Marketing Final

A target market

​is a specific group of customers on whom an organization focuses its marketing efforts.

Lobbying involves which type of force in the marketing environment? Please choose the best answer.

Political

In Australia Coca-Cola launched Mother, an energy drink. However, most people did not like the taste. Rather than introducing an entirely new product, Coca-Cola decided to reposition the product. It reformulated the Mother drink and re-released it with a new campaign. Refer to Scenario 12.3. Which of the following slogans should Coca-Cola use to signal to consumers that its Mother drink has been repositioned?

"New Mother—Tastes Nothing Like the Old One"

The Brandenburg family makes $7,000 per month. About $1,800 goes toward taxes and savings. They spend $5,200 on goods and services. Based upon the information in the text, about how much of their money goes toward marketing activities?

$2,600

Which of the following is NOT a requirement or characteristic of a market?

A large number of people or organizations

How does a sustainable competitive advantage differ from a competitive advantage?

A sustainable competitive advantage is one that competitors cannot copy in the immediate future.

Which of the following statements is true about marketing?

All types of organizations need marketing.

Which of the following is the final step in establishing an implementation timetable?

Assigning responsibility for completing each activity to one or more employees, teams, or managers

A buffet restaurant targets its promotions toward those who love "all-you-can-eat" meals. Its promotion targets those who desire to get more for less money and/or those who like variety in their meals. However, the company knows that many of the people who come in will not eat as much. Others, however, may eat way past the value of what they paid. The buffet has balanced this out in its pricing strategy, classifying its diners as light eaters, moderate eaters, and heavy eaters. What type of segmentation strategy is the buffet using?

Behavioristic

Refer to Scenario 6.4. Suppose a sales manager at Mistine wants to determine the company's market potential. She first estimates how many cosmetic products potential buyers will purchase in her sales territory during a given period. She multiples that amount by the total number of potential in that area and then performs the same calculations in the other territories in which Mistine operates. She then adds together the totals to get the company's market potential. What type of approach is the sales manager using?

Buildup approach

Which of the following is always used to determine the classification of a good?

Buyer's intent for using the product

Which of the following would be an example of accessory equipment?

Calculator

Procter & Gamble's Tide laundry detergent has a predominant share of the detergent market in the United States. However, the detergent market has reached market saturation in the United States. With this information, what type of product is Tide based upon the Boston Consulting Group's market growth/market share matrix?

Cash-Cow

Which of the following is likely the most important decision a company makes during the strategic planning process?

Choosing a target market

The Amazon Echo is a voice-controlled speaker and personal assistant. It has been in development since 2010. In 2014 it was released only to Amazon Prime members for purchase. In 2015 it expanded and became available in stores nationwide. Amazon has since expanded the Echo family to include the Echo Dot Kids Edition, Echo Spot, Echo Show, and more. What stage in the product development process was Amazon Echo in 2015?

Commercialization

Which is the best way to handle the deletion of a product?

Conduct a review to determine its impact on the overall product mix

Miles recently stayed at the Hyatt. He loved the experience. The staff was so nice, and the rooms were clean. The concierge was extremely helpful. He decided to stay there when he returned on his next business trip. However, the next time he stayed there, there were different staff members who were not very friendly or helpful. Also, the housekeeping staff did not change the towels in his room. The only thing he found to be the same was the concierge. This Hyatt seems to lack _______.

Consistency of quality

Charmin toilet paper would be classified as which type of product?

Convenience

Southwest is known for its culture of "luv" and its fun-loving approach. This is an example of which of the following?

Corporate identity

Louis is a student at Texas A&M who just secured a summer internship working for the marketing department of Southwest Airlines. He is assisting Marlene, one of the marketing managers, with a competitive assessment of the U.S. market. Marlene wants him to think outside of the box when assessing the competition. She tells him to think beyond direct competitors to any competitors that might be able to offer similar services as Southwest. Refer to Scenario 3.1. Which of the following represents a brand competitor to Southwest Airlines?

Delta Airlines

At what stage of the target market selection process is the marketer first likely to unveil information that makes a segment less attractive than previously thought?

