BA343 marketing
_____________________ is the value of customer relationships that a brand creates.
Customer equity
Which types of companies would most benefit from conducting marketing research?
Both large multinational firms like Disney and IBM and small local firms
Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines using?
Frequency marketing program
Which of the following is NOT one of the typical advantages of e-procurement systems?
Improving customer-supplier relationships
__________________ represent an internal source of new product ideas for a company.
Intrapreneurial programs
Of the following, which best reflects how the American population has changed over time?
It has become more diverse, better educated, and more mobile.
Which of the following would make a segment less attractive to enter?
New entrants finding it easy to enter the segment
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
Which of the following is NOT a step in the strategic planning process?
Set revenue and financial goals
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
A new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new company?
We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses.
________ involves enlisting or even creating opinion leaders to serve as brand ambassadors who spread the word about a company's products.
buzz marketing
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 ________.
marketing mix
The purpose of business legislation is primarily based on ________.
protecting companies from each other
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
Which of the following scenarios BEST describes the societal marketing concept?
Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.
What are stars in the growth-share matrix?
High-growth, high-share businesses or products
Vaughn's Video has suffered because more people are subscribing to online streaming sites such as Netflix, YouTube, iTunes, Amazon, and Hulu. Which of the following marketing trends has NOT affected Vaughn's Video?
Not-for-profit marketing
____________________ 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
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 dashblue jeanslong dashbut it has 12 different lines of jeans that cater to men, women, children, babies, toddlers, and teens. Which type of marketing department organization would BEST suit Denim Blue Jean Corporation?
Market management organization
BlueBear is a shoe manufacturer based in the United States. Which of the following indicates that the company is following a market development strategy?
BlueBear introduces its shoes in the Indian and South-East Asian markets.
How do the individual components of a SWOT analysis work together to determine the status of a company?
By ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development
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
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.
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
Sanchez Hispanic Foods and Seasonings has started to grow larger than the Sanchez family could ever have imagined. The company is having a hard time keeping track of all of the business' marketing activities. They know that they are going to need help to keep the business growing and are looking for solutions. Which of the following potential hires is likely the best decision for the Sanchez family?
Noah Lopez, a marketing specialist and expert who would be hired as the Sanchez family's new chief marketing officer
Which of the following BEST describes research relationships?
Observation is best suited for exploratory research, surveys for descriptive research, and experiments for causal research.
All of the following are aspects of sustainable marketing EXCEPT which one?
Observe environmental legislation as it is instituted.
Which of the following is a personal characteristic influencing a consumer's buying behavior?
Occupation
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
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.
______________________ is the step of the new product development process during which a physical product is first developed.
Product development
______________________ protect consumers from harm and the company from liability by proactively ferreting out potential product problems.
Product stewards
Which of the following is NOT one of the marketing management functions?
Promoting
________ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics.
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.
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.
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
9) Business portfolio analysis is defined as the process in which management ________.
assesses the attractiveness of an SBU's market and the strength of its position in the market
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 at ________.
baby boomer
Scott Frost has been coming to Aldwin's Diner for 20 years and refuses to go anywhere else. Joseph, the owner of Aldwin's, loves Scott's loyalty but admits he purchases only a cup of coffee at each visit. Scott would BEST be described as which of the following?
barnacle
After market strategy is developed, the next step of the new product development process is _______________.
business analysis
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
The real value of marketing information rests in the _____________________.
customer insights it provides
When a company starts the strategic planning process at the corporate level, it begins by _____________________________.
defining its overall purpose and mission
Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a ________.
demand
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
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
The distinctive yellow and blue "hands held high" logo of a local daycare distinguishes it from other establishments. The logo is prominently displayed on its building, t-shirts worn by the children, and at fundraising events. The daycare has differentiated itself through ________.
image
`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
Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flow. In this case, Susan is making use of ________ databases.
internal
After creating a company's mission and objectives, the executive team must then plan ____________ by keeping in mind the best fit for its strengths, weaknesses, and opportunities in the environment.
its business portfolio
Consumers' needs and wants are fulfilled through ________.
market offerings
When consumers respond in a similar way to a given set of marketing efforts, they can be referred to as a _________.
