Marketing Exam Quiz Answers to study

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​Technological, political, and competitive influences are categorized as which type of major influence on business buyer​ behavior?

environmental

Which tool uses​ market​ penetration,​ market​ development,​ product​ development, or diversification to identify company​ growth​ opportunities?

Ansoffs

In terms of a business​ perspective, which of the following is most expensive​ (takes the most​ resources) when​ segmenting?

target market

When a company chooses a group of customers to​ serve, it is engaging in which of the​ following?

target marketing

The role of a​ company's marketing intermediaries is to do which of the​ following?

Help the company​ find, promote,​ sell, and distribute products

The goal of a Market Penetration growth strategy is to do which of the​ following?

Make more sales to current customers without changing its original products

​​In​ lecture, we explored the Economic Macro Environment Force by defining Discretionary Income. Which of the following product brands would be an example of discretionary income spending for a​ consumer?

Netflix Streaming Service

The ultimate goal of the marketing process is to do which of the​ following?

Receive value from customers through exchange

Which of the following is NOT a step in the strategic planning​ process?

Set revenue and financial goals

Shark​ Specialty​ Foods, groups its customers by​ attitudes, values and motivation.​ For​ each​ customer​ group, Munoz creates a different set of promotions that appeal to differing​ attitudes, values and motives. In terms of​ segmenting, what is being done in​ this​ example?

Shark Specialty Foods has created multiple target markets based on Psychographic Base Segmentation Variables

Ethel and Jan have just started a new​ company, Jantel,​ Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a​ make-and-sell philosophy that focuses on improving their​ product, whereas Jan believes they should be more​ customer-oriented and find the right products for their customers. Which of the following BEST describes what Ethel and Jan are​ considering?

Should​ Jantel, Inc., follow a product or marketing​ concept?

​Lydia's Lights wants to extend its market into Mexico. Before jumping​ in, the company needs to conduct some​ in-depth research to gauge​ customer's needs,​ interests, and buying patterns by having some of the researchers live and participate in the Mexican culture directly. Which of the following is the BEST option for​ Lydia's Lights?

Utilize ethnographic methods

A new hardware company is writing its mission statement. Which of the following would best be considered a marketing oriented mission statement for the​ new​ company?

We will help​ customers​ build,​ invigorate,​ restore,​ refurbish, or completely redesign their homes or businesses.

Chevy Chase​ No-Pain Dental has excellent customer ratings on YELP. Many customers that would like to utilize Chevy Chase​ No-Pain Dental but cannot do so because they are only open​ from​ 7-3​ pm,​ Monday-Friday. A large group of consumers that have occupations that require them long​ hours, Monday-Friday cannot​ utilize​ this business easily because of the​ business's very limited clinic hours. ​For​ Chevy Chase​ No-Pain Dental, they do not target the consumers mentioned above because this group does not​ possess​ the​ ___________________ when evaluating market segments.

ability

The BCG and other formal methods​ ________.

can be difficult and​ time-consuming to execute

Luke is headed to buy an engagement ring for his future bride. He plans to purchase a ring that is​ between​ $6-7,000 and is at least a one​ carrot​ diamond, yellow gold. He walks out of the jewelry store having​ spent​ $6,500 and the ring is​ a​ 3/4​ carrot​ diamond, white gold. For Luke the salient​ attribute(s) were:

carrot size and gold color

For many years Kodak film for cameras owned​ 80% of the market share in that product category. As the product category​ aged, the market growth was low. Based on the BCG matrix designations covered in​ class, the designation for Kodak film from this​ snap-shot would​ be?

cash cow

According to​ lecture, once a consumer has made the​ purchase, all of the most important stages of the Consumer Decision Process have been satisfied.

false

According​ to​ lecture, Involvement from the Marketing Matrix is​ defined​ as type of information search​ conducted, problem solving method and complexity of decision making.

false

As discussed in​ lecture, there is a decrease in the number of​ "Big Data"​ (data science​ skilled) related job positions making this area of the job market difficult to find work in.