Develop market segment profiles

Mistine is a direct selling cosmetics firm based in Thailand. Originally, it made a name for itself selling an affordable product that was of good quality. It focused mainly on housewives. However, over the years Mistine has expanded its focus, targeting more groups such as teenagers and higher-income women. Unlike many comparable direct selling firms, Mistine engages in much advertising. Its advertising campaigns must be tailored toward the appropriate target market. Refer to Scenario 6.4. What type of segmentation strategy is Mistine using?

Differentiated targeting strategy

Experiential or symbolic benefits are most important to which of the following?

Disney World

Quality modifications are changes that relate to a product's

dependability and durability

Charles works as a marketer at Microsoft. He has just spent the last few weeks collecting information about environmental forces that will impact computer industry. The time has come to try and make sense of this data and gather insights which he hopes will improve the company's marketing strategy in relation to competitors. Which type of activity is Charles working on?

Environmental analysis

Paul owns a small retail store. His store sells local products from farmers and small food and beverage businesses in his store. He has a number of strategic partnerships with different players in the industry and believes his business has the ability to become highly successful. Those customers who have bought from him have become loyal customers and frequently visit the store. The problem is most people do not seem to realize the store exists. He decides to write a marketing plan that will outline the marketing activities he needs to take to spread awareness of his company and attract consumers to his business. Refer to Scenario 2.5. Paul is at the stage of his marketing plan where he needs to gather information about his firm's situation with respect to the market. A major part of this is his assessment of target markets. Which section is he about to write?

Environmental analysis

It is a year later. Jessica's manager decided that the company would develop a salsa business. Jessica has been in a flurry of activity since then. Not only did the company have to invest in a building and equipment, but she has had to develop marketing strategies for the new salsa business. The marketing strategies are now complete and ready to be put into action. Jessica was placed in charge of marketing implementation. She has spent several months organizing the marketing unit, training employees, coordinating the marketing staff, developing a social media plan, and communicating the goals and objectives of the strategy. Refer to Scenario 2.4. What is next step Jessica should take to implement the marketing strategy?

Establish a timetable for implementation

Margie noticed that sales of her company's newest electric bicycle product are much higher than anticipated. She wants to investigate why this has occurred. Margie first compares the sales to performance standards the company has set for the new product. She examined the firms' efforts, the costs incurred from marketing activities, industry sales as a whole, and competitor sales. After looking at all this data, she determined that the reason for the higher sales was two-fold. Industry sales averages were high, and after some investigation Margie noticed that there has been a major influx in consumers wanting to bike to work or for recreational purposes—much more than anticipated. The electric bicycle they released also had a unique design, and she believes this design—which is patented so rivals cannot replicate it—makes the bicycle more comfortable for bicyclists who bike long distance. Refer to Scenario 2.6. At what stage of the strategic planning process is Margie?

Evaluating marketing strategies

Refer to Scenario 11.3. Melinda hates using liquid laundry detergent. She heard about Tide Pods from a friend and did some research. She likes what she learns, but she is concerned about all the incidents where children have accidentally swallowed the pods. She has two young children herself. Melinda begins weighing the pros and cons of Tide Pods versus the liquid laundry detergent. Melinda is in what stage of the product adoption process?

Evaluation

Which of the following would be a cost-effective, fairly accurate way of coming up with a sales forecast if product demand is relatively stable and managers at the firm have a long tenure in the field?

Executive judgements

Which agency has the most influence over marketing activities?

Federal Trade Commission (FTC)

Which of the following statements is true about how our U.S. demographics are changing?

Fertility rates are at their lowest

Refer to Scenario 12.1. P&G marketed Tide Basic as a detergent that could perform the basic functions of its signature Tide products at a lower price to the consumer. This was an attempt to create a concept of the product in customers' minds. This is referred to as _______.

Product positioning

Jessica is working on a SWOT analysis of a local Mexican restaurant Tres Tortillas in Flagstaff. She writes down that the organization has high customer loyalty, resources for expansion, a large social media following, and strong management. She also writes that the market for salsa products is high and more people are eating out. On the other hand, one major complaint levied against the restaurant is that it is high priced and other casual-dining restaurants with less expensive menu offerings are locating to the city. Still, Jessica believes the restaurant's talented and well-known chef provides it with an advantage that other restaurants do not have. Refer to Scenario 2.1. Which of the following characteristics of the Mexican restaurant represents an opportunity?