market segment
Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as ______________________.
market segmenting
Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ________.
marketing control
________ is the art and science of choosing target markets and building profitable relationships with them.
marketing management
________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
marketing research
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
Appliances Galore is continually updating its line of refrigerators to reflect market trends and customer needs. Although the product class is in the maturity stage of the product life cycle, they maintain healthy sales of their line of refrigerators by continually ________.
modifying the product
Marketers of brands understand that they must figure out how to reach ___________________ that can exert social influence on others.
opinion leaders
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
Which marketing philosophy holds that consumers will favor products that offer the most in quality, performance, and innovative features?
product concept
The style, ease of use, and multi-blade technology of Gillette's Fusion razor system is a ________ that has favorably impacted consumer perceptions about other new products sold by the company.
product image
Which of the following is NOT one of the four Ps of the marketing mix?
production
Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This most likely reflects the ________.
production concept
Dividing buyers into groups based on social class, lifestyle, or personality characteristics is called ________ segmentation.
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
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
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
When a company chooses a group of customers to serve, it is engaging in which of the following?
target marketing
How does the new concept of marketing differ from the old concept of marketing?
the new concept focuses on customer needs.
Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The CEO stresses that the new mission statement should be market-oriented rather than product-oriented. Which of the following mission statements will best suit the company?
to give customers the complexion they dream about by providing products suited to their needs
To create successful new products, a company must _______.
understand its consumers, markets, and competitors and develop products that deliver superior value to customers
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
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.
The major cultural values of a society are expressed by people's views of ____________________.
themselves, others, organizations, society, nature, and the universe
Which of the following is NOT part of an overall SWOT analysis evaluation of a company?
Strategy
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.
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
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 of the following is enhancing how marketers learn about and interact with customers?
Big data and marketing analytics
Which type of consumer products are frequently purchased with little planning, little comparison or shopping effort, and low customer involvement?
Convenience products
What is the nature of demand in business markets?
Demand in business markets is derived demand.
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?
Examine how well each group performs its work of adding customer value.
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
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
________________ is one problem with business-to-business e-procurement.
Suppliers being pitted against one another
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
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
In a straight rebuy, a buyer ________.
reorders something without any modifications
Socially responsible target marketing would classify which of the following as an especially vulnerable target market for harmful or controversial products?
Children
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
In determining product quality, what are the two dimensions of quality marketers must decide upon?
Level and consistency
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
Which of the following statements is true regarding standardizing products for international markets?
Standardization decreases product design, manufacturing, and marketing costs.
Which of the following actions helps a company find the game plan for long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources?
Strategic planning
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.
What is the importance of selling and advertising in marketing?
They work in tandem with building customer relationships.
According to the model of buyer behavior, what is in a buyer's "black box"?
The buyer's characteristics and decision process
What is MOST likely to cause a variation in customer-perceived value?
The customer's opinion of what constitutes value
Which of the following BEST describes the purpose of customer insights?
To create more value for customers
Why is good marketing management critical?
To ensure that the company serves as many customers as it can and as well as it can
Which of the following is at the center of marketing strategy and programs?
`Customer engagement, value, and relationships
The group of factors that affect consumers' purchasing power and spending patterns is called the _________________.
economic environment
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
A ________ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system.
value delivery network
To create value for customers, marketers must improve the performance of the ______________, which includes partnering with suppliers, distributors, and customers.
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
To exercise social responsibility, many companies are linking themselves to what type of marketing?
Cause-related
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
Stars, cash cows, question marks, and dogs are the four types of strategic business units (SBUs) defined in which of the following?
Growth-share matrix
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 information must a researcher evaluate to make certain it is relevant, accurate, and impartial?
Secondary information
Using the BCG growth-share matrix as a guide, Masumura Technologies identified question marks in its business portfolio but is currently maintaining its market share. At a recent meeting with the company's senior management team, the CEO of Masumura and her team members decided to allocate all of the company's profits toward the growth and expansion of these question marks, in order to cause the question marks to become stars. What is likely to happen to this company?
The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star.
How has the internet MOST affected companies and customers?
The internet has allowed consumers to take marketing content and share it.
