MARKETING TEST 1 STUDY GUIDE

________ refers to the stage of the business buying process in which the buyer tries to find the best vendors.

Supplier search

Which of these government entities monitors and remedies unfair trade methods?

The Federal Trade Commission

What is a stratified random sample?

The population is divided in to groups, then a random sample is chosen from each group

What is an external negative on SWOT analysis?

Threat- current and emerging external factors that my challenge the companies performance

True or false: A clear mission statement acts as an "invisible hand" that guides people in the organization

True

True or false: Marketing insights result from better marketing information, not necessarily more information

True

What is an internal negative on the SWOT analysis?

Weaknesses-internal limitations that may interfere with a companies ability to achieve its objectives

Example of a non-traditional family

a family with same-sex parents

________ is a description of the organization's purpose-what it wants to accomplish in the larger environment.

a mission statement

A(n) ________ is a person's relatively consistent evaluations, feelings, and tendencies toward an object or idea.

attitude

Harley-Davidson promotes its motorcycles with images of independence, freedom, and power. Harley-Davidson has created a ________.

brand personality

Business buyer behavior refers to the ________.

buying behavior of the organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others

The economic environment consists of economic factors that affect ________.

consumer purchasing power

What is an example of a non-probability sample?

convenience sample

True or False: Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs is known as market penetration.

false

Stephens Inc. provides the firm with a short-term line of credit because most of the firm's sales are seasonal. Stephens Inc. is a ________.

financial intermediary

In the car market, there are consumers who want the biggest, most comfortable car regardless of price. This shared response based on shared needs of customers constitutes a(n) ________.

market segment

Define marketing

marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others

What is a non-probability sample?

selecting from a population that involves using a subjective method

People cannot focus on all of the stimuli that surround them each day. A person's tendency to screen out most of the information to which he is exposed is called

selective attention

In the BCG matrix approach, high-growth, high-share businesses or products are called ________.

stars

What is a cluster sample?

the population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview

Quota sample

the researcher finds and interviews a prescribed number of people in each of several categories

What is a convenience sample?

the researcher selects the easiest population members from which to obtain information

What is a judgement sample?

the researcher uses his or her judgement to select population members who are good prospects for accurate information

What is brand personality? list the 5 traits

the specific mix of human traits that may be attributed to a particular brand. The 5 traits are sincerity, excitement, competence, sophistication, and ruggedness. Example, FORD F150 would be ruggedness

What is the aim of marketing?

to make selling unnecessary

What are the steps to the marketing process?

1. understand the marketplace and customer needs and wants 2. design a customer value-driven marketing strategy 3. construct an integrate marketing mix that delivers superior value 4. engage customers, build profitable relationships, and create customer delight 5. capture value from customers

What percentage of the overall population consists of baby boomers if there are 81 million baby boomers and the U.S. population is 310 million?

26.13%

A group of consumers who are expected to respond in a similar way to a given set of marketing efforts is a ________.

market segment

What is BCG and what are the 4 quadrants?

BCG is the Boston consulting group, which is a leading management consulting group. Stars are high-growth, high-share products Cash cows are low-growth, high-share businesses Question marks are low-share units in high-share markets Dogs are low-growth, low-share businesses

Seth Hoffman's chain of travel agencies has identified the lesbian, gay, bisexual, and transgender community as a growing market that spends an increasing percentage of its income on travel. Which of the following would be the LEAST effective component of a marketing plan for Seth to take advantage of this opportunity? A. develop a presence on LGBTQ+-oriented social networking sites B. position his agency as focused on specialized experiences C. implement a mass marketing campaign (e.g. super bowl advertisement) D. place specially-target ads in LGBTQ+

C. Implement a mass marketing campaign (ex. Super bowl advertising)

Which of the following is not an accurate description of modern marketing? A. Marketing is the creation of value for customers B. Marketing involves managing profitable customer relationships C. Marketing emphasizes selling and advertising exclusively D. Marketing involves satisfying customers' needs E. Marketing is building value-laden exchange relationships with customers

C. Marketing emphasizes selling and advertising exclusively

The selling concept holds that consumers will favor high-quality products with the most features.

