final quiz (cumulative quiz)

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following except a. product. b. place. c. performance d. promotion.

c. performance

The consumer buying process begins when a. a consumer enters a store. b. consumers' functional needs are greater than their psychological needs. c. a consumer's performance risk is minimized. d. a consumer recognizes an unsatisfied need.

d. a consumer recognizes an unsatisfied need.

In a(n) ________ marketing channel, one or more intermediaries work with manufacturers to provide goods and services to customers.

indirect

__________ is the process by which ideas are transformed into new products and services that will help firms grow.

innovation

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about

its value

Many companies use the Internet to allow consumers to design customized products; for example, Nike allows customers to order shoes with custom color combinations. This is a form of

micromarketing

Kraft, Nike, Coca-Cola, KitchenAid, and Sony are considered famous ________ brands because they are owned and managed by the manufacturer.

national

Both the B2B and B2C buying processes begin with

need recognition

Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages?

planning excellence

What type of analysis does management use to evaluate the firm's various products and businesses and allocate resources according to which products are expected to be the most profitable for the firm in the future?

portfolio analysis

Which element of the marketing mix is most relevant to the activity "creating value"?

product

A(n) ________ is a group of products that consumers may use together or perceive as similar in some way.

product line

The complete set of all products offered by a firm is called its

product mix

Integrated marketing communications represents the ________ element in the six Ps of a firm's marketing mix.

promotion

When the marketing research problem is not clearly defined, a researcher will likely engage in __________ research.

qualitative

The purpose of __________ is that it provides information needed to confirm insights and hypotheses generated and helps managers pursue appropriate courses of action.

quantitative research

The marketing of services differs from product marketing because services are all of these except

renewable

A marketing research project often begins with a review of the relevant __________ data.

secondary

In value-based marketing, the promotion element of the four Ps communicates the ________ to customers through a variety of media.

value proposition

Which element of the marketing mix is most relevant to the activity "capturing value"?

price

________ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.

promotion

The highest level of awareness occurs when customers mention a specific brand name when asked about a product or service. Marketers call this

top-of-mind awareness

When marketers use a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to communicate a value proposition to the customer, it is referred to as a. integrated marketing communications. b. multimedia marketing. c. diverse marketing communications. d. comprehensive promotion.

a. integrated marketing communications.

Generally, firms entering foreign markets begin with a. less risky strategies first b. direct investment. c. importing. d. decentralized production.

a. less risky strategies first

While JIT systems have many benefits, they a. make the logistics function more complicated b. interfere with new product development functions. c. confuse customers.

a. make the logistics function more complicated

In marketing's four Ps, place refers to all activities required to get a. the design of the terminal location for products accomplished. b. the right product to the right customer when that customer wants it. c. access to the physical space within a retail establishment. d. consumers to the destination.

b. the right product to the right customer when that customer wants it

Efforts to change a brand's focus to target new markets or change the image of a brand are called

brand repositioning

In most large organizations, several people are responsible for making a purchase decision. This group is called the

buying center

One of the potential benefits to a firm of introducing new-to-the-world products or services is a. cost savings. b. late majority marketing. c. establishment of a completely new market. d. the ability to avoid paying pioneers for new product development.

c. establishment of a completely new market.

The goal of any marketing communication is to a. overwhelm negative publicity with commercial speech. b. replace cause-related marketing with non-cause-related marketing. c. get the right message to the right audience through the right media.

c. get the right message to the right audience through the right media.

A major disadvantage of primary data collection is a. it can be accessed only through syndicated databases or unstructured data mines. b. it cannot be tailored to meet specific research needs. c. it requires more sophisticated training and experience to design the study and collect data.

c. it requires more sophisticated training and experience to design the study and collect data.

With more frequent shipments associated with quick response (QR) systems, a retailer is a. less likely to use radio frequency identification tags. b. more likely to engage in predatory pricing behavior. c. more likely to have what customers want.

c. more likely to have what customers want.

