is an example of a(n) ________.

acquisition

The lighting in Jake's Steak Restaurant is dim. The chairs are covered in leather and each table is covered with a white linen cloth. The colors are limited to earth tones with an occasional splash of red. Patrons cannot hear any kitchen noises, only a pleasant melody that seems familiar but unrecognizable. The smells are extraordinarily varied. This is a description of the restaurant's ________.

atmosphere

The single most important demographic trend in the US is the _____

changing age structure of the population

In the context of identifying competitors' strategies, the more that one firm's strategy resembles another firm's strategy, the more likely the two firms are to ________.

compete

Gaining ________ requires delivering more value and satisfaction to target consumers than competitors do.

competitive advantage

________ involves first identifying and assessing competitors and then selecting which competitors to attack or avoid

competitor analysis

Neutron Inc. is conducting a business analysis to determine which of the many newly developed apps should be released. To estimate sales, the company must ________.

consider the sales history of similar products

At its most basic form, a marketing channel consists of the producer and the ________.

consumer

A(n) ________ is an organized collection of comprehensive data about individual purchasers or prospects

customer database

The fundamental asset underlying brand equity is ________, the value of customer relationships that the brand creates

customer equity

A company that focuses on customer developments in designing its marketing strategies and on delivering superior value to its target customers is a ________.

customer-centered company

Which of the following is the first step in strategic planning?

defining the organizational mission

Demographic characteristics, geographic characteristics, economic factors, sociocultural factors, and political and legal factors all help a company ________.

determine a market's potential

Skyrim Corp. lacks the capital and capacity to launch its new helicopter for full national and international distribution. If the test market results look promising, what should be management's next step?

develop a planned market rollout over time

Big and Tall Men's Shop carries men's clothing in larger sizes; this allows the store to ________ other stores

differentiate itself from

A market-coverage strategy in which a firm decides to target several market segments and designs separate offers for each is known as _____

differentiated marketing

Effective positioning begins with _________

differentiation

In the case of ________ exporting, sellers handle their own exports

direct

Amazon.com, eBay, and GEICO approach customers via Web sites or mobile apps. This is an example of ________.

direct marketing

In _____ research, the objective is to gather preliminary information that will help define the problem and help suggest hypotheses

exploratory

Which of the following is an example of a convenience product?

fast food

Porsche is a German automobile manufacturer that competes against BMW and Audi, but only in the sports car and SUV segments of the automobile market. Porsche utilizes a(n) ________ strategy

focus

Shifting away from mass marketing, marketers are developing ________ which are designed to build closer relationships with customers in more narrowly defined micromarkets

focused marketing programs

Which of the following is most likely to be the consequence of increase in growth of global trade?

foreign firms expand aggressively into new international market

Information in a company's database can come from many sources. An advantage of harnessing such information is to _____

gain competitive advantage

A ________ firm is one that, by operating in more than one country, gains marketing, production, research and development, and financial advantages that are not available to purely domestic competitors

global

Immediately after deciding which markets to enter, the company should determine ________

how to enter the market

Maslow's theory is that ________ can be arranged in a hierarchy

human needs

The two key economic factors reflecting a country's attractiveness as a market are its industrial structure and its ________.

income distribution

Which of the following is a common reason for new product failure?

incorrect estimation of the market size

A country's ________ shapes its product and service needs, income levels, and employment levels

industrial structure

________ play an important role in matching supply and demand by providing consumers with a broad assortment of products in small quantities

intermediaries

Works, managers, and members of the board are examples of ____ publics

internal

Many companies have developed ______ programs that encourage employees to develop new-product ideas

intrapreneurial

A segment is less attractive if _____

it is difficult for new entrants to enter

Which of the following is a negative aspect of a competitor-centered company?

it may end up simply matching industry practices

Sam has been directed to study the demographic, economic, political, and cultural forces that affect an organization. In this instance, Sam has been directed to study the _____ of the organization.

macroenvironment

A(n) _____ is the set of actual and potential buyers of a product or service

market

Rob has been asked by his manager to identify a group of potential customers who would respond in a similar way to a given set of marketing efforts. In this instance, Rob has been asked to identify a ________.

market segment

A ________ is a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user

marketing channel

The art and science of choosing target markets and building profitable relationships with them is called _____

marketing management

The set of marketing tools a firm uses to implements its marketing strategy is called the _____

marketing mix

______ the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

marketing research

All of the following are benefits of direct marketing for sellers EXCEPT ________.