Greater demand for salsa products

_____ is a strategic process involving stakeholder assessment to create meaningful long-term relationships with customers while maintaining, supporting, and enhancing the natural environment.

Green marketing

Which of the following institutions would be most likely to market an idea as their main product?

Greenpeace

Refer to Scenario 3.1. Which of the following represents a generic competitor to Southwest Airlines?

Greyhound bus system

Which of the following is the first step of the target market selection process?

Identify the appropriate targeting strategy

Buckyballs was marketed as a desk toy made up of small magnetic spheres. Adults could play with the magnetic spheres and create different shapes. Labeling on Buckyballs packaging clearly stated that this product should be kept away from children. As concerns for safety grew, Buckyballs placed even more warning labels on the packaging. Despite this fact, thousands of children who thought the magnets were candy ingested them. The magnets could cause fatal complications inside the body. If more than one was swallowed, they could attract one another inside the stomach, creating tearing and other complications. Despite all the warnings, the Consumer Product Safety Commission ruled the product was too dangerous and filed a lawsuit. Though Buckyballs magnets were discontinued, they have since returned under the name Zen Magnets. Refer to Scenario 12.2. The company was forced to delete its magnetic desk toy product due to safety concerns after being sued by the Consumer Product Safety Commission. What type of product deletion did the firm most likely use?

Immediate drop

Tide Pods was developed to revolutionize the detergent industry and spark new interest in Tide laundry detergent. The pods launched with much fanfare. Customers like the pods because they are less messy and more concentrated than liquid detergent. Originally, the pods were placed in a clear packaging. Other competitors have also released detergent pods due to their popularity. However, since its release there have thousands of incidents with children ingesting the pods and mistaking them as candy. Because of their higher concentration, ingesting the pods can do severe damage and has even led to deaths. Procter & Gamble responded by changing the packaging so that it is no longer transparent. It also made the packages harder to open. Refer to Scenario 11.3. When first released, Tide Pods caught consumers' attention because the detergent was placed into a small orange "pod" that users could throw into their washing machine. This eliminated the need to measure and pour out messier liquid detergent. Tide Pods likely represent what type of packaging?

Innovative

Oculus, acquired by Facebook in 2014, is involved in virtual reality. Its Oculus Rift product is a virtual reality headset released to the public in 2016. Retailers including Best Buy sell the Oculus Rift for approximately $400. Some competitors have emerged to challenge Oculus Rift, including the HTC Vive, Samsung Gear, and Zeiss VR One Plus. Refer to Scenario 11.2. In which stage of the product life cycle is the Oculus Rift?

Introduction

Which of the following statements describes a benefit that marketing offers?

It enhances consumer awareness.

Which of the following is a characteristic of a marketing objective?

It is consistent with both business-unit and corporate strategy

What is the significance of the 2010 Supreme Court Decision Citizens United v. Federal Election Commission?

It ruled that the government is not authorized to ban corporate spending in candidate elections.

Which of the following is a disadvantage of being a first-mover in the market?

Large outlays associated with creating a new product

____ is the development of a product that is closely related to one or more products in a firm's existing product line but is designed specifically to meet somewhat different customer needs.

Line extension

Buckyballs was marketed as a desk toy made up of small magnetic spheres. Adults could play with the magnetic spheres and create different shapes. Labeling on Buckyballs packaging clearly stated that this product should be kept away from children. As concerns for safety grew, Buckyballs placed even more warning labels on the packaging. Despite this fact, thousands of children who thought the magnets were candy ingested them. The magnets could cause fatal complications inside the body. If more than one was swallowed, they could attract one another inside the stomach, creating tearing and other complications. Despite all the warnings, the Consumer Product Safety Commission ruled the product was too dangerous and filed a lawsuit. Though Buckyballs magnets were discontinued, they have since returned under the name Zen Magnets. Refer to Scenario 11.1. What type of brand was Buckyballs?

Manufacturer brand

Which of the following statements about sales estimates is correct?

Market potential places absolute limits on company sales potential.

When McDonald's decided to eliminate artificial flavorings and preservatives from its vanilla ice cream, it was most likely responding to which of the following?

