Marketing Midterm

___ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

Demography

Corning produces Gorilla Glass screens that are used in the production of laptops, tablets, and smartphones. Corning promotes its product to final consumers to increase business demand for digital devices made with the specialized, toughened glass. This illustrates_______

Derived demand

Coolers Inc. has decided to launch a new energy drink that will have the fewest calories among its competitors. To understand the market potential for the new drink and the demographics and attitudes of consumers who are likely to buy the product, Coolers should most likely use ________.

Descriptive research

If men and women respond dissimilarly to the marketing efforts for a root beer-flavored malt beverage, they are considered ________ market segments.

Differentiable

Which type of market segmentation is generally used by marketers who sell luxury products targeted to the affluent segments of a population?

Income

Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flow. In this case, Susan is making use of ________ databases.

Internal

_____ is the art and sciences of choosing target markets and building profitable relationships with them

Marketing Management

Which of the following is the first stage of the buyer decision process?

Need recognition

Which of the following demonstrates the real value of a company's marketing research and information system?

The quality of customer insights it provides

In a SWOT analysis, ______ refer to unfavorable external factors or trends that may present challenges to performance

Threats

_____ refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter

Market targeting

The _____ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Marketing

Which of the following statements regarding marketing intelligence is true?

Marketing intelligence is the systematic collection, monitoring, and analysis of publicly available information

____ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

Marketing research

The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as ________.

Micromarketing

____ are defined as states of felt deprivation

Needs

Bakeries and coffee bistros that offer pumpkin-flavored items only during the autumn season target their consumers primarily through ________ segmentation.

Occasion

_____ is the process by which people select, organize, and interpret information to form a meaningful picture of the world

Perception

Which of the following transforms marketing strategies into real values for consumers?

The four Ps of marketing

Which of the following is most likely true about companies that take a proactive stance toward the marketing environment?

They develop strategies to change the marketing environment

A _____ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system

Value delivery network

Companies have responded to consumers' back-to-basics sensibility in their lifestyle and spending patterns through _____

Value marketing

A brand's _____ is the set of benefits that it promises to deliver to consumers to satisfy their needs

Value proposition

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

Resellers

Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer ________.

Satisfaction

Information collected from commercial online databases or through Internet search engines are examples of ____ data

Secondary

Companies are likely to gain ________ through speedy, convenient, or careful delivery of products.

Services differentiation

________ are the form human needs take as they are shaped by culture and individual personality.

Wants

Which of the following statements is true in the context of the BCG growth-share matrix?

Stars often need heavy investment to finance their rapid growth in a market

According to Maslow's hierarchy of needs, which of the following is most likely an esteem need?

Status

American Honda purchases over $20 billion worth of auto parts and materials every year. ________ are key players in the company's success.

Suppliers

_____ is defined as a business strategy where business buyers prefer to buy a complete solution to a problem from a single seller rather than buying and consolidating separate products and services from several suppliers

Systems selling

Which of the following best describes a company's business portfolio?

The collection of businesses and products that make up the company

In a SWOT analysis, which of the following would most likely be considered a strength of a company?

An improvement in the company's production technology

Which of the following best describes product positioning?

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Secure is a financial services and insurance company. The company's most profitable division is one that sells the Secure Future Plan. The Secure Future Plan targets customers who are entering retirement and want long-term savings so they can remain financially independent in the later years of their life. The marketing team at Secure has most likely targeted the plan at ________.

Baby Boomers

Vernon Inc. would like to set the best price for a new product. The firm conducts an experimental study by selling the new product at two different prices in two different locations keeping other factors constant to see if a lower price results in better sales. This is most likely an example of ________ research.

Casual

According to the text, ____ are the most important actors in a company's microenvironment

Customers

Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy?

1) Market segmentation 2) Market targeting 3) Differentiation 4) Positioning

A strategy for company growth through starting up or acquiring businesses outside the company's current products and markets is called _____

Diversification

____ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Positioning

____ data consist of information collected for the specific purpose at hand

Primary

____ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics

Psychographic

In a straight rebuy, a buyer _____

Reorders something without any modifications

A practice called ____ allows marketers to use online data to target ads and offers to specific customers

Behavioral targeting

Which of the following terms is used to describe a specific mix of human traits that may be attributed to a particular brand?

Brand personality

Dividing a market into several sections of customers is known as _____

Market segmentation

Ursa Martin, a book publisher, has decided to work with Hope in Children, a charity foundation that helps feed and educate children in poor countries. Ursa Martin has decided that a percentage of revenue from every book it sells will go to the charity. The books are marketed by conveying this message to customers. Which of the following marketing techniques describes Ursa Martin's association with Hope in Children?

Cause-related marketing

____ is a discomfort caused by postpurchase conflict

Cognitive dissonance

Unlike other car rental agencies that are based in airports to serve travelers, Wheelz-On-Rent has a network of neighborhood offices. The firm strives to serve people who need car rentals for reasons other than vacation, such as when their own cars are being repaired. Wheelz-On-Rent caters to a small share of the large car rental market. From this description, it can be concluded that Wheelz-On-Rent most likely practices ________.

Concentrated marketing

Which of the following is most likely true about peoples' beliefs and values?

Core beliefs and values have a high degree of persistence

____ is the total combined customer lifetime values of all the company's current and potential customers

Customer equity

Which of the following best describes market segmentation?

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors

____ is the process of dividing a market into distinct groups who have different needs, characteristics, or behavior

Market segmentation

Fred's faith in Asics, his favorite brand of running shoes, makes him consider other offerings introduced by Asics. Fred is not a risk-taker, and he tends to evaluate each new product carefully before adopting it. Fred is an opinion leader in his social networking community and best described as an _____

Early adopter

The objective of _____ research is to gather preliminary information that will help define the problem and suggest hypotheses

Exploratory

Which of the following is true of a good marketing information system?

It balances the information that a firm would like to have against what they really need

Which of the following is a personal factor that influences a consumer's buying behavior?

Life-cycle stage

Consumers needs and wants are fulfilled through _____

Market Offerings

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

Market penetration