Chapters 1,2,3,4,5,6 (Midterm Marketing 320)

In recent decades, there has been a shift in healthy eating, which affects the buyer decision process. This shift is most likely related which following buyer influences?

Cultural influence

Marketers who choose to segment consumers with similar needs but who are located in different countries have chosen​ __________________ segmentation.

intermarket segmentation

Many of​ Zappos' more traditional rivals focus greater attention on the attributes of the products and services they sell rather than on the benefits and experiences produced by their market offerings. This trap is sometimes referred to as​ __________. A. marketing malpractice B. marketing myopia C. marketing paranoia D. marketing manaement E. the production concept

B. marketing myopia

Subaru has responded to changes in its​ ____________, using social network platforms such as Facebook and Twitter to spur greater brand conversations among Generation X and Millennial customers. A. technological environment B. natural environment C. political environment D. economic environment E. cultural environment

A. technological environment

What are the three types of objectives a marketing research project might have?

1. Exploratory research 2. Descriptive research 3. Causal research

What does the buyer decision process start with?

Recognizing a need

What are the 4 steps of the marketing research process in their correct sequence?

1. Define the problem and research objectives 2. Develop and research plan 3. Implement the research plan 4. Interpret and report the findings

In which step of the buying decision process is the final order with the chosen supplier developed?

Order-routine specification

What are the 5 marketing management functions used to manage the marketing process?

1. Analysis 2. Planning 3. Implementation 4. Organization 5. Control

What are the five stages of the consumer adoption process in the correct sequence?

1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption

What are the four general characteristics that influence consumer purchases?

1. Cultural​ characteristics 2. Social​ characteristics, 3. Personal​ characteristics 4. Psychological characteristics

What are the variables in a company's marketing mix?

1. Product 2. Price 3. Place 4. Promotion

The people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights comprise a what?

A marketing information system

According to the​ video, Goodwill adjusts its merchandising and store formats in Northern California to better match the​ __________ of individuals living within those​ neighborhoods, as expressed by their respective daily​ activities, interests, and opinions. A. lifestyle B. reference group C. personality D. culture E. social class

A. Lifestyle

Which structural factor would make a market segment attractive to enter? A. very few actual or potential substitute products B. Powerful suppliers C. New entrants can easily come into the segment D. Powerful buyers E. Many strong and aggressive competitors

A. Very FEW actual or potential substitute products

Marketers consider five core concepts when considering their consumer base. Which of the following is not considered one of the five core​ concepts? A. market offerings B. advertising C. markets D. needs, wants, and demands E. exchanges and relationships

B. advertising

According to the​ video, Goodwill has often had to cut prices due to poor​ ______ conditions. A. political B. economic C. social D. cultural E. technological

B. economic

In the Subaru America​ video, the product manager references the need to be well informed regarding numerous aspects of the​ company's __________________, including​ long-term shifts in​ politics, culture, and technology. A. marketing environment B. macroenvironment C. natural environment D. economic environment E. microenvironment

B. macroenvironment

Marketers market competitive​ ATV's differently than to those who use​ ATV's for other​ purposes, such as farming. On which type of market segmentation is this​ based?

Benefit segmentation

Characteristics that are relatively unknown to marketers and unique to buyers are considered what?

Buyer's black box

Through the customer experiences of its​ products, hotels, theme​ parks, and other packaged value​ items, Disney has been quite successful in creating high​ ________________. A. customer engagement B. customer demand C. customer satisfaction D. customer lifetime value E. customer-perceived value

C. Customer satisfaction

A​ buyer's beliefs and attitudes toward a particular product will influence the​ buyer's purchases. This motivation is most related to which of the following buyer​ influences? A. Social B. Economical C. Cultural D. Psychological E. Competitor

D. Psychological

Companies that are successful in appealing to different generational needs and wants are successful in reacting to which macroenvironmental​ force? A. natural B. cultural C. technological D. demographical E. competition

D. demographical

The​ Domino's leadership team determined that while it was a great delivery​ company, the poor taste of their pizza was an impediment to future growth. To what stage of the marketing research process did this realization​ correspond?

Defining the problem and research objectives

Dividing a market into different age and​ life-cycle groups segments is known as​ __________ segmentation.

