final quiz MP

The goal of any marketing communication is to

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

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.

A major advantage of primary data collection is

it offers behavioral insights generally not available from secondary research.

A major disadvantage of primary data collection is

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

Generally, firms entering foreign markets begin with

less risky strategies first.

While JIT systems have many benefits, they

make the logistics function more complicated.

core aspect of marketing

making product, place, promotion, and price decisions

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

promotion

________ 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

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

retailers

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

value proposition

After defining the business mission, what should a firm do next to develop a marketing plan?

perform a situation analysis

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

performance

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

brand repositioning

Marketing research includes all of the following except

creating data

The basic goal of integrated marketing communications is to

communicate the value proposition to the target market

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

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

integrated marketing communications.

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

its value

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

create value

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

direct investment

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

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

With more frequent shipments associated with quick response (QR) systems, a retailer is

more likely to have what customers want.

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

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.

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

price

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

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

One of the potential benefits to a firm of introducing new-to-the-world products or services is

establishment of a completely new 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?

ethical

If a firm wants to develop a sustainable competitive advantage, it should

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

When entering a foreign market, the least risky strategy is

exporting

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.

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

buying center

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

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

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

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

secondary

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

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

just as marketers create value by meeting the needs and wants of consumers, marketing researchers create value if

the results will be used in making management decisions.

In marketing's four Ps, place refers to all activities required to get

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

The consumer decision process model represents

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

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.

The first step in the STP process is to

Establish overall strategy or objectives

Which of the following is true of marketing?

Marketing affects various stakeholders.

The first question a marketing researcher should ask before embarking on a research study is

Will the research be useful?

The consumer buying process begins when

a consumer recognizes an unsatisfied need

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

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

all parties to the transaction should be satisfied.

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

place

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

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

________ 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

________ compares the price of a product to its benefits.

value