Marketing Final Exam

A target market

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

Jake Roberts of Roberts Construction is planning to buy a piece of used earth-moving equipment. He would most likely base his purchacse decision on ______ of the alternative machines

inspections

the bostom consulting groups matrix is based on the

philosophy that a product market growth rate and its market share are important determinants of its marketing strategy

marketing research is best defined as

the systematic design, colleciton, interpreation, and reporting of information to help marketers solve specific marketing problems or take advantage of market opportunites

if morton salt saw all table salt customers as pretty much alike and thus offered only one marketing mix, it would be using the ______ strategy

undifferentiated

when a firm designs a single marketing mix and directs it at an entire market for a particular product, the company is using a(n) ______ strategy

undifferentiated strategy

which of the following regulatory bodies is responsible for enacting legislation that regulates the info companies can gather online from consumers and about consumers?

Federal Trade Commission

Xi Chnag is the owner of a popular bar in a college town and typically advertises in the college newspaper about upcoming drink specials or special events. Xi was an early adaopter of e-marketing and worked with a college intern to create a webpage for the business. At the time, Xi believed he could simply modify the newspaper advertisements and Yellow Page listings and publish those to the webpage to attract customers and informt htem of events. However, his early efforts with e-marketing were not succcessful. Which of the following could explain why his website failed?

Xi treated digital marketing like a traditional marketing channel.

formula for elasticity of demand

% change in quantity demanded / % change in price`

new product development process

A seven-phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test-marketing, and commercialization

List the five levels of brand loyalty

Brand rejection, brand non-recognition, brand recognition,brand preference, brand insistence

price skimming

Charging the highest possible price that buyers who most desire the product will pay

Your firm manufactures motorcycles for the consumer market. You purchase raw materials to build the motorcycles from a variety of suppliers in the U.S. and abroad. the volume of your raw materials purchases is a function of the cutomer demand for your firm's motorcycles. Which of the following best describes the type of demand your firm has for these raw materials?

Derived Demand

Product life cycle

Introduction, growth, maturation, decline

Companies delivering mixed concrete know that it cannot be shipped farther than twenty-five miles because the concrete might harden in the truck. Citrus County Concrete Company is the only supplier of mixed concrete to customers within a thirty-mile radius. Citrus County Concrete is an example of which one of the following competitive structures?

Monopoly

How many marketing mixes are needed for a homogenous market? Why?

Only one varibale of the marketing mix is needed for a homogenous market.. The market has the same wants and needs. Homo means one which hints at this as well. It is an easy target market when dealing with a homogenous market

List the 5 stakeholders every firm must consider when making decisions.

Owners, Customers, Suppliers, Buyers, and Employees

What are the four components of the marketing mix? What are analyzed in a SWOT analysis? Which components of the SWOT analysis are internal and external?

Price, Product, Place, Promotion Strengths and Weaknesses - Internal Opportunities and Threats - External

During which stage of the business cycle is unemployent low and total income relatively high?

Prosperity

during which stage of the business cycle is unemployment low and total income relatively high?

Prosperity

which sampling design gives every member of the population equal chance of appearing in the sample?

Random Sampling

what is the purpose of an import tarriff?

Tariffs are used to restrict imports. Simply put, they increase the price of goods and services purchased from another country, making them less attractive to domestic consumers

walmart is currently expanding its stores into Canada and Mexico. This expansion is being facilitated by the

USMCA

to find a tarket market, a firm can use one of these marketing strategies

Undifferentiated strategy, the concentrated strategy, and the differentiated strategy

what is cognitive dissonance?