Demographic

Which of the following statements regarding the business market is correct? A. The business market has more businesses than the consumer market. B. Demand in the business market is more elastic than demand in the consumer market. C. Business buying decisions are less complex than consumer buying decisions. D. The business market is not as large as the consumer market in terms of dollars spent and items purchased. E. Many sets of business purchases are made for one set of consumer purchases.

E. Many sets of business purchases are made for one set of consumer purchases

In which targeting strategy does a firm go after a large share of one or a few smaller segments? A. micromarketing B. differentiated marketing C. mass marketing D. undifferentiated marketing E. concentrated marketing

E. concentrated marketing

Which of the following is the key component of strategic market​ planning? A. Promotion B. Place C. Pricing D. Product E. the customer

E. the customer

Which of the following correctly defines the consumer market?

Individuals and households that buy goods and services for personal consumption

When a consumer becomes aware of a new smartphone model and seeks out information about the product, the consumer is in which stage of the adoption process?

Interest stage

What are the three general sources from which marketers can obtain information?

Internal data, marketing intelligence, and marketing research

​________ is the process of dividing a market into distinct groups of buyers who have different​ needs, characteristics, or behaviors and who might require separate marketing strategies or mixes.

Market segmentation

Evaluating each market segment's attractiveness and selecting one or more market segments to enter is called what?

Market targeting

In order to better understand​ consumers' perceptions of the taste of​ Domino's, the research team utilized an online listening​ approach, examining unsolicited opinions about their pizza on social networks. This approach would best be described as​ what?

Observational

Marketers of sunscreen tend to market the product more heavily in the Midwest during summer months. This group of buyers is most likely being segmented by​ __________.

Occasion segmentation

To deliver real value to marketers, marketing information must do what?

Provide useful customer insights

In order to assess the effectiveness of its​ "Oh Yes We​ Did" ad​ campaign, Domino's tested the ad using a small group of individuals it thought was representative of the overall market. This group of consumers is called a​ what?

Sample

For strategic planning​ purposes, marketing provides a guiding philosophy that suggests the​ company's strategy should revolve around creating customer value and building profitable relationships with important consumer groups. This philosophy is called​ _______.

The Marketing Concept

What is a product's position?

The way a product is defined by consumers on important attributes

Why do companies use customer relationship management?

To capture and use customer data

Tying together the marketing mix​ variables, business unit​ strategies, and the​ company's mission is known as​ _________________. A. setting company objectives B. strategic planning C. business-unit planning D. designing the business portfolio E. marketing plans

B. strategic planning

Disney has chosen families and children as the segment of the market to sell​ to, which is the process known as​ ___________. A. marketing paranoia B. target marketing C. the production concept D. exchange E. demand

B. target marketing

Which of the following is true regarding international marketing research?

Translating questionnaires from one language to another is not an easy task

What are the four growth strategies identified by the​ product/market expansion​ grid?

1. Market Penetration 2. Market Development 3. Product Development 4. Diversification

What are the eight steps in the business buying decisions process in the correct sequence?

1. Problem recognition 2. General need description 3. Product specification 4. Supplier search 5. Supplier selection 6. Proposal solicitation 7. Order-routine specification 8. Performance review

What are the five characteristics that are especially important in influencing an innovation's rate of adoption?

1. Relative advantage 2. Complexity 3. Compatibility 4. Divisibility 5. Communicability

Which type of business buying situation offers marketers the greatest opportunity but also the greatest​ challenge? A. a new task situation B. a buying center purchase C. a straight rebuy D. a request for proposal E. a modified rebuy

A. a new task situation

All of the following are major factors that affect the consumer buyer decision behavior except​ _____________. A. competitive B. psychological C. social D. personal E. customer demand

A. competetive

Disney has created a strong, memorable brand with its customers, which in turn keeps customers returning to the brand over time, known as what? A. Customer lifetime value B. customer retention C. customer relationship value D. value and satisfaction E. needs, wants and demands

A. customer lifetime value

Companies such as Walmart and​ Target, who focus on lower prices and greater​ value, are most likely reacting to which of the following environmental​ forces? A. Economic B. natural C. supplier D. demographic E. political

A. economic

What do marketers use to analyze big data?