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
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
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
A company can obtain new products by buying a whole company, a patent, or a license to produce someone else's product through _______________________.
acquisition
The act of obtaining a desired object from someone by offering something in return is known as which of the following?
an exchange
In terms of packaging functions, Tiffany & Co.'s robin egg blue boxes ________.
create immediate consumer recognition
Bertram's Beer structures its company in such a way as to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is Bertram's Beer attempting to build?
customer equity
A company's marketing information system (MIS) is valuable because it ___________________.
enables a company to use customer insights to improve relationships with customers
________ is the act of obtaining a desired object from someone by offering something in return.
exchange
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
Groups of __________________ products consist of materials and parts, capital items, and supplies and services.
industrial
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.
labeling
A local drama club wants to increase the membership and attendance at its performances. To do so, it hosts free shows, starts poetry-reading nights, and sends volunteers to the local high school. What is the drama club engaging in?
market exchange
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
If competitors cannot easily copy the benefit a company chooses to promote, that benefit is said to be _________.
preemptive
The second purpose of government regulation is to _____________________.
protect consumers from unfair business practices
The third purpose of government regulation is to _____________________.
protect the interests of society against unrestrained business practices
Which of the following describes the current trend in businesses regarding relationships with customers?
Hand-pick the most profitable customers and allow them more input.
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
Julie's Jump Rope Emporium is a new company. From a marketing standpoint, what is the FIRST thing Julie's Jump Rope Emporium needs to do?
Determine who in the community wants or needs a jump rope
The ultimate goal of the marketing process is to do which of the following?
Receive value from customers
Wonders such as smartphones, driverless cars, and antibiotics can be attributed to which marketing environment?
Technological
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.
A marketing dashboard is used to do which of the following?
Monitor strategic marketing performance
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
Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer ________.
satisfaction
Service variability means that ________.
service quality depends on when, where, and how they are provided
When a company lengthens a product line by adding more items beyond its current range, it is ________.
stretching the line
American Honda purchases over $20 billion worth of auto parts and materials every year. ________ are key players in the company's success.
suppliers
Which of the following describes the type of research used to help define the research problem and suggest hypotheses?
Exploratory research
Marketers obtain needed marketing information from which of the following?
Internal data, marketing intelligence, and marketing research
Which generational group seamlessly blends online and offline worlds as they socialize and shop?
Generation Z
What is the first step of the buyer decision process?
Need recognition
Which of the following is considered part of an augmented product rather than that of an actual product or core customer value?
Warranty
__________________ segments are those segments that are conceptually distinguishable and respond differently to different marketing mix elements and programs.
Differentiable
The role of a company's marketing intermediaries is to do which of the following?
Help the company find, promote, sell, and distribute products
The goal of a market development growth strategy is to do which of the following?
Identify and develop new markets for current products of a company's market
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.
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
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
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
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
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
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 dashpremium, organic dog and cat foodlong dashand 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?
Create a promotion strategy to increase customer awareness
__________________ 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
In analyzing a company's current business portfolio, what is management's first step?
Identify strategic business units
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.
A value chain consists of which of the following?
Internal departments and other companies that carry out value-creating activities
Which of the following is a valid concern when it comes to the four Ps concept?
It may omit or underemphasize certain important activities.
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?
Jill should focus on the business market and license the natural gas rights.
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
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.
___________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 analytics
How do market demands relate to needs and wants?
Needs are satisfied by wants, and buying power converts wants into demand.
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
Ethel and Jan have just started a new company, Jantel, Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a make-and-sell philosophy that focuses on improving their product, whereas Jan believes they should be more customer-oriented and find the right products for their customers. Which of the following BEST describes this situation?
Should Jantel, Inc., follow a product or marketing concept?
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.
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
___________________ consists of many different people who play multiple roles in the buying process.
The buying center
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.
Why is marketing return on investment (ROI) so difficult to measure?
There is no consistent definition.
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
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.
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
What is the main problem that sellers suffering from marketing myopia face?
They focus more on products than on the customer's underlying need.
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
What is the purpose of the marketing mix as part of the overall marketing strategy?
To produce a response that influences a demand for the product from the customers the company is targeting
What is the ultimate aim of customer relationship management?
To produce high customer equity
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