Marketing Exam #1 Study Plan

Which of the following correctly identifies the personal factors that influence consumer buyer behavior?

Age and lifecycle stage, lifestyle, economic situation, occupation, and personality and self-concept

Demographic studies statistics include_______

Age, gender, race, and occupation

What is positioning?

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers

The statements "I only buy the best" and :The japanese make the best cars in the world" represent _______

Attitudes

__________ is the first stage in the new product adoption process

Awareness

______________ segmentation divides buyers into segments based on their knowledge, attitudes, uses, or responses to a product

Behavioral

Toothpastes claim they "whiten teeth, fight bad breath, and reduce plaque." Which base of segmentation is being used in this example?

Benefits sought

According to the stimulus-response model of buyer behavior, marketing and other stimuli enter the consumer's ________ and produce certain responses

Black Box

Forces and events in the buyer's environment enter the buyer's black box, where they are turned into a set of buyer responses. These responses include ______

Brand choice, purchase location and timing, and brand engagement and relationship behavior

A colleague wants to evaluate the attractiveness of a particular market segment. Which of the following would be good advice for your colleague?

Carefully consider the degree of competition and ease of entry into the segment

One challenge that marketers face regarding the macro environment is that ________

Changes in this market are often unforeseeable and uncontrollable

Amazon and GEICO set themselves apart with their smooth-functioning direct delivery strategy referred to as _________ differentiation

Channel

Consumer purchases are influenced strongly by certain characteristics which include all of the following except ________

Cognitive

Which of the following is true of environmental sustainability?

Companies are learning that engaging in sustainable practices is good for business

Which of the following is true regarding the technological environment?

Companies must keep up with changes in technology or risk being left behind

Being proactive toward the marketing environment means that ______________

Company develops strategies to change the environment

Which of the following correctly lists actors in a company's micro environment?

Competitors, marketing intermediaries, suppliers, and publics

When consumers engage in _______ buying behavior, they go through a learning process, so it is most important that marketers understand information gathering and evaluation behavior

Complex

5 characteristics are important in influencing an innovation's rate of adoption. As ________ increases, the rate of adoption is slower.

Complexity

Instead of going after a small share of a large marketing mix, a firm goes after a large share of a smaller niche segment. This type of marketing strategy is known as ______

Concentrated Marketing

Anythinglefthanded.com sells only products designed for left-handed people. Which targeting strategy is it using?

Concentrated marketing

Which of the following statements regarding segmentation is correct?

Consumer and business marketers use many similar variables, but business marketers use additional variables to segment their markets

The key element of successful marketing today is to ______

Create value

To capture value from consumers, marketers must______

Create value for consumers

The _______ environment consists of institutions and other forces that affect a society's basic values

Cultural

The basic concept underlying marketing is that of_______

Customer needs

The most important actors in the company's micro environment are________

Customers

The micro environment consists of all the following except _____

Demographics

After understanding the marketplace and customer needs, what is the next step in the marketing process?

Designing a marketing strategy

Business legislation has been enacted for a number of reasons which include all the following except _____

Developing a code of ethics

Which of the following statements about segmentation is true?

Different segments might require different marketing strategies or mixes

If men and women respond similarly to the same marketing mix, they do not constitute different segments. Gender would not be effective in this example because the segment is not _______

Differentiable

__________________ Behavior occurs when consumers are highly involved with an expensive, infrequent, or risky purchase but see little difference among brands

Dissonance-Reducing buying

The _____ environment consists of economic factors that affect consumer purchasing power and spending patterns

Economic

The macro environment consists of larger societal forces, which include _______

Economic, political, and cultural forces

Stimuli in the buyer's environment includes ______

Economic, technological, social, and cultural forces

___________Is the act of obtaining a desired object from someone by offering something in return

Exchange

Compared to the mainstream buying public, Hispanic consumers tend to be deeply ______ oriented, making this a special characteristic and behavior.

Family

A company can differentiate itself from competitors using symbols such as Mcdonalds golden arches, which type o differentiation is this?

Image Differentiation

The West Stamford Hotel in Singapore failed when it once advertised itself as the world's tallest hotel. The difference was not worth establishing because it did not satisfy which of the following criteria?

Important

Ford offers a wide variety of cars that range from around $14,000 to over $54,000. This reflects which economic factor?

Income distribution

on the M&Ms website, users can place custom orders. Which target strategy is M&M using here?

