Marketing Final Exam

Market Development

A firm's decision to identify and develop new markets for existing products is a ___________ strategy.

Top Management

The responsibility for setting a company's mission, objectives, broad strategies and policies preliminary lies with its ___ ___________________

Economic Situations

A marketing firm has been assigned the task of watching trends in spending, personal income, savings, and interest rates. The marketing firm is most likely gathering information about consumers' ________ ___________.

Moving the firm's goods from production points to distribution centers

A marketing intermediary would most likely help a firm by...

Market Penetration

A strategy for company growth that involves increasing sales to current market segments without changing the product is know as ________ _______________

True or False: A market segment of potential consumers who share a common need or want.

True

True or False: A product is defined as anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.

True

True or False: A role consists of the activities people are expected to perform according to the people around them

True

True or False: An effective MIS assesses information needs, develops needed information, and distributes the information to help managers with decision making.

True

True or False: An organization's mission statement should emphasize its intentions toward customers and the customer experience the organization seeks to create

True

True or False: Subcultures are group of people with shared value systems based common life experiences and situations

True

Sells off or phases out the strategic business unit

When a company chooses to divest a particular strategic business unit, it...

Logistics Firms

_________ ______ are distribution channel firms that help a company find customers or makes sales to them.

Opinion Leaders

_________ __________ are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others

Consumer

_________ markets consist of individuals and households that buy goods an services for personal use.

Convenience

_________ products are consumer products and services that customers usually buy frequently, immediately and with minimal comparison and buying effort

Market segmentation

__________ _______________ is the process of dividing a market into distinct group of buyers who have different needs, characteristics, or behavior

Selective retention

___________ _____________ means that consumers are likely to remember good points made about a brand they favor and forget the good points made about competing brands.

True or False: Market offerings are limited to physical products

False

True or False: Marketing is primarily concerned with engaging customer and secondarily with managing profitable customer relationships.

False

True or False: Most firms begin with the strategic planning process by developing detailed marketing and departmental plans that support a company-wide plan

False

Convenience

Laundry detergent, candy, magazines, and fast good are purchased frequently by customers. They are examples of ____________ products.

Total market

Many marketers now embrace a ________ strategy, integrating ethnic and cross-cultural perspectives within their mainstream marketing.

Consumer's existing wants

Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.

Mission Statement

A _________ ____________ is purposeful, specifying what an organization wants to accomplish in the larger environment.

Demand

Abel now has the buying power to purchase the computer that he wanted to buy 6 months ago. Abel's want has most likely become a

Understanding the marketplace and customer needs and wants

According to the five-step model of the marketing process, the first step in marketing is

Unsought

Consumer products that the buyer either does not know about or knows about but does not normally consider buying are referred to as ________ products

Market offerings

Consumers' needs and wants are fulfilled through ________.

Macroenvironment

Demographic, economic, natural, technological, political and cultural forces from the ___________ of an organization.

Core customer value

Howard Schultz, the founder of Starbucks, positioned his bistros as "a third place" between work and home where patrons could share and enjoy a cup of coffee with friends. This illustrates ________.

Live the Brand

Imaginative Web sites, smartphone apps, and social media allow marketers to deliver messages that are direct and personal so consumers can

Pruning

P&G's decision to eliminate dozens of major brands from its portfolio including Crisco, Folgers and Jif to focus on household care, beauty, and grooming products is an example of _________.

Specialty product

Susan has been redecorating her new condo for a year. She is carefully selecting every item. Susan finds an oriental rug that matches her color scheme and decor perfectly and purchases it immediately without engaging in comparison shopping. This is an example of a _______________ _____________

D. The quality of customer insights it provides

Which of the following demonstrates the real value of a company's marketing research and information system A. The amount of data it generates B. The variety of contact methods it uses C. The tools it uses to gather information D. The quality of customer insights it provides

A. Marketing Service Agencies

Which of the following has the primary function of helping a company target and promote its products to the right markets? A. Marketing Service Agencies B. Resale Marketers C. Service Providers D. Physical Distribution Firms

A. Life-cycle stage

Which of the following is a personal factor that influences a consumer's buying behavior? A. Life-cycle stage B. Motivation C. Status D. Family

C. Lifestyle

Which of the following is a psychographic characteristic of a consumer? A. Gender B. Age C. Lifestyle D. Occupation

A. Family

Which of the following is a social factor that influences consumer buying behavior? A. Family B. Life-cycle stage C. Economic Situation D. Personality

A. Candy

Which of the following is an example of a convenience product? A. Candy B. Furniture C. Life insurance D. Automobile

C. Television Station

Which of the following is an example of a media public? A. Community Organization B. Minority Group C. Television Station D. Banking Institution

C. The suppliers who work with the company

Which of the following is part of the microenvironment of a firm's marketing environment? A. The political state of the country in which the firm exists B. The cultural forces that exist in a society C. The suppliers who work with the company D. The technological resources available to the company

D. It deals with adapting the firm to take advantage of changing marketing opportunities

Which of the following is true of a strategic planning in a firm? A. It deals with maintaining the company's current business ventures. B. It focuses on the firm's internal environment rather than the external environment C. It occurs at the business-unit, product, and market levels rather than at the corporate level D. It deals with adapting the firm to take advantage of changing marketing opportunities

C. The company's sales record

Which of the following sources constitutes the internal database of a company? A. Commercial online databases B. Conversations on social media C. The company's sales record D. Reports sold by market research firms

D. Marketing intelligence is the systematic collections, monitoring and analysis of publicly available information

Which of the following statements regarding marketing intelligence is true? A. Marketing intelligence typically involves sensitive and confidential information kept out of the public domain B. The advantage of using competitive intelligence is negligible as it is based only on internal sources of data. C. All marketing intelligence inputs are available at no cost to any potential users D. Marketing intelligence is the systematic collections, monitoring and analysis of publicly available information

C. Brand Personality

Which of the following terms is used to describe a specific mix of human traits that may be attributed to a particular brand? A. Brand Perception B. Brand Architecture C. Brand Personality D. Brand Loyalty

Buzz marketing

____ _________ involves enlisting or even creating opinion leaders to serve as brand ambassadors who spread the word about a company's products.

Shopping

________ products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.

Services

________ refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible.

Exchange

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