Marketing environment forces

Which of the following statements about the marketing environment is false?

Marketing environment forces are uncontrollable, so marketers do not plan for them.

In which stage do sales first start to decline?

Maturity

Refer to Scenario 11.3. Tide holds a large market share in the laundry detergent industry. However, Tide has been on the market for many years. Procter & Gamble was hoping that its pods would bring new life to its product and excite consumers once more. Tide laundry detergent is most likely in what stage of the product life cycle?

Maturity

Which of the following is a consumer protection law?

Nutritional Labeling and Education Act

Which of the following marketing mix variables has Walmart generally emphasized in its marketing activities?

Price

Which of the following companies are most likely to use individual branding?

Procter and Gamble

Functional testing occurs in which part of the product development stage?

Product development

Refer to Scenario 2.2. What type of competitive growth strategy is Jessica's manager discussing?

Product development

Herbalife24 includes products developed for athletes in Canada. Herbalife is a weight management and nutrition products company known for marketing products to customers for a healthier lifestyle. Athletes are just one of the groups that Herbalife targets. Herbalife24 is most likely a _______.

Product line

On Eaton's website, the firm segments its product offerings as aerospace, filtration, hybrid power, electrical, hydraulics, industrial clutches and brakes, plastic extrusion, and vehicle. What type of segmentation strategy has Eaton most likely adopted?

Product use

Jim manages a small factory that produces circuit boards. Jim operates from the belief that a good product creates demand. He focuses much of his energy on developing operational efficiencies and increasing output. The company's salesperson Darlene, however, views customer relationships and personal selling as being the highest priority. Between the two of them, the firm has become known for its quality products and excellent customer relationships. Refer to Scenario 1.4. What type of orientation has Jim adopted?

Production

Refer to Scenario 6.2. Angel is segmenting the market based on what type of segmentation variable?

Psychographic

During the recession, sales for many companies plummeted. The rate of unemployment grew substantially. As a result, Procter & Gamble (P&G) decided to release a cheaper, more basic version of its Tide product. This lower-priced Tide Basic lacked some of the cleaning features of its more expensive counterpart, but P&G thought it would be good for cash-strapped consumers. P&G tried out Tide Basic in 100 stores in the south for about a year. The product failed to take off, and it discontinued Tide Basic. A few years later P&G tried again with another less expensive Tide product called Simply Tide. Refer to Scenario 12.1. P&G had to modify its Tide product to appeal to this new demographic. What type of product modification did it make?

Quality modification

During what period in the business cycle are firms first likely to cut their marketing budgets?

Recession

Refer to Scenario 12.4. Victoria's firm released the pour-over coffeemaker, and it became a hit among a niche group of avid coffee fans. For a few years sales were high. Eventually, however, sales peaked and started to decline. Victoria's firm realizes the coffeemaker still has a small following of dedicated customers. They plan to move on to a more advanced pour-over coffeemaker, but in the meantime, they plan to emphasize the core strengths of the current coffeemaker, including the fact that it is so sustainable. This is an example of what type of product deletion?

Run-off

REI has a 100% satisfaction guarantee on its items. It allows customers to return products up to one year after purchase. This is an attempt by REI to reduce what type of cost?

Risk

Refer to Scenario 2.6. What method of analysis is Margie using?

Sales analysis

Method is a nontoxic, biodegradable cleaning supplies company. Suppose one of the employees on the production team at Method got an idea for the company to expand into biodegradable plastic wrap. He has heard about new technologies that could make this possible. Method has the resources to invest in this new product, but after considering it, the production managers nixed the idea because it did not fit well with its product mix. What stage of the product development process was Method in?

Screening

Angel wants to become a successful brewer. He analyzes the target market for beer and finds that there is a market niche for gluten-free beer. Angel considers the types of markets he can target with his beer. He knows that many people perceive gluten as unhealthy and might be inclined to buy his beer due to its gluten-free nature. However, he also knows there is a strong demand among those who suffer from Celiac disease. After doing sales and cost estimates, Angel feels ready to make a decision. Refer to Scenario 6.2. In making his decision, Angel is at what stage in the target market selection process?

Select specific target markets

At what stage of the target market selection process is management likely to investigate whether the organization has sufficient financial resources, managerial skills, employee expertise, and facilities to compete effectively in selected segments?