When you buy something and immediately after you second guess your decision. if you bought the new PS5 and then get home and are wondering if you should've got the new xbox instead.

venture team

a cross-functional group that creates entirely new products that may be aimed at new markets

if a marketing researcher is interested in observing group interaction during an informal, unstructed and open-ended data collection process, he or she should use

a focus group interview

selective retention

a process whereby a consumer remembers only that information that supports his or her personal beliefs

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

a reward or benefit greater than the costs incurred in the transaction

cost-plus pricing

adding a standard markup to the cost of the product

markup pricing

adding to the cost of the product a predetermined percentage of that cost

List five of the demographic variables discussed in class

age, sex, income level, race, employment, location, homeownership

the tobacco industry in the United States is dominated by three large companies. When any one of these companies changes its price tobacco products, the other two companies quickly adjust their prices to match it. From these characteristics, the tobacco industry couldl best be described as

an oligopoly

decreasing sales, increasing expenses, or decreasing profits

are examples of symptoms that point to larger problems

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

both customers and businesses

Barnes and Noble sells online through its website, while also selling through physical store locations. This type of retailing is referrred to as

bricks-and-clicks

the director of marketing for 3M tapes tells the rest of the management team, "when it comes to our transparent packaging tape unit, our strategy will be to use funds generated here to support our venture in the industrial bonding market." this strategy indicates that the packaging tape unit falls into which one of the following classifications?

cash cow

Miss maiden's bakery is a family-owned business with more than $1 million in annual revenues and six locations. At Miss Maiden's, decisions are sometimes slow in coming and top-level managers delegate very little authority to lower-level employees. Miss Maiden's is a(n) _______ organization.

centralized

after purchasing a new infiniti, kris sees a Lexus pass by on the street and begins to wonder if he made the right choice. Kris is experiencing

cognitive dissonance

although they become part of a larger product, ___ can often be easily identified and distinguished on the loarger product

component parts

when shopping for detergent, zachary looks at Tide, Fresh Start, Persil, and All and chooses the one that is on sale. These four brands make up his ____

consideration set

marketing is the process of

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

the focal point of all marketing activities

customers

hershey foods corp. offers a line of cand that includes Kit Kat, Mr. Goodbar, Krackel, Hershey's Kisses, Reese's Peanut Butter Cups, Rolo, and twizzlers. These candies best illustrate hershey's product mix

depth

Procter and Gamble markets Cheer dtergent to young singles and couples and Tide detergent to families. Procter and Gamble is using a(n) _______ targeting strategy for laundry detergents

differentiated

Julia was reviewing her bank statement for last month. She had paid her rent, her car payment, electric, and phone billls, and made three trips to the grocery. Julia had also bought tickets to an Ariana Grande concert and new clothes to wear to the concert. The money spent on Julia's rent, car electric,, and phone bills was likely from her ______ while the money spent on the concert tickets and new clothes was from her ____________

disposable income; discretionary income

changing the hours of operation for a service business involves the _______ component of the marketing mix.

distribution (place)

the purpose of market segementation is to

divide a total market to enable a marketer to develop a more precise marketing mix.

in 2009 the coca-cola company introduced the "freestyler," a new freestanding soda dispenser where consumers can choose from over 120 different types of soda and customize their drinks. Freestylers would take the place of typical dispensers where there are only a few different types of soda brands available. In order to develop the new dispenser, coca-cola collected information about new technologies for dispensing liquids from vending machines and the sales of its fountain syrup for national restaurant chains to use their soda machiines. Coca-cola's collection of this information is an example of ________ while the assessment of its impact on the potential for the new freestyler is an example of ______

environmental scanning; environmental analysis

a group of brands that a consumer views as alternatives for possible purchase is called an

evoked set

what is the largest social networking platform?

facebook

Alps Ski Co is looking for new markets for both its brick and mortar retail stores and its catalog division. Alps ski co would most likely use a(n) ______ base for market segmentation of its stores and a(n) _______ base for market segmentation of its catalog division.

geographic; behavioristic

which type of business market tends to have the most complex buying procedures?

government

when a product experiences an increase in the number of competitors, it is usually in the _______ stage of the product life cycle; however, when that competition becomes intenese, it is in the _________ stage

growth; maturity

odd number pricing example

having something be $9.99 instead of $10.