False

True or false: When selling ingredients to a food manufacturer, "tastes better" and "better for you" are always winning strategies

False

When sellers focus on existing needs and lose sight of underlying customer wants, they suffer from marketing myopia

False, marketing myopia is when the seller pays to much attention to the product, and not what the customer thinks

What is an external positive on the SWOT analysis?

Opportunity- external factors that the company may be able to exploit to its advantage

What are the 4 p's of marketing?

Price, product, promotion, place

What is an internal positive on the SWOT analysis?

Strength- internal capabilities that may help a company reach its objectives

Venus Williams now has the buying power to purchase an island in the Bahamas that she has wanted for several years. Venus's want is now a(n) ________.

demand

Jeremy's, a handbag manufacturer in Lower Manhattan, procures a large stock of leather in anticipation of brisk sales of handbags during December. This is an example of a(n) ________ demand.

derived

Starbucks Reserve brand, with Starbucks Reserve Roasteries and Starbucks Reserve Bars features high-end immersive experiences. Within its Starbucks Reserve locations, the company is opening Princi Bakery and Café shops, offering artisan Italian food- from fresh-baked bread and pastries to flaky cornetti to focaccia sandwiches-based on the recipes of famed Italian baker Rocco Princi. Starbucks is also experimenting with stand-alone boutique Princi bakery stores, taking the company beyond coffee and snack shops. This is an example of ________.

diversification

What is a probability sample?

each population member has a known chance of being included in the sample and researchers can calculate confidence limits for sampling error

In a simple random sample, ________.

every member of the population has a known and equal chance of selection

What is a simple random sample?

every member of the population has a known and equal chance of selection

The objective of this is to gather preliminary information that will help further define the research problems and suggest hypotheses.

exploratory research

Marketers have a difficult time understanding "when" consumers buy.

false

The term big data refers to the ________ generated by today's sophisticated information generation, collection, storage, and analysis technologies.

huge and complex data sets

The buying center usually includes many participants who influence each other, so ________ also influence the business buying process.

interpersonal factors

Which category do you think the COVID-19 pandemic should fit into?

macroenvironment

The COVID-19 pandemic dramatically changed how business buyers and sellers meet, interact, and make decisions. Work-from-home regimens and other social-distancing measures "forced B-to-B buyers and sellers to go digital in a massive way." This example shows that ________.

major environmental disruptions influence business buyers

According to management guru Peter Drucker, "The aim of marketing is to ________."

make selling unnecessary

Funco Inc., a toy manufacturer, sold plastic racing cars that were manufactured with toxic materials, which threatened the health of several children. Which purpose of government regulation to protect consumers is involved?

making shoddy products

A ________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.

market offering

Firm ABC's marketing team is convinced their primary products are superior to their competitors but their sales are declining. A consulting firm tells Firm ABC that they need to focus more on the benefits and experiences provided to the firm's customers and focus less on the specific products. What does Firm ABC appear to suffer from?

marketing myopia

What is descriptive research?

marketing research to better describe the market and consumer characteristics, such as the market potential for a product or the demographics of attitudes of consumers who buy the product

What is exploratory research?

marketing research to gather preliminary information that will help define problems and suggest hypotheses

What is causal research?

marketing research to test hypotheses about cause and effect relationships

What is the goal of a SWOT analysis?

match the company's strengths to attractive opportunities in the environment, while eliminating or overcoming weaknesses and minimizing the threats

A particular automobile company works to keep its customers happy after each sale. The company's goal is to delight each one of them in order to increase their customer lifetime value. Which of the following steps of the buyer decision process does the company exemplify?

postpurchase behavior

The real value of marketing research lies in the customer insights that it provides.

true

The starting point of understanding how consumers respond to various marketing efforts is called the stimulus-response model of buyer behavior.

true

________ are human needs that are shaped by culture and individual personality.

wants

Companies can research many aspects of buying decisions. However, the one that is the most difficult to identify is ________.

why they buy

A good marketing information ecosystem balances the information users ________ to have against what they ________ and what is ________ to offer.

would like; need; feasible