Select specific target markets

Refer to Scenario 3.2. Acme wants to hire a trusted third-party verification site that specializes in internet security to view its site. This third party has strong privacy criteria. If Acme meets these criteria, they can display a special seal on its website. This seal will demonstrate to users that Acme's website meets high standards in internet security. Acme thus will reassure consumers that their information is safe. What type of activity is Acme engaging in

Self-regulation

Refer to Scenario 11.2. What type of consumer product is the Oculus Rift?

Shopping

Refer to Scenario 12.1. What stage of the product development process was P&G in when it decided to discontinue Tide Basic?

Test marketing

Logan enjoys going to the local zoo. He does not like the price of the zoo food and beverages, however, as they are much more expensive than food in other places. When he does buy a drink, he usually goes for the extra-large because he gets a souvenir cup that he gets to keep. The souvenir cup represents which of the following?

Supplemental features

Which of the following products most closely resembles pure competition?

Table salt

Special K cereal is aimed at people concerned about their weight. These people represent the Special K

Target market

Internet privacy has become a major issue. In fact, in Europe there are privacy laws such as General Data Protection Regulation (GDPR) to regulate data protection and privacy. The United States does not have comparable laws to protect consumer privacy on the internet. Collecting this information is beneficial for firms because then they can tailor marketing messages that better fit its users' needs. These better marketing campaigns can provide them with a competitive advantage. Acme Corporation uses cookies and other devices to collect information. Its privacy policy explicitly informs users that it collects information. However, most people do not read through the policy. Lately, some consumers have complained because they are worried that their information could be compromised. They question the security of the site. Acme wants to restore confidence and prove that it has controls in place. Refer to Scenario 3.2. What type of environmental force does this issue involve?

Technological

Look at the perceptual map for car brands. Answer the questions below.

The lower-left quadrant

hannon is driving in downtown Santa Fe. She is not very familiar with the area and is running late for her appointment. She heads to a nearby paid parking lot and is told that it costs $20 to park. Shannon is irritated by the price. Although there are likely other paid parking lots that are less expensive, Shannon pays the price to park there. Different cost considerations impacted Shannon's decision, but clearly one stood out over all the others. Which cost exerted the most influence over Shannon's decision to park in the $20 parking lot?

The non-monetary cost of time

Which of these statements is NOT true about business markets?

The purchase is always made by more than one individual.

Which of the following is NOT a characteristic of a consumer market?

Their purchasing decisions are always made by only one individual.

Why are line extensions more common than new products?

They are less expensive and lower-risk.

Why might a marketer want to engage in marketing cost analysis?

To allocate the firm's marketing resources better in the future

Which of the following best illustrates how a firm can use a symbol to make an intangible product more tangible?

Traveler's Insurance umbrella

Cynthia works at an engineering firm in Arizona that installs transmission lines and works with the electrical systems of buildings. She is in charge of strategic planning. Mostly her firm has worked with cities such as Tucson and Phoenix. Once in a while they will receive a major project from the state, such as renovating a government building in the capital. However, Cynthia's firm wants to expand its target market beyond government projects. Under her direction, the marketing team launched an initiative to target more potential clients in different areas. Two areas in which Cynthia would like to expand include colleges and large for-profit businesses. Refer to Scenario 6.1. How is Cynthia's company segmenting the market for its services?

Type of organization

The savings in your savings account would fall under which of the following?

Wealth

Cummins has multiple product lines that it categorizes into engines, power generation, fuel systems, turbo technologies, filtration, and emissions solutions. This would be an example of which of the following?

Width of product mix

What is the primary distinction between a line extension and a product modification?

With product modifications, the original product is replaced in the product line while both the old and the new products remain in the case of line extension.

A light bulb can be all of the following except

a consumer product if it is used to light the office of the board of directors

When the manufacturer of Cool Whip introduced a chocolate-flavored Cool Whip and still continued to produce all of its other Cool Whip products, this was an example of

a line extension

In product modification, three conditions must be met to improve a firm's product mix: the product must be modifiable, customers must be able to perceive that a modification has been made, and

a modification should make the product more consistent with customers' desires.