To determine how attractive a particular market is using the BCG portfolio analysis, ________ is(are) established as the vertical axis.

market growth rate

The process of dividing the market into groups of customers with different needs, wants, or characteristics is called

market segmentation

The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called

marketing

How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of a

marketing plan

Which element of the marketing mix is most relevant to the activity "delivering value"?

place

________ represents all the activities necessary to get the product to the right customer when that customer wants it.

place

________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what a product does or represents in comparison with competing products.

positioning

In one test before product launch, customers try a sample product and are then surveyed to understand whether or not they would buy/use the product again. This is known as

premarket testing

After reviewing the existing data on seasonal spending by his company's customers, Marv decided he needed new information collected to address his research questions. Marv will need __________ data to address the questions in his marketing research study.

primary

When Costco sells to consumers directly, it acts as a ________; when it sells to other businesses, such as a restaurant owner, it acts as a ________.

retailer; wholesaler

Brands that are owned by ___________ are called private-label brands.

retailers

Which of the following is not one of the four major growth strategies marketers typically utilize?

segment development

After identifying various market segments that her company could pursue, Linda evaluated each segment's attractiveness based on size, income, and accessibility. Linda was involved in ________ marketing

target marketing

When McDonald's comes up with a new drink or sandwich for its restaurants, it often markets it in a dozen or so of its outlets. When the company does this, it is engaged in

test marketing

Which of the following is true of marketing? a. Marketing affects various stakeholders b. Marketing plays no role in creating value. c. Marketing is about satisfying the company's needs and wants. d. Marketing requires place, product, promotion, and perception decisions. e. Marketing is performed by organizations, not individuals.

a. Marketing affects various stakeholders

Julie is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who care only about making a sale. When reading about the core aspects of marketing, Julie is relieved to see that in marketing: a. all parties to the transaction should be satisfied b. promotion is the most important consideration, followed by pricing decisions. c. decisions are made regarding how a product is designed. d. customers are not considered until the product is ready for sale. e. distribution is controlled by customers.

a. all parties to the transaction should be satisfied

The basic goal of integrated marketing communications is to a. communicate the value proposition to the target market. b. create desire. c. manipulate consumers. d. outspend competitors.

a. communicate the value proposition to the target market.

During a SWOT analysis, a company should assess the opportunities and uncertainties of the marketplace due to changes in several factors, given the acronym CDSTEP. Which of the following is not one of these factors? a. ethical b. cultural c. political

a. ethical

If many consumers in the marketplace are familiar with a brand and what it stands for and have an opinion about the brand, the brand has considerable

awareness

The first question a marketing researcher should ask before embarking on a research study is a. Who will pay for it? b. Will the research be useful? c. What is the due date?

b. Will the research be useful?

If a firm wants to develop a sustainable competitive advantage, it should a. copy the innovative features of other firms that are attractive to customers. b. examine its operations and customer relations to identify significant things competitors cannot easily copy c. increase its marketing budget so that it outspends its competitors. d. arrange to meet with competitors to discuss how to avoid direct competition.

b. examine its operations and customer relations to identify significant things competitors cannot easily copy

A major advantage of primary data collection is a. it can be easily accessed through syndicated databases. b. it offers behavioral insights generally not available from secondary research. c. it takes less time to collect than secondary data. d. it is general enough to meet many different researchers' needs.

b. it offers behavioral insights generally not available from secondary research.

After defining the business mission, what should a firm do next to develop a marketing plan? a. conduct an STP analysis b. perform a situation analysis c. develop a positioning strategy d. select a target market e. implement the four Ps

b. perform a situation analysis

Just as marketers create value by meeting the needs and wants of consumers, marketing researchers create value if a. all participants like the research design. b. the research does not cost too much. c. the results will be used in making management

c. the results will be used in making management

The consumer decision process model represents a. the concept of habitual decision making. b. the retrieval of an evoked set based on physiological needs. c. the steps that consumers go through before, during, and after making purchases. d. the shift from an internal to an external locus of control. e. the types of decisions all consumers must make.

c. the steps that consumers go through before, during, and after making purchases.

Which marketing activity is most directly served by the promotion element of the marketing mix?

communicating value

In the IMC communication process, the ________ is the medium that carries the message.

communication channel

Business-to-business marketing involves buying and selling goods or services by all of the following except

consumers

The four Ps make up the marketing mix, which is the __________ set of decisions or activities that the firm uses to respond to the wants of its target markets.

controllable

Marketing research includes all of the following except

creating data

Which of the following is a core aspect of marketing? a. satisfying as many needs as possible b. creating a product that everyone will want to buy c. setting prices lower than all competitors d. making product, place, promotion, and price decisions e. increasing the company's profit

d. making product, place, promotion, and price decisions

________ offers the firm complete control over its operations in the foreign country.

direct investment

Marketing expenditures allocated carefully can result in greater brand recognition, awareness, perceived value, and consumer loyalty for the brand, which all enhance the brand's

equity

The first step in the STP process is to

establish the overall strategy or objectives.

When entering a foreign market, the least risky strategy is

exporting

Which element of the marketing mix deals with supply chain management?

place

The fundamental goal of marketers when creating goods, services, or combinations of both is to create

value

________ compares the price of a product to its benefits.

value