Mark 3336 Final Review - Exam 1
34. Market segments that can be effectively reached and served are ____________.
Accessible.
9. Which of the following is true about business purchases?
Business purchases involve more professional purchasing effort than consumer purchases.
37. ______________ are industrial products.
Capital item.
35. Almost all major purchases result in _____________, or discomfort caused by post-purchase conflict.
Cognitive dissonance.
30. To the extent that a company can differentiate and position itself as providing superior customer value, it gains ______________.
Competitive advantage.
4. The marketing department of a reputed firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives?
Competitive marketing intelligence.
13. ____________ are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
Convenience product.
41. Brad works with a reputed retailer and leads a team that collects market info from a wide variety of sources ranging from marketing research studies to monitoring online conversations where consumers discuss Brad's firm or its products, Brad's team uses this info to arrive at a better understanding of consumer behavior and their buying motives. This, in turn, allows Brad's firm to successfully generate more value for consumers. Brad leads the __________ team.
Customer insights.
6. Which of the following is the first step in strategic planning?
Defining the organizational mission.
3. Which of the following is the first step in the marketing research process?
Defining the problem and objectives of the study.
20. _____________ segmentation divides the market into segments based on variables such as age, life-cycle stage, gender, income, occupation, religion, ethnicity, and generation.
Demographic.
43. Demand for outbound motors depends on consumers purchasing fishing boats. This is an example of ____________ demand.
Derived.
10. _____________ involves actually distinguishing the firms market offering to create superior customer value.
Differentiation.
29. Market segmentation can be best described as the process of _____________.
Dividing a market into distinct groups of buyers who have different needs, characteristics or behaviors and who might require separate products or marketing programs.
45. A company sent a trained observer to watch and interact with consumers in their natural environments in order to gain deeper insights on consumer needs. This is an example of ______________.
Ethnographic research.
7. Kinger Burgers came out with a new hamburger and before including it into its main menu, released it in two different cities with two different prices. The marketers at Kinger Burger then analyzed the different levels of purchase made at these two different places, planning to use to info to help them set a nationwide price for the new offering. This is an example of _____?
Experimental research.
19. In _____________ research, the objective is to gather preliminary information that will help define the problem and suggest hypotheses.
Exploratory.
47. The business marketer normally deals with _______ than the consumer marketer does.
Far fewer but far larger buyers.
22. A(n) _________________ controls the flow of information to others in the buying center.
Gatekeeper.
18. "Many companies today are localizing their products, advertising, promotion, and sales efforts to fit the needs of individual regions, cities, and neighborhoods". This is an example of ___________.
Geographic segmentation.
14. Which of the following consumer buying behaviors is related to conditions of low-consumer involvement and little significant brand difference?
Habitual buying behavior.
32. The Pure Drug Company produces insulin, a product with a very stable demand. Even though the price changed several times in the past two years, the demand for the insulin remained relatively unaffected. In this instance, the demand for insulin is representative of _____________ demand.
Inelastic.
17. Which of the following is an advantage of using an internal database?
Internal databases can be accessed more quickly and cheaply than other information sources.
50. A segment is less attractive is ____________.
It already contains many strong and aggressive competitors.
21. Which of the following is true about secondary data?
It can be obtained more quickly and at a lower cost than primary data.
28. Which of the following is true with regard to the product/expansion grid (also called the Ansoff Grid)?
It is a useful device for identifying growth opportunities.
25. _____________ is a person's pattern of living as expressed in his/her psychographics, and it includes the individuals activities, interests and opinions.
Lifestyle.
40. Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular LED televisions. By 2020, it plans to open new stores across all the major South Asian cities. Lark is most likely following a ______________ strategy.
Market development.
48. ____________ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require separate marketing strategies or mixes.
Market segmentation.
1. _______ consists of evaluating each market segment's attractiveness and selecting one or more market segments to enter.
Market targeting.
36. The process of evaluating each market segments attractiveness and selecting one or more segments to enter is known as ____________.
Market targeting.
33. __________________ is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization.
Marketing research.
8. A ____________ documents an organizations purpose—what it wants to accomplish in the larger environment.
Mission statement.
27. In a(n) ______________ situation, the buyer wants to revise product specifications, prices, terms or suppliers.
Modified rebuy.
49. The boom in Internet marketing has created a new set of social and ethical issues. Critics worry most about ___________.
Online privacy issues.
11. The 4 P's are central to the marketing activity. Which of the following is not one of them?
Packaging.
26. ______________ shows consumer perceptions of a company's brands versus competing products on important buying dimensions.
Perceptual positioning maps.
2. "To busy multitasks who need help remembering things, Evernote is the only digital content management application that makes it easy to capture and remember moments and ideas from your every day life using your computer, phone, tablet and the web." This is an example of a(n) __________.
Positioning statement.
15. ___________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Positioning.
44. A __________ refers to the way a product is defined by consumers on important attributes—the place the product occupies in consumers' minds relative to competing products.
Product Position.
46. Consumer products refer to _______________.
Products and services bought by final consumers for personal consumption.
31. Which of the following is true with regard to products?
Products include services, events, persons, places, organizations, ideas or a mixture of these.
16. ____________ segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics.
Psychographics.
24. _______________ are low-share business units in high-growth markets that require a lot of cash to hold their share.
Question marks.
38. According to Maslow's hierarchy of needs, which of the following is the LEAST pressing need?
Self-actualization needs.
12. Advertising campaigns involving issues ranging from health care, education, and environmental sustainability to human rights and personal safety can be classified under _______?
Social marketing.
5. Signa, Inc., a software firm based in California, reorder 50 printers from the designated provider without any modifications. This is an example of __________.
Straight rebuy.
39. A market segment that is large or profitable enough to serve is ___________.
Substantial.
23. Which of the following is true with regard to cash flow?
They can be used to help finance the company's question marks and stars.
42. Which of the following is the objective of causal research?
To test hypotheses about cause-and-effect relationships.