Recognizing that CD players are a thing of the past, those who manufactured CD players have not attempted to make any changes but are letting them live out the remainder of their lives. The makers of CD players have new technology to explore and do not want to waste resources trying to prolong the life of an obsolete technology. This is an example of _______.

a phase-out

The marketing plan is

a written document detailing activities to be performed to implement and control marketing actions.

Refer to Scenario 12.3. In repositioning the product, Coca-Cola changed the taste of the product. It also changed the look of the product with a larger can size and different colors. This is an example of a(n) _______ modification.

aesthetic

Phillip is on his way to work when he realizes he has a flat tire. He swings into Discount Tires and has a new tire installed. Phillip's purchase of a new tire in this situation is considered to be

an unsought good

When Snapple takes the information collected through research and attempts to assess and interpret what it means for its beverage marketing efforts, Snapple is engaged in environmental

analysis

According to the text, a product is defined as

anything the customer receives in an exchange.

The focal point of all marketing activities

are costumers

The definition of marketing implies that ____ should receive benefits from exchange relationships.

both costumers and businesses

Assume that Coca-Cola has a manager for Powerade, a manager for Coca-Cola, and a manager for Simply Orange. What types of managers are these?

brand managers

Eaton sells many industrial products for the lighting and solar industry, including lighting controls, landscape lighting, lighting relay and metering panels, flood lighting, and more. Among its vast array of products, it also sells lighting accessories and lighting solutions for private residences. Refer to Scenario 6.3. Eaton is targeting most of its industrial products to the _______ market and targeting its residential lighting systems to the _______ market.

business; consumer

Products are classified as being business or consumer products according to the

buyer's intended use of the product.

Most wine comes in similarly shaped bottles. However, Stack Wine offers its wine in four-pack cups. While a traditional winemaker is likely to adopt _______ packaging, Stack Wine has adopted _______ packaging.

category-consistent; innovative

According to the textbook, a manager's duties in an environmental analysis include

checking information for accuracy, resolving inconsistencies, and assigning significance to the findings.

Refer to Scenario 2.3. Jessica's manager is skeptical. Such an investment would require a manufacturing facility, a larger marketing budget, and salespeople who would be able to get the salsa onto store shelves. However, Jessica maintains that Tres Tortilla's secret salsa recipe provides it with a core competency. The market for salsa is also strong. She believes this provides Tres Tortillas with a chance to match its core competency to market opportunities, otherwise known as a(n) _______.

competitive advantage

The marketing environment includes _______, economic, political, legal and regulatory, technological, and _______ forces.

competitive; sociocultural

Victoria works in the production department for a manufacturer of coffee equipment. A new promising product idea the company is considering involves the development of simple pour-over coffee makers. These coffee makers would be made of wood with a cotton drip bag, similar to what is known in Costa Rica as Chorreadores. Victoria's firm thinks this type of product can catch on in the United States because they are exotic and highly environmentally friendly. Refer to Scenario 12.4. Victoria is working with a team to determine the feasibility of the product. Together with her team, she shows a small group of avid coffee customers a written description as well as a photo of the proposed product. She hopes to determine whether they would buy the product and what they think about it. Victoria and her team are at what stage in the product development process?

concept testing

When managers at Initek Inc. are developing their firm's strategic plan, they should use a market orientation as a guide to ensure that ____ is an integral part of the process.

costumer satisfaction

You are shopping for a laptop or tablet to use for taking notes, research, and studying. In this case, you belong to a(n)

consumer market

Refer to Scenario 11.3. Tide Pods would most likely be classified as a(n) _______ product. However, suppose a hotel uses Tide Pods to wash their sheets and towels. In this case, Tide Pods would be classified as _______.

convenience; MRO supplies

Apple has been successful by anticipating what consumers would want in new technological advances, convenience, and ease of use. The introduction of the iPad was an example of a _____ for Apple, something that an organization does extremely well and may give a company an advantage over its competition.

core competency

Which of the following food products would most likely use an undifferentiated marketing strategy?

corn

Which of the following is calculated during the fourth step of the target market selection process, evaluating relevant market segments?

cost estimates

Marketing is the process of

creating, distributing, promoting, and pricing products to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment.

