Marketing Strategies Exam 2

Selective ______ refers to a tool that helps individuals focus on what is relevant and eliminate what is not.

Awareness

The two fundamental approaches to learning are

Conditioning and cognitive learning

An important issue for consumers is conformance, which is the product's ability to

Deliver on features and performance characteristics promised in marketing communications

The consumer decision process is an interaction of two types of forces. They are

Internal and external

Once market segments have been defined and analyzed and target markets have been selected for development, the firm must turn its attention to creating, communicating, delivering, and exchanging offerings that have value to the target markets. This process is known as ________.

Positioning

An approach using ________ analytics involves determining the optimal level of marketing-relevant factors for a specific context by considering how adjusting their levels in varying ways will impact different marketing outcomes.

Prescriptive

Materials, repairs, and operational (MO) supplies and services are generally purchased through a

Straight rebuy

When Finn applied for a mortgage, he completed an application online with all his personal information. Finn gave the mortgage company ________ data that could be used to populate a relational database or spreadsheet.

Structured

When new-to-the-world products are better versions of existing products that target, for the most part, existing customers, then these products are described as

Sustaining innovations

Which statement is TRUE about income segmentation?

There is a direct correlation between income and price preferences

________ relates to the amount of data produced, which is generally measured in bytes, given the digital media in which data is most commonly stored.

Volume

Which statement about the product life cycle timeline is accurate?

Women's fashion tends to last 2-3 selling seasons before it declines

Hideki is a marketing manager at a consumer products company. Hideki's company has started selling consumer information to other sources without informing its customers that it is doing so. This is referred to as the ________ of CRM.

dark side

In the United States, most business conversations occur between three and five feet, which is a greater distance than in Latin American cultures. This is an example of differences in

Personal space

When Benoit was asked to describe Sherry, he didn't describe her based on her age or education; rather, he talked about her easygoing manner, which reflected her

Personality

When a company only hires employees who are competent, reliable, courteous, credible, responsive, and able to communicate clearly, it achieves ________ leadership as a source of differentiation.

Personnel

When Mia wakes up in the morning, she thinks about what she would like to do that day and how she would like to feel. She is thinking about a(n) ________ state

Preferred

An approach to segmenting consumer markets is ________Blank segmentation, which relies on consumer variables such as personality and AIOs (activities, interests, and opinions) to segment a market.

Psychographic

Social class has declined as a method of segmentation as a result of ________

Readily available credit flattening the classes

When products like cell phones are promoted as a safety device for working women and moms, this demonstrates that one way to find "new" markets is to

Reposition the existing products targeting different customer segments

Any influence on the product and supplier choice is an organizational factor. The primary organizational factor is

Risk tolerance

________ data contains some elements of structure that make it easier for machines to understand its organization, but still contains parts that do not possess an appropriate level of structure to make them readily analyzable by automated means for knowledge creation.

Semi-structured

When Dave and Bryon remodeled their kitchen, their contractor told them to pick out a refrigerator, dishwasher, and oven. These are examples of ________ goods.

Shopping

Narcissa bought her dress for the recital because it was a designer gown and she felt important wearing it, and she needed that confidence before performing. This represents the importance of the ______ aspect of a product

Symbolic performance

Which statement is TRUE about government purchases?

The U.S. government is the single largest buyer of goods and services in the world

HerboLux, a company that sells herbal soaps, has failed to increase its sales, as consumers could not understand how soaps made by HerboLux were different or better than other herbal soaps available in the market. In this scenario, HerboLux is suffering from the positioning error of ________.

Underpositioning

Fred felt that if he could "get into the head" of his potential customers by tapping into their experiences, he could find a way to entice more of them to use his product. What psychographic segmentation measure could he use to accomplish this?

VALS

________ relates to the frequency at which data is generated over time and the speed at which it can and should be analyzed and used.

Velocity

The nature of B2B markets requires

a more personal relationship between the buyer and seller than in B2C markets.

If a low-risk marketing program has a return on marketing investment (ROMI) of 4.0, this means that any marketing program must generate at a minimum $4.00 in revenue for every ________ in marketing expenditure.

$1

Segmentation by ________ focuses on why people buy what they buy.

Benefits sought

________ refers to the ever-increasing quantity and complexity of data that is continuously being produced by various technological sources.

Big data

American credit card companies would like to offer their services to people in Angola. However, they are finding it difficult because of language barriers and infrastructure challenges. These issues are related to which question about market segmentation?

Can the segment be reached in order to deliver the value of the product, and subsequently can it be effectively and efficiently managed?

During the evaluation stage of the product adoption process, consumers

Combine all information and assess the product for trial purchase

Internal sources of generating product ideas include

Company salespeople

Market testing of a new product can take a long time, and this can result in

Competitors being able to develop marketing strategies to counter a product launch

Electronic data interchange (EDI) allows

Computers to fulfill the functions of a buying center on a virtual network.

