MAR 4503 Chapter 1

Darren is conducting a market analysis for his business, and he has asked your advice on what he should be analyzing. Which of the following should he consider at this step of marketing strategy development?

-The company's own ability to meet customer needs -Competitors' capabilities and strategies -Consumers' needs -Conditions in the market (All of the above)

Which of the following is not a critical question for developing marketing communications?

-Who do we want to communicate with -What effect do we want to have -What message will achieve the desired result -What media should we use (All of the above)

John purchases and is satisfied with his SUV because he believes that it provides greater crash safety than a sedan even though this is not technically true. John's satisfaction is based on the distinction between _____.

Actual need fulfillment and perceived need fulfillment

A product's position refers to

An image of the product in the consumer's mind relative to competing products

Tacoda Systems tracks consumers' online activity and delivers specific banners based on that activity. This tracking and ad delivery system has been installed on almost 3,000 websites, and advertisers pay on a pay-for-performance basis, which means that advertisers pay Tacoda Systems only when a consumer clicks on their ad. The tracking of online activity and delivery of ads based on that activity is called _____.

Behavioral targeting

How can an organization provide superior customer value to customers?

By doing a better job of anticipating and reacting to customer needs than the competition does

Which of the following is not evaluated when analyzing a company's own ability to meet customer needs?

Competitors

Harold is tasked with developing the marketing strategy for his family's business. What should he do first?

Conduct a market analysis

Jamie is developing a thorough understanding of his company's own capabilities, the capabilities of current and future competitors, the consumption process of potential customers, and the economic, physical, and technological environment in which these elements interact. Which step in the marketing strategy process is Jamie performing?

Conducting a market analysis

__________ is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.

Consumer behavior

Timothy and his wife are considering the purchase of a new car. In addition to the price, they are also considering the cost of insurance, gasoline, maintenance, finance charges, and license fees. All of these factors combined represent the _____.

Consumer cost

Most economically developed societies are legitimately referred to as __________ societies

Consumption

Teresa is trying to understand her customers better. She is examining the external influences that shape her customers' self-concepts and lifestyles. Which of the following is a possible external influence Teresa could examine?

Culture

Which of the following is not a societal outcome of marketing strategy and consumer behavior?

Customer satisfaction

Laurie saved for six months to have enough money to buy a new designer outfit to wear to a special party. She had to travel to a larger city to purchase this outfit, but it was worth it to her because it made her feel beautiful and confident. The difference between the benefits Laurie perceived from this purchase and the cost to her to acquire these benefits describes her _____.

Customer value

The difference between all the benefits derived from a total product and all the costs of acquiring those benefits is known as

Customer value

Which of the following is used to describe a group of consumers with similar needs sets?

Demographics, lifestyles, and media usage

Talbot's is a women's clothing store that offers classic fashions at a slightly premium price (i.e., a wool skirt typically costs over $100). During the process of market segmentation, Talbot's identified a group of consumers who are larger than average women yet still want stylish clothing. Further research into this segment revealed that these women tend to be between the ages of 35 and 50, are career-oriented, have a household income over $50,000, and are married with children under the age of 18 living at home. This group is also heavy users of magazines and newspapers as well as prime-time television. Which step of market segmentation does this describe?

Describing each group

Tony's job entails making sure his company's products get to retailers so that target customers can buy them. Which element of the marketing mix is Tony involved with?

Distribution

Which of the following is not an application of consumer behavior?

Human resource management

Carlos is attempting to segment the market for his company's products. Where should he begin?

Identify product-related need sets

Bob and his friends go out every weekend and drink until they get drunk. Then they drive home in that condition. Which type of consumption does this represent?

Injurious consumption

__________ represents how one lives, including the products one buys, how one uses them, what one thinks about them, and how one feels about them.

Lifestyle

Karen was at the checkout at the grocery store and remembered that she was out of chewing gum that she normally likes to keep in her purse. Without much thought, she grabbed two packages of the gum she likes. What type of consumer decision does this illustration?

Low-involvement decision

A portion of a larger market whose needs differ somewhat from the larger market is referred to as a(n)

Market segment

Smaller women like to purchase fashionable clothes just as much as any women. However, most clothes are not proportioned for their smaller size and do not fit well. As a result, several manufacturers offer "petite" sizes of clothing for this group of consumers. Women who comprise this group have needs that differ somewhat from the total market and represent a _____.

Market segment

__________ include(s) advertising, the sales force, public relations, packaging, and any other signal that the firm provides about itself and its products.

Marketing communications

Thomas wants to gain a usable understanding of consumer behavior in order to help him become a more effective marketing manager. Which application of consumer behavior does this represent?

Marketing strategy

Barry is looking for a car that is dependable yet stylish enough to let others know that he has achieved a respectable status in his life and career. He also wants it to be a high-performance automobile. Dependability, status, and performance represent Barry's _____.

Need set

Which is not an external influence on consumer behavior?

Perception

Kate Spade is a brand of clothing, accessories, and home products. Brand managers at this company are trying to learn which internal influences impact their customers' needs and desires most. Which of the following is a possible internal influence these managers should examine?

Personality

Rod is surveying consumers to gain a better understanding of his restaurant's image relative to competing restaurants. Rod is concerned with his restaurant's _____.

Position

Amy purchased a new 32" LCD high-definition television and paid $400 for it. This amount of money Amy had to pay to obtain this product is known as the _____.

Price

What is the first step in the consumer decision process?

Problem recognition

A(n) __________ is anything a consumer acquires or might acquire to meet a perceived need.

Product

Which of the following is part of the marketing mix?

Product Price Communications Distribution (All of the above)

Juan has segmented the market for boats and is currently analyzing each with respect to several factors, such as size, growth rate, competitor strength, fit with company image, distribution available, cost to serve, and risk before deciding which segment to target. Which step of market segmentation is Juan conducting?

Selecting an attractive segment(s) to serve

What is the last step in market segmentation?

Selecting an attractive segment(s) to serve

The totality of an individual's thoughts and feelings about him- or herself is known as _____.

Self-concept

Which is not a step in the consumer's decision process?

Self-concept analysis

Auxiliary or peripheral activities that are performed to enhance the primary product or primary service is referred to as _____.

Service

Which of the following is not considered one of the firm's outcomes of the marketing strategy and consumer behavior process?

Service

Which of the following is not a step in market segmentation?

Set budget

The rise of social media has

Shifted power from marketers to consumers and helped marketers like CVS listen and adapt to consumers in real time

Mia is concerned how her marketing activities will affect individual consumers as well as society at large. Mia is implementing _____.

Social marketing

Which of the following is a societal outcome of marketing strategy and consumer behavior?

Social welfare

J&J Produce is a distributor of fresh produce. They conducted a thorough analysis of its market and identified groups of consumers that had similar product-related needs. One particular market identified wanted fresh and unique produce, such as Swiss chard, radicchio, and exotic fruits, and they were willing to pay higher prices for these choices. J&J Produce decided to focus its marketing effort on this segment of the total market. This segment is J&J's _____.

Target market

What does the consumption of a product like Nikes mean to Andre Hank, the formerly homeless consumer discussed in the text?

They serve as a visible symbol that he is back as a successful member of society

Marketing strategy is formulated in terms of the marketing mix; that is, it involves determining the product, features, price, communications, distribution, and services that will provide customers with superior value. This entire set of characteristics is often referred to as the

Total product

To survive in a competitive environment, an organization must provide its target customers more _____ than is provided to them by its competition.

Value