Soda companies are worried because sales have fallen flat. People today are more concerned about their sugar intake and want to be healthier. This reflects a change in _______.

cultural values

A Subaru representative has a solid relationship with Phil, a satisfied customer. Phil loves Subaru and will not accept anything else. The representative determines that if Phil continues to do business with Subaru every time he wants to purchase a new car, his total value to the company would be $350,000. This includes purchases made by customers who were referred to the firm by Phil. The Subaru representative has calculated Phil's _______.

customer lifetime value

Belle Meade sells different kinds of wine. Under its white wine product line, it sells four products—Carriage House White, Celebration Riesling, Race Day White 2016, and Lady's Cuvee. This is an example of _______.

depth of product mix

Refer to Scenario 1.3. Jameson has asked you, a marketing consultant, to give him advice. He cannot understand how a cell phone company with the best product offering in the cell phone service industry could get such low satisfaction ratings simply because the customer service is not up to par. You suggest that Jameson has a narrowly defined view of the company's product offering. You tell Jameson that successful marketers should define their products as what they _______.

do to satisfy costumers

The _______ of technology involves the constant change that challenges every aspect of our society.

dynamics

After Staples gathers information related to its marketing environment, it attempts to define current environmental changes and predict future changes. This determines possible opportunities and threats facing the company. It illustrates the process that is called

environmental analysis

Collecting information from secondary sources such as business, government, trade, and general-interest publications plays an important role in

environmental scanning

Emmis Communications is concerned about how the increasing use of smartphones will affect the future sales of its radio stations. The company decides to gather information about the changing trends in music access and delivery to prepare for this trend. Emmis Communications' process is called

environmental scanning

The Ethan Allen furniture company collects information about a wide variety of competitive, economic, political, legal and regulatory, technological, and sociocultural forces that affect its marketing activities. This process is called

environmental scanning

To monitor changes in the marketing environment effectively, marketers must engage in

environmental scanning and analysis

PepsiCo introduced the "Customizer," a new freestanding soft drink dispenser where consumers can choose from over 120 different types of soft drinks and customize their drinks. Customizers would take the place of typical dispensers where there are only a few different types of soft drink brands available. To develop the new dispenser, PepsiCo collected information on the soft drink consumption habits of individuals in several different age groups, as well as information about new technologies for dispensing liquids from vending machines and the sales of its "fountain" syrup for national restaurant chains to use in their soft drink machines. PepsiCo's collection of this information is an example of _____ while the assessment of its impact on the potential for the new "Customizer" is an example of

environmental scanning; environmental analysis.

When automakers started installing Apple CarPlay and Android Auto in cars, this was an example of a(n) _______.

functional modification

​Organizations should define themselves not according to the products they produce but according to

how they satisfy costumers

A(n) ____ is a concept, philosophy, or image.

idea

Felicity loves to try new products because she gets a thrill from it. Even though some of the products she adopted turned out to be failures, Felicity is willing to take the risk. She needs to be the first one to own the newest products! Her best friend Melanie, however, is generally suspicious about new products. For instance, when the iPad first came out, Melanie was highly skeptical. Even when Felicity assured her that it was a good product, Melanie was not certain. Finally, after a few years and lots of encouragement from Felicity, Melanie decided to purchase the newest iPad. Felicity is most likely in the _______ category, while Melanie is most likely in the _______ category of product adopters.

innovator; late majority

Eighteen-year-old students do not form a market for alcoholic beverages because they

lack the authority to purchase this type of product

Dorito's has expanded to Nacho Cheese Doritos, Cool Ranch Doritos, and Salsa Verde Doritos, to name a few. These are examples of

line extensions

Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products is a(n)

market

Apple is known for its innovation. It conducts in-depth marketing research to determine what customers want. Its electronic devices are constantly upgraded so customers can purchase the newest models. The company creates buzz around its product offerings by discussing the product months before it is launched. This anticipation builds up until the product is launched, resulting in wide-scale sales that often result in stores selling out of the newest product. Refer to Scenario 1.2. From the information provided about Apple and its marketing strategies, Apple most likely embraces a _______.

market orientation

Refer to Scenario 6.4. Assume that Mistine wants to break into the Kenyan market. It is entering the market for the first time and is unsure about how successful its products will be. Mistine's management team wants to develop a sales forecast for the area. Which of the following would be most appropriate in terms of accuracy?