false

In the​ business-to-business market, many large buyers now practice​ channel-managed inventory, in which they turn over ordering and inventory responsibilities to their suppliers.

false

​Riva, an EV​ automobile​ manufacturer, offers a new car model with features comparable to that of another popular​ brand.​ However, the Riva model is priced lower than its competitor and includes a longer warranty. Riva is most likely following​ a​ more-for-the-same strategy.

false

CVS has begun a new product offering called Minute Clinic where a doctor is on site during certain advertised hours in the pharmacy area of the drug store retail chain and can see​ patients, diagnose and prescribe medicines where they can be made immediately available at the CVS pharmacy counter. The idea is to make seeing a doctor and getting a remedy for routine acute illnesses seamless and easy. When evaluating potential market​ segments, the idea behind the CVS Minute Clinic pairs strongly with which of the constraints normally​ found?

fit with company resources

You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In​ exchange, you receive a payment. You are participating in​ a(n) ________.

focus group

Which of the following statements about online research is​ correct?

Online surveys generally have higher response rates than those conducted by mail or phone.

​_________ is one problem with​ business-to-business e-procurement.

Suppliers being pitted against one another

Using the​ BCG​ growth-share matrix as​ a​ guide, Maderite Technologies identified a number of products​ (just innovated) that are considered question marks in its business portfolio. At a recent meeting with​ the​ company's senior​ management​ team, the CEO of Maderite and her team members decided to allocate all of​ the​ company's profits toward the growth and expansion of these​ question​ marks, with the hope that the question marks become stars. What is the best description of the current state of the company if the above is​ executed?

The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star.

According to the​ text, how has the internet MOST affected companies and​ customers?

The internet has allowed consumers to take marketing content and share it.

How does the microenvironment of a company differ from its​ macroenvironment?

The microenvironment deals with the​ company, suppliers, marketing​ intermediaries, customer​ markets, competitors, and publics.

What is the ultimate aim of customer relationship​ management?

To produce high customer equity

Sebastian owns a small farming business which specializes in growing soybean crops. A total ban of a pesticide that is used in​ Sebastian's crop production has been proposed by the State government due to​ it's impact on the local watershed. Sebastian does not have the time or resources to try to fight these changes. In terms of the coverage and lecture content for Chapter​ 3, which of the following does this vignette specifically​ demonstrate?

a reactive approach to the​ Natural, Macroenvironmental Force

Talia was just asked to the prom. She is excited and then begins to think about what dress she could wear. Talia has a gorgeous dress from her older sister and shows it to a friend. The friend​ says, "oh​ Talia, that is not a​ floor-length dress, our prom requires dresses to be​ floor-length." In terms of​ Problem​ Recognition,​ Talia's older​ sister's dress represents​ Talia's___________.

actual state

When it comes to assessing Marketing Information​ Needs, the​ "Modern Marketer"​ (as pictured in​ lecture) needed to have a blend of part​ _____________________ and part​ ____________________.

artist and scientist

​Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST path for this company to start to develop an efficient​ MIS?

asses the information needs of the company

In​ class, "Reverse​ Segmentation" was discussed. Which segmentation base does this variable belong​ too?

behavioral

Tracking consumer movements across online sites has given Marketers insight into​ ____________________. The idea behind this concept is that movement on social networking sites is parallel to how people shop.

behavioral targeting

The real value of marketing information rests in the​ _________.

customer insight it provides

Lee and Betsey Smith are meeting friends to go to dinner. ​ The​ Smith's suggest going to one of their​ favorite​ restaurants,​ Bethany​ Blues,​ Crabby​ Dick's or the Crooked Hammock. Their friends suggest a restaurant that​ the​ Smith's have never​ liked, Panera. For the​ Smith's the suggestion to go to Panera represents best which of the following concepts in the third stage of the Consumer Decision Process

inept set

After creating a​ company's mission and​ objectives, the executive team must then plan​ __________ by keeping in mind the best fit for its​ strengths, weaknesses, and opportunities in the environment.