Marketing analytics

A​ _______ defines how a company will create differentiated value for targeted segments and what positions it wants to occupy in those segments

Value proposition

What is big data?

Data contained in huge and complex data sets

What is the sequence of the steps in the strategic planning process?

1. Define the company mission 2. Set company objectives and goals 3. Design the business portfolio 4. Plan the market and other functional strategies

What are the four major variables used to segment consumer markets?

1. Geographic 2. Demographic 3. Psychographic 4. Psychological

According to the text, two major public policy and ethical issues in marketing research are what?

1. Intrusions on consumer privacy 2. The misuse of research findings

A company's external value delivery network consists of __________

1. Suppliers 2. Distributors 3. Customers

The profile of the early Roomba customers reflected individuals who liked and were comfortable with technology and who also wanted a clean home. Dividing the larger population into smaller groups based on such characteristics is a practice known as​ _____________. A. market segmentation B. portfolio analysis C. market penetration D. strategic planning E. market development

A. market segmentation

The video suggests that a key challenge for​ Goodwill's marketers is to change the view of many consumers that secondhand stores are​ musty, low-class operations with​ poor-quality merchandise. This exemplifies the psychological concept of​ __________, which is the process by which people​ select, organize, and interpret information to form a meaningful picture of the world. A. perception B. beliefs C. personality D. motivaiton E. attitudes

A. perception

In order to determine which combination of crust, sauce, and cheese options work best together, the Domino's researchers employed a(n) _________ research design

An experimental research design

A SWOT is a part of which marketing management function?

Analysis

During the economic recovery of the​ mid-1990s, consumers' automotive tastes shifted toward a preference for larger SUVs. Subaru responded to this market trend by introducing the​ Outback, a crossover vehicle that appealed to those who were looking for the recreational capabilities of a SUV but wanted something that drove more like a car.​ Subaru's responsiveness to its customer market reflects its attention to the​ ___________ element of the​ company's marketing environment. A. macroenvironment B. microenvironment C. marketing environment D. natural environment E. technological environment

B. microenvironment

According to the​ video, iRobot is seeing a lot of competitors coming out with​ lower-priced and​ lower-quality knockoffs. The result is a perception that robot vacuums do not work well. With respect to the broader SWOT​ framework, this analysis would fall under which​ dimension? A. weakness B. threat C. strength D. opponents E. opportunity

B. threat

Zappos creates​ __________ for its customers by offering a wide​ selection, higher levels of​ service, and​ customer-friendly return policies. A. exchanges B. value C. satisfaction D. demands E. equity

B. value

Planning marketing and other functional strategies of the business​ unit, product, and market level follows which stage of strategic​ planning? A. Setting objectives B. marketing mix selection C. Designing the business portfolio D. target marketing E. defining the mission

C. designing the business portfolio

Disney offers its products to families and children who desire the Disney experience and subsequently purchase products and experiences. Disney and its customers are engaged in​ _________. A. customer lifetime value B. marketing C. exchange D. engagement E. demand

C. exchange

Zappos offers customers wide​ selection, excellent​ service, and​ customer-friendly return policies. In​ return, customers are willing to pay more for the​ company's offerings. This act of obtaining a desired object from someone by offering something in return is known as​ __________. A. engagement B. satisfaction C. exchange D. value E. marketing

C. exchange

During the past few​ decades, concern for the​ ________________ has spawned an environmental sustainability movement among consumers that fits very well with​ Subaru's "green" positioning of its vehicle line. A. cultural environment B. global environment C. natural environment D. economic environment E. marketing environment

C. natural environment

When iRobot introduced new robot models that would clean gutters and mop​ floors, this innovation represented which type of market growth​ strategy? A. Market segmentation B. diversification C. product development D. market penetration E. market development

C. product development

In its communications to customers and​ investors, iRobot proclaims that its goal is to​ "design and build robots that make a difference in​ people's lives." Identifying the​ company's mission is the first step in the​ ______________ process. A. positioning B. market segmentation C. strategic planning D. portfolio analysis E. marketing implementation