market tests

Google has written down the following: "to organize the world's information and make it universally accessible and useful." This is most likely a part of Google's _______.

mission statement

Denise works as a direct seller for Rodan + Fields. She is determined to sell as many products to as many people as possible. Although she generally has a good relationship with customers, she has been known to be overly aggressive in trying to sell products. She often convinces consumers to purchase more expensive products even after they say they are not interested. As a result of Denise's high sales, she has become a top performer. Recently, however, Denise's sponsor has been informed of complaints that customers have levied against Denise accusing her of "badgering" them into buying products. The sponsor meets with Denise and tells her it is unacceptable to pressure consumers into purchasing items they do not want. Refer to Scenario 1.1. Denise's sponsor tells her that it is important for her to determine her customer's needs and then find the product that best meets those needs, regardless of price. She recommends that Denise adopt the _______. In other words, Denise should move from a _______, where she is focused on using her aggressive direct selling talents to maximize profits, toward embracing the more customer-centric _______.

marketing concept; sales orientation; market orientation

eScooters Inc. is preparing a written document specifying the activities to be performed to implement and control its marketing activities. This document is called the

marketing plan

Kroger is involved in identifying and analyzing a target market. The firm then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, Kroger is creating a

marketing strategy

Refer to Scenario 1.3. On your advice, Jameson decides to invest more in customer service training and hiring. Satisfaction increases, but not to the level Jameson thinks it should be. He conducts a marketing research study and found that while most consumers like the product, many would like to see additional services available. However, what type of service customers want tends to vary by customer. Jameson has come to believe that customers just do not know how to assess value correctly. Jameson appears to believe that determining value is a(n) _______ process, while in reality the process of assessing value is highly _______.

objective; subjective

Three primary methods of collecting information for environmental scanning are

observation, secondary sources, and marketing research.

Refer to Scenario 3.1. Because Southwest Airlines operates in a(n) _______, if American Airlines lowers prices, Southwest will likely _______.

oligopoly; do the same

Refer to Scenario 2.5. Paul would like his sales for next month to reach $30,000. This is an example of a _______.

performance standard

Shawn works at a retail store that sells a variety of items, including umbrellas. Shawn knows that people buy umbrellas more in the summer season because of the higher frequency of storms. He has identified a formula based on past umbrella sales during the summer season. Shawn believes he can use this formula to predict future sales forecasts with a high degree of accuracy. This is an example of what type of sales forecast?

regression analysis

The first of two major components of developing a marketing strategy is to _______.

select a target market

Jim manages a small factory that produces circuit boards. Jim operates from the belief that a good product creates demand. He focuses much of his energy on developing operational efficiencies and increasing output. The company's salesperson Darlene, however, views customer relationships and personal selling as being the highest priority. Between the two of them, the firm has become known for its quality products and excellent customer relationships. Refer to Scenario 1.4. Recently, Darlene has found that they have begun to reach market saturation. She is having trouble finding new customers. One solution would be to increase the company's reach, perhaps by opening up locations in other areas. However, she knows this will be expensive. After noticing that many of their customers are planning on expanding and purchasing bigger facilities, Darlene feels that the best option is to increase the company's _______.

share of costumer

Managers at the Tycho Manufacturing are engaged in a complex process of revising their organization's mission and goals and developing corporate strategy, marketing objectives, marketing strategy, and, eventually, a marketing plan. This process is called

strategic planning

Refer to Scenario 2.6. Margie believes this is the optimal time to seize upon this opportunity. Through the bike's patented design, her company has capabilities that fit the unique demands of this growing market. Margie wants to capitalize on this opportunity before these market trends have a chance to change. This period for Margie's firm is known as a _______.

strategic window

Refer to Scenario 12.3. By using a larger can size and different colors, Coca-Cola is changing the _______ of the product.

styling

The primary value that a marketer expects to receive from a customer in an exchange relationship is

the price charged for the product

A market opportunity results from

the right combination of circumstances and timing that permits an organization to take action to reach a particular target market.

Generally speaking, individuals who are unemployed would NOT be considered a target market for lawn care services because

they would not have the ability to purchase such products