its business portfolio

Which of the following are​ tradition-bound, suspicious of​ changes, and adopt the innovation only when it has become something of a tradition​ itself?

lagging adopters

Hungry​ Harvest, is a​ start-up subscription boxed food company. It buys up excess or​ "ugly" produce from growers and wholesalers around the country that is rejected for sale​ (mostly based on​ looks) that cannot be sold to supermarkets. Hungry Harvest then sells the​ "ugly" produce to consumers for less than supermarket price. Which of the following value propositions has Hungry Harvest positioned itself based​ upon?

less for much less

The​ demographic, economic,​ natural, technological,​ political, and cultural forces that affect a​ company's ability to serve its customers make up which of the​ following?

macroenvironment

Marcel is a Marketer for a toy company that has tasked him to develop strategies for growth. He believes that India is the new marketplace that would be perfect to take the existing toy products made for US consumers kids and simply introduce the same games within that culture. ​ Marcel's plan for growth is an example of ​ ________________________.

market development

Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as​ __________.

market segmenting

​_________ consists of the analysis​ tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

marketing analytics

Which of the following actions helps a company find the game plan for​ long-run survival and growth that makes the most sense given its specific​ situation, opportunities,​ objectives, and​ resources?

strategic planning

Mark and Roberta own and manage a brand where the product they invented created a new product category. Now that their brand has been in the marketplace for a while competitors have entered. Each time a new competitor enters the​ market, Mark and Roberta buy a sample off the shelf and then take it a part in their lab to ensure they are one step a head of the competition. In terms of Marketers obtaining​ information, this is an example of developing

marketing intelligence

Ben developed a product to help senior citizens and has just made a lot of money. Feeling​ accomplished, Ben has decided to reap the benefits of the product profits for a while and take some time off from further development and innovation of such product. In terms of​ Marketing, Ben is focusing on​ short-term goals and his actions can be best defined​ as:

marketing myopia

Marketers obtain needed information for business​ decision-making from a number of areas inside and outside the organization. According to what was discussed in​ lecture, among the three top areas to look for​ information, which one is most​ costly?

marketing research

Gus realized that his business had a reliance on AI​ (Artificial Intelligence) that had been increasing over the last ten years. In terms of trend​ analysis, the reliance on AI would be considered a​ ________________.

mega trend

Martin and Ruby are doctors who have conducted research for a​ well-known University about the effects of eating a​ whole-grain diet on patients with diabetes. The doctors have been approached about using their research to support claims for a​ well-known, whole grain brand of cereal. Martin and Ruby are concerned that their research was not intended to support claims for a branded food product. Which of the following concepts from chapter 4 reading is at​ play?

misuse of research findings

A blizzard is bearing down on the Metro DC area. Local hardware stores have ordered and received extra stock of​ shovels, water,​ generators, ice melt and other products that customers will need to deal with the effects of the storm. This is an example of a​ ______________________force in the Macro Environment.

natural

Which environment shows trends including shortages of certain raw​ materials, higher pollution​ levels, and more government​ intervention?

natural environment

Marketers of brands understand that they must figure out how to reach​ ____________ that can exert social influence on others.

opinion leaders

In class​ lecture, there was one​ "Marketing Tool" that should never be changed​ (at least​ frequently) due to issues with consumer behavior perception and reaction to such. Which of the following is that portion of the Market​ Mix?

price

Edith is a VP of Marketing who has reached out to the head of Engineering to try and coordinate feedback for an upcoming new electronic vehicle launch.​ ​ Edith's idea of working with another department is new as her predecessor never worked with any other department outside of Marketing. Edith is trying to manage which of the following micro Market​ Environment​ Forces?

the company

The set of tactical marketing tools that a firm blends to produce the response it wants in the target markets is called​ ________.

the marketing mix

Among performance​ metrics, customer​ retention, engagement and conversion are all insightful measures for Marketers to track.

true

Which of the following segmentation strategy approaches works in a more optimal fashion if the marketplace​ is​ homogeneous?

undifferentiated

Ralph Lauren is a clothing brand that places their brand in​ high-end retail stores. The brand is now considering offering select styles from the Ralph Lauren product lines​ (made of slightly different​ fabrics) but​ branded, to be placed in discount stores. The goal is to gain customers from diverse incomes and build their brand name among a different target consumer. This type of activity demonstrates the​ brand's move to engage in

value marketing

Which of the following scenarios BEST describes the societal marketing​ concept?

​Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.

Devin is a marketer who has identified 6 distinct groups of consumers for a new product innovation that she developed. Devin created a customized market mix for half of the consumer groups identified. ​ For​ Devin, she​ has​ developed/created​ ​ _________________________.

3 target markets

According to​ lecture, which industrial revolution was known for the introduction of the​ internet?

4th

The current U.S. inflation rate​ (as presented in​ lecture) is​ __________ and is a part of the​ ______________ macroenvironment force.

6.5%

​Stars, cash​ cows, question​ marks, and dogs are the four types of strategic business units​ (SBUs) defined in which of the​ following?

BCG/Growth share matrix

The investment​ app, Robynwood recently began offering live investment help for their users. The reasoning that Robynwood has for offering this costly service as a part of the overall brand was to create deep and distinct customer touch points where their users would grow loyal to the brand. Developing this type of customer relationship has paid off as they have seen customer retention levels increase signficantly and have also tracked a rise in customers expressing that they would recommend the Robynwood app​ 98% of the time​ (from customer feedback​ surveys). Robynwood is now planning to invest more in this service and with that​ decision, along with the facts​ above, demonstrates that​ __________________________ is highly valued by this brand.

CRM

Juanita owns a small​ hot-air balloon company in​ Albuquerque, New Mexico. She recently started a Facebook page for her​ company, and many of her customers are asking for​ store-sponsored hot-air balloon trips. They believe​ Juanita's expertise would make her the perfect guide. Juanita decides to host quarterly​ hot-air balloon trips and experiences a huge increase in sales and customer satisfaction. Which of the following is the BEST conclusion that can be drawn from​ Juanita's situation?

Customer insights can provide valuable information to a small businesses.

According to​ lecture, which of the following federal regulatory agency regulates the majority of Marketing​ practices?

FTC

Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines​ using?

Frequency marketing program

​Julie's Jump Rope Emporium is a new company. From a marketing​ standpoint, what is the FIRST thing​ Julie's Jump Rope Emporium needs to​ do?

Determine who in the community wants or needs a jump rope.

Lansing is a brand that produces household appliances​ (stoves, refrigerators,​ etc.). The brand offers free cooking classes in a center near their headquarters called​ "Lansing Kitchens". This center is where consumers come in and use kitchens that have Lansing branded appliances. Each of the three Lansing kitchens have different levels of appliance equipment​ (Professional Grade, Standard​ & Novice). The hypothesis being tested is that each of these kitchen appliance​ set-ups will appeal to different levels of cooking abilities and therefore should have very different price points. In terms of the above​ example, what research is being conducted at​ Lansing?

casual research

To exercise social​ responsibility, many companies are linking themselves to what type of​ marketing?

cause related

The two types of Marketing Metrics that were outlined in lecture​ are:

chanel and performance

You are managing a product that has issues with triggering​ Need/Problem Recognition. From the ad techniques seen in class which should you avoid to target this stage of the Consumer Decision​ Process?

comparative advertising

Which of the following refers to the degree to which an innovation fits the values and experiences of potential​ consumers?

compatibility

In lecture we discussed evaluating market segments. What is a good example of​ "structural attractiveness"?

considering number of competitors in a product category

Which of the following is NOT a primary goal of competitive marketing​ intelligence?

creating an understanding of the business to business environment

According to the​ text, which of the following Microenvironment Forces is considered the most​ important?

customers

When a company starts the strategic planning process at the corporate​ level, it begins by​ ___________.

defining its overall purpose and mission

What is the first step of the marketing research​ process?

defining the research problem

In lecture the U.S. Census was discussed as being the most impactful for which of the following Marketing Environment​ Forces?

