MKT 3323 Chapter 1 Practice Quiz & Exam (Exam 1)

Which of the following is not part of the model of marketing strategy and consumer behavior presented in the text? a. cash flow analysis b. market analysis c. market segmentation d. consumer decision process e. all of these are part of the model

a. cash flow analysis

__________ is everything the consumer must surrender in order to receive the benefits of owning/using the product. a. consumer cost b. opportunity cost c. value d. price e. value proposition

a. consumer cost

Tony's job entails making sure his company's products get to retailers so that target customers can buy them. Which element of the marketing mix is Tony involved with? a. distribution b. communications c. placement d. price e. product

a. distribution

__________ is the amount of money one must pay to obtain the right to use the product. a. price b. consumer cost c. valaue d. customer value e. total cost

a. price

Injurious consumption occurs when a. a product is introduced that does not meet consumer needs. b. individuals make consumption decisions that have a negative impact on their long-run well being. c. a firm advertises benefits that the product cannot deliver. d. consumers purchase products for symbolic rather than functional reasons. e. All of these choices are correct.

b. individuals make consumption decisions that have a negative impact on their long-run well being.

Karen was at the checkout at the grocery store and remembered that she was out of chewing gum that she normally likes to keep in her purse. Without much thought, she grabbed two packages of the gum she likes. What type of consumer decision does this illustrate? a. primary decision b. low-involvement decision c. top-of-mind decision d. self-related decision e. automatic decision

b. low-involvement decision

Kate Spade is a brand of clothing, accessories, and home products. Brand managers at this company are trying to learn which internal influences impact their customers' needs and desires most. Which of the following is a possible internal influence these managers should examine? a. family b. personality c. social status d. culture

b. personality

Which of the following is not included in marketing communications? a. packaging b. price c. public relations d. All are included e. advertising

b. price

Which of the following is a societal outcome of marketing strategy and consumer behavior? a. sales b. social welfare c. product position d. customer satisfaction e. need satisfaction

b. social welfare

J&J Produce is a distributor of fresh produce. They conducted a thorough analysis of its market and identified groups of consumers that had similar product-related needs. One particular market identified wanted fresh and unique produce, such as Swiss chard, radicchio, and exotic fruits, and they were willing to pay higher prices for these choices. J&J Produce decided to focus its marketing effort on this segment of the total market. This segment is J&J's a. market focus b. target market c. need set d. primary market e. customer set

b. target market

Customer value is a. the cost of your product divided by the cost of the best competitor. b. the difference between all the benefits derived from a total product and all the costs of securing those benefits. c. the current cost of a product relative to its normal or average cost. d. all the benefits a customer receives from a product. e. All of these choices are correct.

b. the difference between all the benefits derived from a total product and all the costs of securing those benefits

_________ occurs when individuals or groups make consumption decisions that have negative consequence for their long-run well-being. a. Disenfranchisement b. Demarketing c. Injurious consumption d. Disintermediation e. Conspicuous consumption

c. Injurious consumption

Which of the following is a component of a market analysis? a. market segmentation b. objectives c. conditions d. price e. all of these are correct

c. conditions

It is critical that a firm consider value from which perspective? a. government's b. industry's c. customer's d. firm's e. competition's

c. customer's

Which element of the marketing mix is concerned with having the product available where target customers can buy it? a. product b. communications c. distribution d. placement e. price

c. distribution

A holiday shopper who cares about efficiency and stress reduction is known as a(n) __________ shopper. a. steady b. last minute c. early bird d. reluctant e. black friday

c. early bird

Thomas wants to gain a usable understanding of consumer behavior in order to help him become a more effective marketing manager. Which application of consumer behavior does this represent? a. informed consumers b. resource management c. marketing strategy d. social marketing e. regulatory policy

c. marketing strategy

Which of the following is not considered one of the firm's outcomes of the marketing strategy and consumer behavior process? a. product position b. customer satisfaction c. service d. sales and profits e. all of these are outcomes

c. service

One primary function of Harriet's job is to study individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of her company's products and services to satisfy needs and the impacts that these processes have on the consumer and society. Harriet works in the field of __________. a. social psych b. organizational behavior c. cognitive psych d. consumer behavior e. management

d. consumer behavior

Timothy and his wife are considering the purchase of a new car. In addition to the price, they are also considering the cost of insurance, gasoline, maintenance, finance charges, and license fees. All of these factors combined represent the a. opportunity cost b. value c. value proposition d. consumer cost e. price

d. consumer cost

Which type of decisions involve very little effort or thought on the part of the consumer? a. automatic decisions b. self-related decisions c. primary decisions d. low-involvement decisions e. top-of-mind decisions

d. low-involvement decisions

Which is not an external influence on consumer behavior? a. culture b. family c. marketing activities d. perception e. social status

d. perception

A(n) __________ is anything a consumer acquires or might acquire to meet a perceived need. a. value proposition b. outcome c. satisfier d. product e. end state

d. product

Which outcome of marketing strategy produces the revenue necessary for the firm to continue in business? a. product position b. consumption c. customer satisfaction d. sales and profits e. social welfare

d. sales and profits

Juan has segmented the market for boats and is currently analyzing each with respect to several factors, such as size, growth rate, competitor strength, fit with company image, distribution available, cost to serve, and risk before deciding which segment to target. Which step of market segmentation is Juan conducting? a. describing each group b. grouping customer with similar need sets c. identifying product-related need sets d. selecting an attractive segment(s) to serve e. profiling current customers

d. selecting an attractive segment(s) to serve

The totality of an individual's thoughts and feelings about him- or herself is known as a. internal influences. b. consumption outcomes. c. lifestyle. d. self-concept. e. external influences.

d. self-concept.