Individual marketing

Which of the following correctly defines the consumer market?

Individuals and households that buy goods and services for personal consumption

The first group marketers try to bring their new products to the attention to are potential ________

Innovators

Which of the following correctly identifies the first two adopter groups that adopt a new product?

Innovators and Early Adopters

As a direct result of the explosion in digital technology, one area that advocates and policy makers are taking action on is______

Invasion of privacy

What is marketing?

Is a process of creating customer value

One important consideration in using a differentiated targeting strategy is that _______________-

It can increase costs

Which adopter group is skeptical and adopts a new product only after a majority of people have tried it?

Late mainstream

Variety seeking behavior would result from which of the following conditions?

Low involvement and significant differences between brands

The process of evaluating each market segment's attractiveness and selecting one or more market segments to enter is called ___________

Market Targeting

Which of the following statements about market offerings is correct?

Market offerings are a combination of products, services, information, or experiences

The "echo boomers" is another name for ______

Millennials

Which value proposition is difficult to sustain in the long run?

More for less

Shortages of certain raw materials is a major trend related to the _____ environment

Natural

Mary's hunger is a _____ and her choice of eating a salad is a ______

Need; Want

In the US patriotism has increased in recent years. Marketers have responded with increased use of the "Made in America" appeal and patriotic themes. This reflects which aspects of culture?

People's views toward society

A firm can be proactive by _______

Pressing lawsuits to keep competitors in line

A(n) ______ stance by companies toward the marketing environment is preferred over a reactive stance

Proactive

Which of the following is an important trend in the natural environment that marketers should be aware of?

Products that require scarce resources facing large cost increases

One important reason that business legislation is enacted is to _____

Protect customers from unfair business practices

____________ Segmentation divides buyers into different segments based in lifestyle or personality characteristics

Psychographic

When marketers target segments such as sports fans, do-it-yourselfers, commuters, and wine enthusiasts, which base of segmentation are they using?

Psychographic Segmentation

Consumer motivation, perception, and learning are related to the _____________ factors influencing consumer behavior

Psychological

One important new technology is ______, which can track products from point of production to their usage and disposal

RFID (Radio Frequency Identification)

In the final step of the 5 step marketing process, companies____

Reap the rewards of creating customer value

____ are distribution channel firms that help the company find customers or make sales for them

Resellers

What determines whether a buyer is satisfied or dissatisfied with a purchase

Satisfaction is determined by the relationship between the consumer's expectations and the product's perceived performance

In the buyer decision process, after a consumer has recognized a need, he or she will next ________

Search for information

The step in distinguishing a customer-driven marketing strategy in which a company divides a market into distinct groups of buyers is known as market ____________

Segmentation

________are the social factors that influence consumer buyer behavior

Small groups, social networks, family, social roles, and status

Some of the cultural factors that influence buyer behavior include ______

Subculture and social class

Market _____ evaluates each market segment's attractiveness and selects one or more segments to serve

Targeting

The ____ environment is the most dramatic force shaping the destiny of the markets and marketing

Technological

Which of the following statements is correct regarding the current demographic environment?

The US population is rapidly getting older

According to the model of buyer behavior, what are the two parts of a buyer's black box?

The buyer's characteristics and the buyer's decision process

According to the text, what is the single most important demographic trend in the US today?

The changing age structure of the population

One result of changes in people's views of nature is ______

The growth of the market for organic products and alternative medicines

The winning value proposition by discount stores such as walmart can be categorized as ______

The same for less

In the product adoption process, ___________

There are 5 stages

The actual and potential buyers in a market share which of the following characteristics?

They share a particular need and or want

What is the purpose of differentiation?

To create superior customer value

What are perceptual Positioning Maps?

To show consumer perceptions of different brands on important buying dimensions

Many companies view the marketing environment as a(n) _____ element to which they must react and adapt

Uncontrollable

When does the habitual buying behavior occur?

Under conditions of low-consumer involvement and little significant brand difference

_______ Is the first step of the marketing process

Understanding the marketplace, consumer needs, and consumer wants

Using a _____________ marketing strategy, a firm might decide to ignore market segment differences

Undifferentiated

Which core marketing concept is the key building block to develop and manage customer relationships?

Value and satisfaction

Companies who passively accept the marketing environment _______

View it as uncontrollable and do not attempt to change it

A firm is concerned about how to prepare for changes in its marketing environment. What advice would you give the firm?

Whenever possible, take a proactive approach to the environment