Introduction to Marketing Midterm 1 - Ch. 1-5

Recyclable or biodegradable packaging, recycled materials and components, planting trees, and better pollution controls are ways that marketers have responded to address ________.

environmental sustainability

Which of the following demonstrates the real value of a company's marketing research and information system?

the customer insights it provides

Value proposition

the full positioning of a brand - the full mix of benefits on which it is positioned

Product concept

the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements

The two dimensions the BCG approach uses to evaluate and manage SBUs are ________.

Y-axis = Market growth rate X-axis = Relative market share

Production concept

consumers will favor products that are available and highly affordable

Marketers may suffer from marketing myopia if they ignore the underlying customer needs and concentrate disproportionately on ________.

consumers' existing wants

Milla Jovovich is the new marketing manager at the Umbrella Corporation. She has recently noticed a sharp decrease in sales over the last three months of their T-variant product. Milla decides to conduct marketing research in the Raccoon City area to identify potential causes for the drop in sales. Which of the following should Milla do first?

define the problem and objectives

The ABC Company manufactures microprocessors and caters exclusively to private manufacturers that produce high-end computers. Which type of market does ABC directly target?

Business market

Initech Inc. would like to set the best price for a new product (a "jump-to-conclusions" mat). The Marketing Director, Peter Gibbons, conducts an experimental study by selling the new product at two different prices in two different locations keeping other factors constant to see if a lower price results in better sales. This is most likely an example of ________ research.

Causal

________ is the degree to which the results of using an innovation can be observed or described to others.

Communicability

________ is the degree to which an innovation fits the values and experiences of potential consumers.

Compatibility

Shinjuku Electronics Inc operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Shinjuku Electronics's purpose?

Competitive marketing intelligence

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?

Customer-perceived value

Which of the following has resulted from the increased educational levels of the U.S. population?

greater number of women in the workforce

Melissa now has the money to get the new gaming computer that she has been wanting to buy for the past six months. Melissa's want has most likely become a ________.

Demand

________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

Demography

Changes in variables, such as income, cost of living, interest rates, and savings and borrowing patterns most likely reflect changes in the ________ environment of a company.

Economic

If the goal is to breakeven, FY2021 total contribution should be equal to what?

FY2020 Total contribution.

Which generational group is most comfortable using digital technologies?

Generation Z

Amanda wants to buy a new coat. She asks her friends to recommend a store and/or a style of coat. She looks for sale advertisements for coats in newspapers and also visits nearby stores to check if she can find a coat in her budget. In this case, Amanda is most likely in the ________ stage of the buyer decision process.

Information Search

Liu is the manager of a boutique clothing store targeting college students. She collects data from her monthly records of sales, costs, and cash flow. In this case, Liu is making use of ________ databases.

Internal

Why do we do secondary research before primary research?

It can be obtained quicker and at a lower cost. Sometimes companies cannot collect primary data because it isn't available or too expensive to collect. It also provides a good starting point for research and often helps to define research problems and objectives.

Which of the following is true of strategic planning in a firm?

It deals with adapting the firm to take advantage of changing marketing opportunities.

Which of the following is true of a good marketing information system?

It helps decision makers use the information to generate customer and market insights.

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

Marketing research

Simone bought two bottles of wine from two vineyards in Bordeaux. When asked for an opinion on the quality of the wines, she later mentioned that the Pontet Canet tasted like alcoholic grape juice, but the Chateau Margaux had a crisp taste that she really enjoyed. Which of the following stages of the buyer decision process do Simone's remarks reflect?

Postpurchase behavior

What happens if the price is reduced for VC per unit?

Price remains the same.

The original Game Boy was released by Nintendo in 1989 with special packaging. Packaging is generally an element of the ________ component of a company's marketing mix. Packaging actually relates to multiple components of the marketing mix, but please choose the most appropriate answer. For simplicity, assume the package is blank and doesn't have any slogans or images.

Product

During which stage of the business buying decision process is a buyer most likely to conduct value analysis by carefully studying components to determine if they can be redesigned, standardized, or made less expensively?

Product specification

PC manufacturer, Lenovo, focuses on low labor costs and mass distribution to ensure the continuous availability of its products at reasonable prices. Lenovo most likely follows the ________.

Production concept

Genesis, a manufacturer of Tron hover-cycles, is seeking a new supplier of hover-cycle headlamps and brake lights. After searching trade directories, Genesis invites five different suppliers to make formal presentations about how their solutions can create greater value for Genesis than competing solutions. Genesis is currently in the ________ stage of the business buying decision process.

Proposal solicitation

Hallmark's classic "When you care enough to send the very best" slogan appeals to which need category in Maslow's hierarchy?

Social

Three considerations underlying the societal marketing concept

Society (Human welfare) Consumers (Want satisfaction) Company (Profits)

According to Maslow's hierarchy of needs, which of the following is most likely an esteem need?

Status

Which of the following is a difference between the marketing concept and the selling concept?

The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products.

What happens to the unit contribution if prices are reduced?

Unit contribution decreases.

JetBlue's promise to put "You Above All" by "bringing humanity back to travel" is their ________.

Value proposition

Many large buyers now practice ________, in which they turn over ordering responsibilities to their suppliers.

Vendor-managed inventory

Which of the following firms is using a divesting strategy?

When sales of its Network Switch division decline, Arista sells the division to a competitor.

Which of the following best describes product positioning?

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products

Which of the following is not considered a source of competitive marketing intelligence?

competitors internal databases

Which of the following represents a change in the technological environment of a marketing firm?

increased use of RFID systems to track products

Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization.

macroenvironment

Marketers apply ________ to the large and complex sets of data they collect to gain customer insights and gauge performance.

marketing analytics

Harrold Lee, the owner of a White Castle restaurant, is considering opening a second location, which will be managed by his friend, Kumar. He evaluates several potential sites by assessing traffic patterns, neighborhood conditions, and the locations of competitors. Harold is engaging in ________.

observational research

In a SWOT analysis, which of the following would be considered a weakness of a company?

obsolete technologies used by the company

In general, (assuming politician's prioritize society well being over corporate profits) governments most likely enact business legislation to ________.

prevent unfair competition in the market

A car company's ads feature the members of a popular Rock music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________.

reference group

Marketing myopia

the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

Which of the following best describes the value chain of a company?

the series of departments that design, produce, market, deliver, and support the company's products

Which of the following is part of the microenvironment of a firm's marketing environment?

the suppliers who work with the company

The hypothetical cosmetics firm SmoothSilk is revamping its mission statement and advertising strategy. They might actually receive celebrity endorsement from Beyonce. 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