Marketing midterm

What terms are used to describe a specific mix of human traits that may be attributed to a particular brand ?

Brand personality

What are examples of convenience products

Candy

Market that consists of individuals and households that buy goods and services for personal use

Consumer

Market offerings are limited to physical products. True or false

False

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

Understanding the market place and customer needs and wants

Consumers products that the buyer either does not know about or knows about but does not normally consider buying are referred as___________ products

Unsought

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

Vision

What are social factors that influence consumer buying behavior ?

Family

What are personal factors that influences a consumer's buying behavior

Life cycle stage

What sources constitutes the internal database of a company ?

A company's sales record

What is strategic planning in a firm

Adopting the firm to the advantage of arranging marketing opportunities

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

Buzz marketing

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

Convenience

A marketing firm has been assigned the task of wat bing trend me in spending , personal income, savings and interest rates. The marketing firm is most likely gathering information about consumers

Economic situations

Marketing is primarily concerned with engaging customers and secondarily with managing profitable customer relationships . True or false

False

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

False

Distribution channel firms that help a company find customers or make sales to them

Logistics firms

demographic, economic, natural, technological, political, cultural forces form the

Macro environment

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

Market segmentation

What is the primary function of helping a company target and promote its products to the rights markets ?

Marketing service agencies

Purposeful, specifying what an organization wants to accomplish in the larger environment

Mission statement

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

Opinion leaders

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

Pruning

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

Services

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

Shopping

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 décor perfectly and purchases it immediately without engaging in comparison shopping. This is an example of

Speciality product

Marketing Intelligence

Systematic collection, monitoring and analysis of publicly available information

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

The quality of customer insights it provides

What is apart of the micro environment of a firm's marketing enviroment

The suppliers who work with the company

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

Total market

A market segment is a product of potential consumers who share a common need or want. True or false

True

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 or false

True

A role consists of the activities people are expected to perform according to the people around them.

True

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

True

An organizations mission statement should emphasize its intentions toward customers and the customer experience the organization seeks to create.

True

Subcultures are groups of people with shared value systems based on common life experiences and situations. True or false

True

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

consumers' existing wants

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 ________.

core customer value

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

market development

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

A marketing intermediary would most likely help a firm by

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

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

selective retention

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

sells off or phases out the strategic business unit

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

shopping

Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a(n) ________.

to demand

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

to exchange

What are psychographic characteristics of a consumer ?

Lifestyle

Imaginative web sites and social media allow marketers to deliver messages that are direct and personal so consumers can

Live the brand