demographic

​Heeltoe, a boutique that caters to the footwear needs of​ women, manufactures two different lines of footwear based on the purchasing power of its customers. One product line caters to the needs of​ affluent, middle-aged​ women, and the other line targets younger professionals and homemakers. Heeltoe most likely segments the consumer market based on​ ________ variables.

demographic

​________ demand is the term used for business demand that ultimately comes from the demand for consumer goods.

derived

​​​Yankee Bat Company has traditionally produced wooden baseball bats. Through​ technology, they have developed and engineered a new product line of light aluminum bats . The​ marketers​ at​ Yankee Bat Company will market both the wooden bat and the light aluminum bats to little​ league, semi-professional and professional league players and clubs. The approach to segmentation that the Marketers of Yankee Bat Company are taking​ is:

differentiated

​Zorbo's Restaurant is a​ full-service, high-end, sit down eatery. Before the​ pandemic, the owners of​ Zorbo's decided to buy a small local bakery. Since the pandemic​ hit, the owners have only been able to​ break-even at​ Zorbo's by selling​ take-out items. ​ However, the bakery that they purchased has kept both businesses operating through​ it's double-digit sales and profit increases. The above is an example of which growth​ strategy?

diversification

Trader​ Joe's is a grocery retail brand that is constantly researching consumer​ needs, location demographics and cultural shifts that create opportunity for new products to be added to their food offerings. By conducting constant research in these areas to understand the meaning and application of the phenomenon on the Market​ Mix, it can be said that the brand

does a good job conducting environmental analysis

Based on the BCG matrix model covered in​ class, which of the following designations would most likely be a brand found in the decline stage of the Product Lifecycle​ stages?

dog

Wilden​ is​ preparing to ask his​ long-time partner to marry. He knows his partner has a specific piece of jewelry in mind to mark this occasion. Wilden could buy it online from​ Tiffany's and have it shipped to​ Florida, where he lives but he feels that he needs to examine and evaluate this specific piece of jewelry in person. Wilden hops on a plane and flys to New York City to visit​ Tiffany's where he knows this very specific piece of jewelry exists. For​ Wilden, the Information Search being conducted parallels which​ concept?

experiental source

Shira is planning her first trip to​ Paris, France to reward herself for completing her​ 4-year degree. She asks for help from her uncle who is a pilot. He travels to Europe weekly and gives Shira a lot of advice for lodging and sightseeing in Paris. For​ Shira, the problem solving method for this type of product is most likely​ ____________________ and her uncle represents a​ _______________.

extended, personal source

Frank collects rocking​ chairs.​ ​​ Frank's collection is worth a lot of money and represents a good deal of time spent searching online and visiting antique stores. Frank just finished a visit to a fellow collector who is getting rid of his collection of rare rocking chairs and he is willing to sell them to Frank. Some of the rocking chairs being sold represent versions that Frank does not currently have in his collection but many being sold are ones that Frank already has. Frank has discussed acquiring only the rocking chairs from the collection that he needs but the seller insists that all of his collection pieces be sold at one time for one price. Frank believes the price for the total collection is​ excellent, but hesitates because his partner has warned him that their townhome does not have any more room to expand his collection. This is a real dilemma for Frank as some of the rocking chairs in this​ seller's collection are ones he has​ looked​ for,​ for​ many year but this purchase will anger his partner. Frank is hesitating to go ahead with the purchase..... ​ ​ Based on the above​ example, the Information Search Stage of the Consumer Decision Process can be characterized​ predominately​ as_____________ and the dominant Purchase Risk Frank is​ feeling​ is________.

external, social

Goodall Inc. is a company that organizes​ it's Marketing activities based on the specialized knowledge of the company team that supports the product​ items/line(s) that are being sold. For​ example, the​ company's home cleaning brands​ (all 14 of​ them) are grouped together. The​ company's vacumms​ (3 product​ lines) are grouped together. Which form of organizing​ it's Marketing activities is the company​ exercising?