_________ is the application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole. a. ethical market b. proactive marketing c. consumer behavior d. social marketing e. regulation

d. social marketing

To survive in a competitive environment, an organization must provide its target customers more __________ than is provided to them by its competition. a. attention b. service c. product d. value e. feedback

d. value

Which of the following is not a critical question for developing marketing communications? a. Who do we want to communicate with? b. What effect do we want to have? c. What message will achieve the desired result? d. What media should we use? e. All of these choices are critical questions.

e. All of these choices are critical questions.

Which of the following is used by firms to influence consumers? a. ads b. packages c. store environments d. sales pitches e. all are correct

e. all are correct

Which of the following are applications of consumer behavior? a. marketing strategy b. regulatory policy c. informed individuals d. a and c e. all of these

e. all of these

Which of the following is part of the marketing mix? a. product b. price c. communications d. distribution e. all of these choices are correct

e. all of these are correct

Consumer decisions often involve several steps which are influenced by elements such as a. lifestyle b. demographics c. cultural values d. lifestyle and demographics e. all of these choices are correct

e. all of these choices are correct

Selecting a target market involves all of the following steps except a. grouping customers with similar need sets. b. selecting an attractive group to target. c. describing each group. d. identifying product-related need sets. e. all of these choices are involved.

e. all of these choices are involved.

Marketing strategy begins with a. market segmentation b. conducting an outcomes assessment c. targeting d. objective setting e. conducting a market analysis

e. conducting a market analysis

__________ is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society. a. marketing b. psychographics c. demographics d. psych e. consumer behavior

e. consumer behavior

Most economically developed societies are legitimately referred to as __________ societies. a. marketing b. proactive c. competitive d. enhanced e. consumption

e. consumption

Laurie saved for six months to have enough money to buy a new designer outfit to wear to a special party. She had to travel to a larger city to purchase this outfit, but it was worth it to her because it made her feel beautiful and confident. The difference between the benefits Laurie perceived from this purchase and the cost to her to acquire these benefits describes her a. motivation b. equity difference c. consumer behavior d. perceptual field e. customer value

e. customer value

Carlos is attempting to segment the market for his company's products. Where should he begin? a. select an attractive segment(s) to serve b. set objectives c. group customers with similar need sets d. describe each group e. identify product-related need sets

e. identify product-related need sets

_________ represents how one lives, including the products one buys, how one uses them, what one thinks about them, and how one feels about them. a. self-concept b. position c. status d. social class e. lifestyle

e. lifestyle

A portion of a larger market whose needs differ somewhat from the larger market is referred to as a(n) a. subgroup b. niche c. ancillary market d. secondary market e. market segment

e. market segment

As part of developing your company's marketing strategy, you are tasked with analyzing the new-product capabilities, channel strength, advertising abilities, service capabilities, marketing research abilities, and market and consumer knowledge. Which aspect of your company's capabilities are you assessing? a. financial strength b. general managerial skills c. production capabilities d. reputation e. marketing skills

e. marketing skills

What is the last step in market segmentation? a. deciding the segmenting scheme b. describing each group c. grouping customers with similar need sets d. identifying product-related need sets e. selecting an attractive segment(s) to serve

e. selecting an attractive segment(s) to serve

Which is not a step in the consumer's decision process? a. alternative evaluation and selection b. postpurchase processes c. problem recognition d. information search e. self-concept analysis

e. self-concept analysis

Which of the following is not a step in market segmentation? a. group customers with similar need sets b. describe each group c. identify product-related need sets d. select an attractive segment(s) to serve e. set budget

e. set budget

T/F: Marketing decisions and regulations are based on exact knowledge of consumer behavior.

false (Marketing decisions based on explicit consumer behavior theory, assumptions, and research are more likely to be successful than those based on hunches or intuition.)

T/F: Self-concept is a major step in the consumer's decision process.

false (Most consumer purchases are influenced by the purchaser's current and desired lifestyle)

T/F: Most economically developed societies are legitimately referred to as marketing societies.

false (Most economically developed societies are legitimately referred to as consumption societies)

T/F: Marketing strategy ends with conducting a market analysis.

false (beings with conducting a market analysis)

T/F: Holiday shoppers who primarily care about time savings are known as Black Friday shoppers.

false (known as last minute shoppers)

T/F: The first step in the consumer decision process is budget setting.

false (problem recognition is the first step)

T/F: Product features, price, communications, distribution, and services together are often referred to as customer value.

false (referred to as total product)

T/F: Economically developed societies are often referred to as marketing societies.

false (reffered to as consumption societies)

T/F: The term used to reflect the fact that most products in developed economies satisfy more than one need is customer value.

false (term is need set)

T/F: A segment is a portion of a larger market whose needs differ somewhat from the larger market.

true

T/F: A target market is that segment(s) of the larger market on which a company will focus its marketing effort.

true

T/F: Consumer behavior is a complex, multidimensional process.

true

T/F: Consumer behavior is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experience, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.

true

T/F: It is critical that a firm consider value from the customer's perspective.

true

T/F: Lifestyle is the totality of an individual's thoughts and feelings about him- or herself.

true

T/F: One of the elements marketers use in their evaluation of the attractiveness of various segments is the segment size.

true

T/F: Tracking consumers' online activity and sending them specific banner ads based on that activity is known as behavioral targeting.

true

T/F: Two key processes involved in need satisfaction are the actual need fulfillment and the perceived need fulfillment.

true

T/F: the marketing mix is the framework of a company's marketing strategy

true