C. strategic planning

According to the​ video, some individuals living in trendy neighborhoods choose to shop at Goodwill boutiques in order to find fashionable clothing and​ "shabby chic" furniture. According to​ Maslow's theory of​ __________, such shoppers are likely seeking to satisfy social or esteem needs. A. learning B. personality C. perception D. motivation E. attitude change

D. motivation

By offering a pet hotline for pet owners to​ call, Furry Friends is implementing which of the marketing mix​ variables? A. promotion B. customer C. price D. place E. product

D. place

Goodwill adapts its store formats and merchandise plans to match the innovativeness and disposable income of shoppers in nearby neighborhoods. For​ instance, customers of its boutique store in the​ Haight-Ashbury neighborhood of San Francisco are more likely to demonstrate greater​ __________ for trendy fashions. A. evaluation of alternatives B. cognitive dissonance C. motivation D. rates of adoptions E. information search

D. rates of adoption

The microenvironment of a​ company's market environment includes all of the following except​ _______ A. competitors B. suppliers C. customers D. technological forces E. the company

D. technological forces

What is market segmentation?

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes

While​ Zappos' pricing snafu cost the company nearly​ $1.6 million​ dollars, the company chose to fulfill all the orders because it realized the​ long-term loss of patronage from these customers could be even more expensive. A key metric that measures the​ long-term profitability of individual customers or groups of customers is known as​ __________. A. ROI B. customer retention C. customer relationship value D. customer satisfaction E. customer lifetime value

E. customer lifetime value

Although Zappos was not legally bound to fulfill customer orders following its pricing​ snafu, failure to do so would have significantly lowered​ __________, which is based on a​ company's performance relative to the​ customers' expectations. A. customer engagement B. customer-perceived value C. customer demand D. customer lifetime value E. customer satisfaction

E. customer satisfaction

Just prior to the introduction of the​ Roomba, Electrolux introduced a similar robot in Europe that featured a​ sleek, space-aged design and a​ $1,500 price point. In​ contrast, the form factor of the iRobot Rumba was simple and its price point was much lower. Because of its unique​ ____________, the Rumba easily outperformed the rival product in terms of sales. A. marketing mix B. market segmentation C. market targeting D. market development E. differentiation

E. differentiation

Global sales of new vehicles fell by as much as​ 40% during the Great Recession in​ 2008-2009. This fact best reflects the impact of which dimension of​ Subaru's marketing​ environment? A. Political environment B. Sales environment C. Consumer environment D. Natural environment E. Economic environment

E. economic environment

Which of the following are additional variables marketers use to segment business markets, but not consumer markets? A. operating​ characteristics, purchasing​ approaches, situational​ factors, and region B. operating​ characteristics, purchasing​ approaches, situational​ factors, and loyalty status C. operating​ characteristics, purchasing​ approaches, situational​ factors, and usage rate D. operating​ characteristics, purchasing​ approaches, situational​ factors, and benefits sought E. operating​ characteristics, purchasing​ approaches, situational​ factors, and personal characteristics

E. operating characteristics, purchasing approaches, situational factors, and personal characteristics

Which of the marketing mix variables focuses on how the product will get to the ultimate​ consumer? A. Customer B. price C. promotion D. product E. place

E. place

The environmental force that includes laws and regulations set forth to make trade and marketing practices fair is the​ __________ force. A. natural B. demographic C. customer D. economic E. political

E. political

Kodak and Blockbuster each failed to react to the​ ___________ environmental​ force, causing them to lose considerable market share and go out of business. A. company B. customer C. political D. demographic E. technological

E. technological

After marketers divide a market into distinct groups of buyers who have different​ needs, characteristics, or​ behaviors, they then perform​ _________________, identifying different ways to segment the market and selecting one or more markets to serve.

Market targeting

Products and technologies eventually become outdated, but basic market needs can last forever. For this reason, company mission statements should be ________?

Market-oriented

The group of individuals in the video and the processes by which they gather information to help decision makers generate and validate actionable customer and market insights could be described as Domino's what?

Marketing information system

Most standard portfolio analysis methods evaluate strategic business units (SBUs) on their performance in what two important dimensions?

The attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry

What determines whether the buyer is satisfied or dissatisfied with a purchase?

The relationship between the consumer's expectations and the product's perceived performance