Marketing Principles Midterm

to design a winning marketing strategy, the marketing manager must answer two important questions, what are they?

(1) What customers will we serve (what is our target market)? (2) How can we serve these customers best (what is our value proposition)?

Need recognition includes which of the following: Internal Stimuli External Stimuli Both Neither

Both

business portfolio is a major activity in strategic planning whereby management evaluates the products and businesses that make up the company: True or False

False

competitive marketing intelligence are collections of consumer and market information obtained from data sources within the company network: True or False

False

family is the least important consumer-buying organization in society: True or False

False

marketers are not interested in the beliefs people formulate about specific products and services because these beliefs don't make up product and brand images that affect buying behavior: True or False

False

value marketing is important in segmenting people by lifestyle or life stage instead of age: True or False

False

when it comes to data collection the term observational research can be defined as trained observers watching and interacting with consumers in their "natural environments: True or False

False

Disney is taking radio-frequency identification to new levels with its cool new Magic Band (RFID wristband), This is an example of what kind of environment

Macro Environment

The R in R-W-w screening framework refers to what

Real (win, worth)

A mission statement should: not be myopic in product terms be meaningful and specific be motivating emphasize the company's strengths: True or False

True

Chipotle's decision to add drive thru service would call for marketing research that provides specific information regarding its consumer wants: True or False

True

In one way or another, most large companies sell to other organizations. Companies such as Boeing , DuPoint, IBM, Caterpillar and countless other firms sell most of their products to other businesses: True or False

True

Influencers help define specifications and help provide information for evaluating alternatives: True or False

True

a market is a set of actual and potential buyer: True or False?

True

a sample is a segment of the population selected for marketing research to represent the population as a whole: True or False

True

buying behavior differs greatly for a tube of toothpaste, a smartphone, financial services, and a new car. More complex decisions usually involve more buying participants and more buyer deliberation: True or False

True

buzz marketing involves enlisting or even creating opinion leaders to serve as "brand ambassadors" who spread the word about a company's products. Many companies are now turning everyday customers into brand evangelists: True or False

True

consumer markets are made up of all the individuals and households that buy or acquire goods or services for personal consumption : True or False

True

cultural factors exert a broad and deep influence on consumer behavior. Marketers need to understand the role played by the buyer's culture, subculture, and social class: True or False

True

culture is the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions: True or False

True

customer insights are fresh marketing information based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships: True or False

True

economic environment would be classified as macroenvironment: True or False

True

key customer insights have helped make social scrapbooking site Pinterest wildly successful with its 70 million users. In turn, more than 1.5 million brands use Pinterest to engage and inspire their customer communities: True or False

True

marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization: True or False

True

modified rebuy is a buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers: True or False

True

people differ greatly in their readiness to try new products. In each product area there are "consumption pioneers" and early adopters. Other individuals adopt new products much later: True or False

True

the cultural environment consists of institution and other forces that affect a society's basic values, perceptions, preferences, and behavior: True or flase

True

the marketing mix is comprised of a set of tools known as the four Ps: True or False?

True

Participants in the Business Buying Process include which of the following: Users Generalists Informers All of the above None of the above

Users

channel level is defined as what...

a layer of intermediaries that performs some work in bringing the product and its ownership closer to the final buy

In terms of buying behavior, the Major types of buying situations are: Straight rebuy Modified rebuy New Task All of the above none of the above

all of the above

Interpersonal factors in the business buyer behavior include: Influence expertise authority dynamics all of the above none of the above

all of the above

Which of the following would best describe the Major American Social classes that exist: Upper class Middle Class Working Class Lower Class All of the above none of the above

all of the above

ch of the following would be an example of Micro-environments: resellers physical distribution firms marketing service agencies financial institutions all of the above none of the above

all of the above

which of the following is classified as responding to the market environment: Uncontrollable Proactive reactive all of the above none of the above

all of the above

How does the book define product?