________Blank is an analytic method that identifies which products or services to recommend based on a determination of how similar a product or service seems to be to those that the customer has demonstrated a preference for in the past, or is currently considering.

Content filtering

Starbucks has placed stores every few blocks all over the city, which makes it difficult for the competition to get a foothold. Starbucks is focusing on ________ leadership as a source of differentiation.

Convenience

What is one of the three major objectives of customer relationship management?

Customer acquisition Customer retention Customer profitability

Which of the six key sources of Big Data is being used when a company collects Big Data on customers in order to sell it to other organizations?

Data from commercial entities

The relationship between consumer demand for products and demand for B2B products is known as ______ demand.

Derived

In the context of criteria used to prioritize product ideas, time to market refers to the time taken to

Develop and get the product to market

More than any other product discriminator, style offers the advantage to a company of being

Difficult for competition to copy

Many organizations are too small to have the resources for a national sales force to help discover new product ideas. As a consequence, they often use ________ as a link between the customer and company.

Distributors

Offering credit cards to high school seniors is an example of ________ segmentation.

Educational

The ________ product extends the core product to include additional features, designs, and innovations that exceed customer expectations.

Enhanced

Primary target markets differ from secondary and tertiary target markets by the ________.

Expected level of ROI derived from the market

Taking a dashboard approach to marketing metrics goes a long way toward enabling successful marketing planning. However, several potential pitfalls exist in its execution, such as

Forgetting to market the dashboard internally

The first step in the new product development process is to

Generate new product ideas

A marketing manager using the database called PRIZM is interested in ________ segmentation.

Geodemographic

When a company solicits RFPs from suppliers with an open vendor search, the goal is to

Get several proposals to help with negotiations

Age is a commonly used method of segmentation. Age alone, however, may be dangerous because ________.

Grouping customers into one group is an approach that fails to consider the vast differences in other important variables

The primary difference between selling to the profit-oriented market and the nonprofit market is that nonprofits

Have a limited number of resources compared to their for-profit counterparts

When marketing managers ask questions like What has the category done in the past? and Where has the product been? they are focusing on

Historical trends

When your boss, Fernando, says that you need a ROMI of 5.0, he is describing the ________ for the marketing investment.

Hurdle rate

________ are product enthusiasts who enjoy being the first to try and master a new product.

Innovators

Which statement about repositioning is accurate?

It involves understanding the marketing mix approach necessary to change consumer perceptions of the product.

Which criterion for market segmentation is least likely to enable successful segmentation?

It should be undifferentiated

An individual moves through five stages before adopting a product. During the awareness stage, consumers

Know of the product but have insufficient information to become a dependable user

Among the five groups of adopters, product avoiders who want to evade adoption as long as possible are known as

Laggards

In addition to culture, the text discusses three factors that are particularly relevant in consumer behavior. They are

Language, values, and nonverbal communications

________ include a set of methods facilitated by technology that utilize individual-level and market-level data to identify and communicate meaningful patterns within the data for the purpose of improving marketing-related decisions.

Marketing analytics

Big Data from ________, such as Target Circle, can be used to assist customers in finding in-store deals and provides opportunities for retailers to maximize the value of in-store shopping experiences.

Mobile apps

Attitudes are learned or at least influenced by

New information

Customers view new products much differently than companies view them. Customers care only if a product is

New to them

Netflix uses an algorithm that "learns" a customer's preferences so it can recommend content in a customized fashion. This illustrates ________.

One-to-one

NewTech Inc. is a manufacturer of PCs, and most of its revenue is generated by selling PCs to consumers. However, the company is struggling to gain new customers for its other product lines such as tablets and smartphones because they see it as only a computer company. In this scenario, NewTech is suffering from the error of ________.

Overpositioning

The ________ phase of the customer relationship management process is where organizational learning occurs based on customer response to the implemented strategies and programs.

analysis and refinement

Information can be misunderstood or made to fit existing beliefs, a process known as selective

awareness

Redefining the selling role within the firm to focus on customer business consultation and solutions is one way that CRM

facilitates a customer-centric culture

The fashion apparel and skin care industries are candidates for ________ products that appeal to those who do not fit the traditional binary definitions of male and female.

gender-bending

A dashboard creates transparency in marketing's goals, operations, and performance. This, in turn,

increases marketing's perceived credibility and trust by others

In some cases, a marketing dashboard can overly rely on ________, putting the focus on what you already know.

inside-out measurement

A product ________Blank is a group of products linked through usage, customer profile, price points, and distribution channels.

line

Organizations communicate one or more sources of value to customers in a way that the customer can easily make the connection between his or her needs and wants and what the product has to offer. Execution of this approach is referred to as a firm's ________ strategy.

positioning

The failure of Apple Newton, the first PDA, highlights the fact that

the best product technically is not always the most successful product

Customer satisfaction is defined as

the level at which the offering meets or exceeds a customer's expectations