When the American company Exxon purchases crude oil from Saudi Arabia, it is engaging in

importing

When you buy something immediately with no thought process

impulsive buying

in placing a tire order with michelin, north side industrial supply finds that the truck tires it is ordering have increased $37.50 in price since the last order. North Side proceeds with the order, condident that it can pass on the price increase to future customers. This is an example of business products having _______ demand.

inelastic

primary data

information collected for the specific purpose at hand

secondary data

information that already exists somewhere, having been collected for another purpose

Lea is shopping for low-calorie frozen dinners to tke to work for lunch. Lea has always been mindful of the total calories and the number of fat grams in these dinners. However, after reading an article about the high sodium counts in frozen meals and the maximum grams of sodium a woman should eat daily, she now pays attention to the sodium as well. the changs in Lea's though processes and behavior caused by this information are called

learning

a major determining factor in deciding which type of decision-making process should be used depnds on the individuals intensity of interest in a product and the importance of the product for that person. This is known as an indiviuals

level of involvement

the three most widely recognized types of consumer decision making are

limited problem solving, extended problem solving, and routinized response behavior

suave's new shampoo, HI7 is faltering badly in the market. Suave's marketing personnel are unsure who is responsible for various marketing tasks, when these tasks are to be completed, or what resources have been allocated. Suave marketing director maria castanza said that the problem is that HI7 has the most poorly written ______ she has ever seen

marketing plan

safeway foods corporation is involved in identifiying and analyzing a target market. The frim then develops a marketing mix to satisfy individuals in that market to gain long-term competitive advantages. Based on this example, safeway is creating a

marketing strategy

Reciprocity

mutual exchange

is product development cheap?

no it is lengthy and expensive process

business is really slow so this store decides to make their clothes cheaper for the time being, this is an example of:

off-peak pricing

The foreign corrup practices act of 1977 makes it illegal for U.S. firms to

offer foreign businesses any type of incentive for purchasing their company's products and services

the four major competitive structures are

oligopolies, monopolies, monopolistic competition, and pure competition

_____ includes any attempt to intentionally conduct dishonest activites online

online fraud

which of the following surveys methods has the potential to offer quick response at a lower cost than traditional mail and telephone survey's

online surveys

an item on the campus bookstore's survey asks respondents to tell the store, in their own words, what they like least about textbook shopping. this item would be an example of a(n) _______ question

open-ended

Maslow's Hierarchy of Needs (low to high)

physiological, safety, love/belonging, esteem, self-actualization

Seo-yeon is beginning to wonder if she ahs made the right decision about purchasing a new HP laptop after she sees a friend with a new dell. Seo-yeon's doubt whether she made the right decision occurs during the ________ of the buying decision process.

post-purchase evaluation phase

reference pricing

pricing a product at a moderate level and displaying it next to a more expensive model or brand

_______ competitors are those that compete in the same product class, but their products have different features, benefits, and prices.

product

after doing considerable shopping, Kai has just decided what brand and type of athletic shoes to buy and where he's going to buy them. WHat is the next stage of the consumer buying decision process is Kai?

purchase

Age, rate of product use, location, and gender are all examples of common

segmentation variables

the objective of sampling in marketing research is to

select represnetative units from a total population

penetration pricing

setting a low initial price on a new product to appeal immediately to the mass market

if a certain country considered handsahkes in business transactions to be taboo and preferred to use nodding, this would be an example of differences in _____ forces

sociocultural

A product itemis best described as a

specific version of a product

concept testing

testing new product concepts with a group of target consumers to find out if the concepts have strong consumer appeal

place, price, promotion, and product are all elements of

the marketing mix

why would a company use the undifferentiated strategy?

the needs of individual consumers in the target for a specific product are similar, so the organization can satisfy most customers with a single marketing mix

product positioning

the place a product occupies in consumers' minds based on important attributes relative to competitive products

market segmentation

the process of dividing a market into meaningful, relatively similar, and identifiable segments or groups

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.