mass reach and immediate returns

Dan has been directed to study the actors close to a company that affect its ability to serve its customers, such as the company, suppliers, marketing intermediaries, customer markets, competitors, and publics. In this instance, Dan has been directed to study the ________ of the company

microenvironment

Walmart, Costco, and Southwest Airlines serve customers who want reliable, good-quality products or services that are also reasonable and easily available. These companies are all known for pursuing a value discipline known as ________.

operational excellence

Omega Inc. makes lightweight sunglasses with 100-percent UV protection for people who love to hunt, hike, and ride bikes. The company's long-term plans include the development of lenses that, in addition to protecting users from UV rays, would help reduce lens spotting through effective water-sheeting methods. This new feature would be valuable to people who fish. Given the rising popularity of recreational fishing in the United States, Omega products clearly have a huge market potential. In terms of a SWOT analysis, Omega has recognized a market ________.

opportunity

Marketing stimuli consist of the four Ps. Which of the following is NOT one of these?

packaging

It is most accurate to say that when customers purchase products they act on _____ as they judge values and costs

perceived value

________ shows consumer perceptions of a company's brands versus competing products on important buying dimensions

perceptual positioning maps

Alex Smith rents storage space to college students who go home for the summer but do not want to haul all of their property home and back. The business is profitable during the summer months, but when the storage space is unoccupied in the off-season, Alex loses money. Which of the following characteristics of service is most likely the source of Alex's problem?

perishability

Extel Inc., a home appliance manufacturer, uses sales representatives to sell its products to wholesalers and individual customers. This is an example of ________.

personal selling

The _______ environment consists of laws, government agencies, and pressure groups that influence, or limit various organizations and individuals in a given society

political

An attractive product idea must be developed into a ____

product concept

Which term refers to the course of that a product's sales and profits take over its lifetime?

product life cycle

Which of the following promotion categories is most likely to use the promotion tools of press releases, sponsorships, events, and Web pages?

public relations

In the communication process, the reaction of the receiver after being exposed to a message is called the __________

response

Which of the following refers to a closing technique used by salespeople?

reviewing points of agreement

The use of short-term incentives to encourage the purchase or sale of a product or service is called _________

sales promotion

__________ consists of short-term incentives to encourage the purchase of a product or service

sales promotion

More and more companies are moving away from high-commission plans because ________.

salespeople tend to become pushy which affects customer relationships

A(n) ________ is an individual who represents a company to customers by prospecting, communicating, selling, servicing, information gathering, and/or relationship building

salesperson

A recent study conducted by Estelle Cosmetics Company showed that heavy users of Estelle's products comprise a small percentage of the market. The study indicated that less than 7 percent of all shoppers buy nearly 71 percent of Estelle's products in the United States. This is an example of ________.

segmentation by usage rate

________ distribution involves the use of more than one but fewer than all of the intermediaries who are willing to carry a company's products

selective

GameStop sells only video games and systems, offering a narrow product line with a deep assortment within that line. GameStop is a(n) ________.

specialty store

Selecting which segments of a population to serve is called

target marketing

Many companies use RFID product labels on their goods, which exemplifies the ________ environment in business

technological

In the ________, each salesperson is assigned to an exclusive geographic area and sells the company's full line of products or services to all customers in that region

territorial sales force structure

A company's total marketing communications mix consists of a special blend of advertising, sales promotion, public relations, personal selling, and direct-marketing tools that the company uses to communicate customer value and build customer relationships. Which of the following terms best describes this communications mix?

the promotion mix

Integrated marketing communications require a company's mass-market advertisements, Web site, e-mail, and personal selling communications to all have ________.

the same message, look, and feel

________ refer(s) to sales promotion tools used to persuade resellers to carry a brand, give it shelf space, promote it in advertising, and push it to consumers

trade promotions

________ are a type of limited-service wholesalers who carry a limited line of semiperishable merchandise (such as milk, bread, snack foods), which is sold for cash as deliveries are made to supermarkets, small groceries, or hotels

truck jobbers

The full mix of benefits on which a brand is differentiated and positioned is known as the brand's ______

value proposition

Which of the following refers to a set of benefits that a company promises to deliver to customers to satisfy their needs?

value proposition

Conflict which occurs between different levels of the same marketing channel is known as ________ conflict

vertical