anything that can be offered in a market for attention acquisition, use, or consumption that might satisfy a need or want

define organization marketing

consists of activities undertaken to create, maintain, or change the attitudes and behaviors of target consumers towards an organization

the buying behavior of final consumers - individuals and households that buy goods and services for personal consumption is: consumer buying behavior consumer markets consumer ideas all of the above none of the above

consumer buying behavior

define unsought products

consumer products that the consumer does not know about or knows about but does not normally think of buying

according to the book, what are the 4 classified consumer products

convenience products, shopping products, specialty products, and unsought products

Research that describes marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers (who, when, how, why) is an example of which of the following: causal exploratory descriptive all of the above none of the above

descriptive

Needs are human wants that are backed by buying power: True or False?

false

customers and competitors would be classified as macroeconomics: true or false?

false

t/f? Product line consists of all the product lines and items that a particular seller offers for sale

false

t/f? products mix is a group of products that are closely related because they function in a similar manner, are sold to the same customer group, are market through the same types of outlets, or fall within given price ranges

false

data collection/research method that encompasses six to ten people, trained moderators etc would classified as which of the following: ethnographic research observational research survey method focus group

focus group

shopper marketing is defined as

focusing on the entire marketing process on turning shoppers into buyers as they approach the point of sale, whether during in store online or mobile shopping

Marketing myopia is defined as?

focusing only on existing wants and losing sight of underlying consumer needs

what is an example and rationale of a company that understands the importance of marketing offerings (the opposite of marketing myopia)

more than just a sports bar, Buffalo Wild Wings mission is to provide a total eating and social environment that "fuels the sports fan experience" through in-store and online engagement. Smart marketers orchestrate several services and products, thereby creating brand experiences for consumers.

a products ________ is the place it occupies relative to competitors' products in consumers' minds

position

what are the 4 Ps of marketing

position, price, promotion, place

L'Oréal group serves major segments of the beauty market, and within each segment it caters to many sub segments. L'Oréal targets the larger segments through its major divisions; further within these major divisions, L'Oréal markets various brands that cater to customers of different ages, incomes, and lifestyles. According to the book, this is an example of ______

positioning

product life cycle includes what 5 things

product development, introduction, growth, maturity, and decline

self service is defined as

serve customers who are willing to perform their own locate-compare-select process to save money - Walmart

cost based pricing is defined as what

setting prices based on competitors strategies, costs, prices, and market offerings

Disintermediation is defined as..

the cutting out of marketing channel intermediaries by producers or the displacement of traditional resellers by new inermediaries

customer relationship management (CRM) involves managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty: True or False

true

many companies are responding to consumer demands with more environmentally responsible products. Others are developing recyclable or biodegradable packaging, recycled materials and components, better pollution controls, and more energy-efficient operations: True of False

true

marketers look for lifestyle segments with needs that can be served through special products or marketing approaches. Such segments might be defined by anything from family characteristics or outdoor interest to pet ownership: True or False

true

marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return: True or False?

true

t/f? 5 Guys has kept a strong focus on making better quality burgers and this has earned them a loyal following of burger fans. This is an example of what the text call product quality

true

t/f? Business analysis is a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives

true

t/f? Value based pricing uses the buyers perceptions of value rather than the sellers cost

true

t/f? according to the book there are 4 types of consumer products

true

t/f? acquisition refers to the buying of a whole company, patent, or a license to produce someone elses product

true

t/f? companies sometimes shorten or skip the marketing to take advantage of fast changing market developments, as starbucks did with the hugely successful mobile app

true

t/f? if the new product satisfies the market, it will enter a growth state. The early adopters will continue to buy, and later buyers will start following their lead, especially if they hear favorable word of mouth

true

t/f? new product development refers to original products, product improvements, product modifications, and new brands developed from the firm's own research and development

true

t/f? sources of new product ideas internal and external sources

true

the mission statement is the organization's purpose; what it wants to accomplish in the larger environment: true or false

true

value delivery network is made up of the company, suppliers, distributors, and ultimately customers who partner with each other to improve performance of the entire system: True or false

true

product mix consists of what

width, depth, length, and consistency