MKT 210 EXAM

- measures the profits or other company value generated by investments in marketing activities

A marekting audit

The extent of which a product's perceived performance exceeds a buyer's expectations is called -

Customer satisfaction

Amor, a successful brand of women's clothing, recently introduced a line of fitness equipment. This is an example of ________.

Diversification

An American airline company started a grocery chain in Australia. This is an example of product development.

False

Service inseparability means that the quality of serice depends on who provides them, as well as when, where, and how they are provided

False

Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________.

Market Segment

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

Market offering

Phoenix, a popular coffee shop chain in North America, recently opened 400 stores to cater to its rapidly increasing number of patrons. This exemplifies ________.

Market penetration

When marketers at Fair and Leigh Inc. selected the Millennials, a demographic group that includes college students, as an untapped group of potential customers for their new line of products, they were engaging in

Market targeting

The marketing management philosophy that holds, that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than do competitors, is called.

Marketing Concept

Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create " abundant and affordable food for all and a healthy environment." This represents Orions

Mission Statement

Which of the following is true with regard to the same for less value proposition?

Offering the same for less can be powerful value proposition because everyone likes a good deal

- shows consumer perceptions of a company's brands versus competing products on important buying dimensions

Perceptual positioning maps

Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________.

Product development

Marketers who use ________ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals.

Psychographic segmentation

Which of the following states the products membership in a category and then shows its point of difference from other members of the category?

a vision statement

A - is a name, term, sign, symbol, design, or a combination of these, that identifies the maker or seller of a product or service

brand

- is the differential effect that knowing the brand name has on customer response to the product and its marketing

brand equity

- involves the use of a successful brand name for new or modified products in a new category

brand extension

Marketing mix planning begins with -

building an offering that brings value to target customers

the major activity in strategic planning is - whereby management evaluates the products and businesses that make up the company

business portfolio analysis

which of the following is an advantage offered by co-branding

cobranding allows a company to expand its existing brand into a category it might otherwise have difficulty entering alone

Sanguine Services is a small company that uses a marketing strategy in which its limited resources are employed to target a large share of two small market segments. Sanguine most likely uses which of the following marketing strategies?

concentrated marketing

Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is the ________, which addresses the question, "What is the buyer really buying?"

core customer value

which of the following refers to the total combined customer lifetime value of all of the company's current and potential customers?

customer equity

Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of -

customer satisfaction

- is determined by a customer's evaluation of the benefits and costs of a market offering relative to those of competing offers

customer-perceived value

FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with any other costs of using the service, they are acting upon -

customer-perceived value

When backed by buying power, wants become

demands

Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here?

demographic segmentation

GamaPix makes point-and-shoot cameras and handycams for amateur photographers and hobbyists. It also has a separate line of cameras dedicated to professional photographers. Additionally, it designs separate offers for each segment. Which of the following marketing strategies does GamaPix most likely use in this instance?

differentiated marketing

Market segmentation can be best described as the process of

dividing the market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

Which of the following stages of the PLC is characterized with the same level of slightly higher level of promotional expenditures in an attempt to respond to increasing competition?

growth

Which of the following questions is most important for product designers to consider while developing a product?

how would customers use and benefit from the product?

A segment is less attractive if -

it already contains many strong and aggressive competitors

Titan Inc., an automobile manufacturer based in Utah, recently added two new models to its existing line of sedans in order to increase profits and satisfy dealers. This is an example of ________.

line filling

An - is the set of actual and potential buyers of a product or service

market

An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of ________.

market segments

The set of marketing tools a firm uses to implement its marketing strategy is called the

marketing mix

Which stage in the PLC normally lasts longest and poses strong challenges to marketing managers?

maturity

When the size, purchasing power, and profiles of a market segment can be calculated, the market is

measurable

When it first opened stores across the United States, Bateman's, an office supply chain store, had the best product selection, the best service, and the lowest prices compared to other office supply chain stores. As a result, Bateman's captured a significant chunk of the market in the short run. Which of the following positioning strategies did Bateman's most likely use?

more for less

Alex Smith rents storage space to college students who go home for the summer but do not want to haul all of their property home and back. The business is profitable during the summer months, but when the storage space is unoccupied in the off-season, Alex loses money. Which of the following characteristics of service is most likely the source of Alex's problem?

perishability

An increasing number of retailers and wholesalers have created their own - also called store brands

private brands

Which of the following is the lowest level on which marketers can position their brands in target customers minds?

product attributes

Chronos Inc. designs and markets different brands of cycling watches. Each brand has a single unique feature: the Chronos Cosmos has a heart rate monitor, the Chronos Acumen is designed for older cyclists who prefer a large display, and the Chronos Aegis has a GPS function. Which of the following is evident here?

product differentiation

- involves adding more items within the present range of a product line

product line filling

Proton Corp. is an automobile manufacturer known for producing efficient, durable, and low-priced cars. Recently, the company launched a new range of luxury cars to broaden its market appeal and to add prestige to its existing line of cars. This is an example of ________.

product line stretching

Texas Instruments, one of the first producers of handheld calculators, put a great deal of effort into expanding production of calculators to drive down the cost and thus expand the market. This is most indicative of the - concept

production

Which of the following marketing management orientations focuses primarily on improving efficiencies along the supply chain?

production concept

Different soft drinks target different personalities. This is an example of ________ segmentation.

psychographic

An American cola-manufacturing company that primarily targets rebellious and adventurous people most likely uses ________ segmentation.

psychographic segmentation

The customers of parry's hair salon have noticed that the quality of a haircut depends on who provides it as well as when, where, and how the service is provided. Which of the following characteristics of service is evident in this instance?

service variability

The portion of the customer's purchasing that a company gets in its product categories is known as

share of customer

Erica wants to replace her old washing machine with a new one. In order to get the maximum value for her money, she plans to spend substantial time and effort in gathering information and making product comparisons before making the actual purchase. In this instance, Erica is planning to buy a ________ product.

shopping

A market segment that is large or profitable enough to serve is

substantial

once the marketer has developed the appropriate segmentation bases for analyzing the overall market potential, the next step, - , is critical because it assists in focusing the firm's limited resources on providing value to a select group of customers

targeting

- refers to a market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer

undifferentiated marekting

- are human needs that are shaped by culture and individual personality

wants

a reputed cosmetic company in new york city added new product lines in order to increase its business. in other words, it

widened its product mix