functional

When marketers want to promote their products and services through​ word-of-mouth marketing​ programs, they typically begin by​ ________.

generating person to person brand conversations

The Maryland Crab Company harvests and sells Chesapeake Bay Blue Crabs. For​ years, the company has limited its distribution and sales of​ it's crabs to only restaurants in the State of Maryland. The Maryland Crab Company has just announced that it will now be selling​ it's Chesapeake Bay Blue Crabs to restaurants in​ Virginia, Deleware and Pennsylvania. The Maryland Crab Company has expanded​ it's market reach by using which Segmentation​ Base?

geographic

In analyzing a​ company's current business​ portfolio, what is​ management's first​ step?

identify strategic business units

Amy is a Marketing Researcher who is viewing store video and timing the amount of seconds that consumers spend in front of different product category shelved brands. Which of the following research does​ this​ exemplify?

observational research

At the end of a customer satisfaction​ survey, this question was​ asked: "Please share any other ways that our service could be​ improved." The quoted question above is an example​ (as was demonstrated in​ class) of a​ ________________ question.

open ended

In​ lecture, which of the following Psychographic Segmentation Base variables was deemed as the one used the least amount when putting together market​ segments?

personality

Rodney owns a small business which has a large parking lot. His business does not require the use of​ 75% of the parking lot space. Rodney planned to lease the parking space out to his​ neighbor, a large University who has grown and needs the space to park employees and students. ​ Unfortunately, the local zoning board and town council have blocked​ Rodney's efforts to use his land space in this manner. Which of the following Macroenvironment forces is​ exemplified?

political/regulatory force

If competitors cannot easily copy the benefit a company chooses to​ promote, that benefit is said to be​ _________.

preemptive

In​ lecture, there was discussion regarding various responses to Marketing Environment Forces. When a brand is larger in​ structure, with more resources​ and/or is a Market Leader in a product category they are most likely forced to take on which of the following responses to managing the Market​ Environment?

proactive

As shown in​ lecture, what is the difference between a​ Product-Oriented Mission Statement and the​ Market-Orientated Mission ​Statement?

product oriented mission focuses on the benefits and features of a businesses product

According to the​ text, when segmenting business​ markets, all of the following segmentation bases would be likely used ​except:

psychographic

​Age, income,​ region, benefits sought and perception are all

representative of the four bases of segmentation segmentation variables

Which of the following information must a researcher evaluate and acknowledge as having a different original​ purpose, outside the current research questions trying to be answered. In other​ words, this type of research was initially done to answer different​ question(s) than what the current research frawework is trying to answer.

secondary

Which of the following Marketing Management Orientations is associated in history with the​ over-production experienced after WWII

selling concept

Amazon is now promising​ same-day pick-up of goods as well as local secure​ pick-up points. What point of differentiation is​ this?

services differentiation

​In​ lecture, the​ Johnson​ & Johnson Mission Statement was presented. Though​ controversial, the​ J&J "Credo"​ (Mission Statement) is unlike most company mission statements because it includes which of the following​ stakeholders?

shareholders

Pursuing products that are based on Fads were discussed in lecture as being more appropriate for what business​ strategies?

short-term, transactionally focused

As discussed in lecture and seen by the many slide​ examples, a Strategic Business Unit​ (SBU) can be

single brand, division, product line

The​ "Traditional Approach" when managing the Market Mix advocates that promotions​ are:

sparse​ and/or spike

The point was made in lecture that most business​ decision-makers prefer this type of primary data collection as it is often​ numerically-based, takes less time to perform and​ (in terms of most research​ constructs) is less pricey. Which research was discussed in this​ light?

survey research

What are stars in the​ BCG/growth-share matrix?

​High-growth, high-share businesses or products

​Tina's Tunes is a music store that has been selling CDs for 20 years. Throughout the last six​ years, sales have continuously declined and profits have almost completely disappeared. The owner of​ Tina's Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to​ Tina's Tunes?

​Tina's Tunes is likely to fail because it is ignoring the technological environment.


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