MKT

True or false: People are not all the same, so satisfying some customers means necessarily alienating others.

False

When backed by buying power, wants become needs.

False

When sellers pay less attention to the specific products they offer and more attention to the benefits and experiences produced by these products, they suffer from marketing myopia.

False

Which of the following is true of strategic planning in a firm?

It deals with adapting the firm to take advantage of changing marketing opportunities.

Under Armour increasing its advertising spending and offering an ever-increasing range of styles and colors in its original apparel line is an example of a ________ strategy.

Market penetration

________ refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.

Market targeting

Which of the following is the most financially strapped generation in the post-recession era?

Millenial

________ marketing is perhaps the fastest-growing marketing platform.

Mobile

Which of the following is true of perceptual positioning maps?

They are used to analyze consumer perceptions of a brand relative to competing products

SBUs identified as cash cows need less investment than stars.

True

The product-market expansion grid, like the BCG matrix, is used to identify growth opportunities.

True

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.

Value proposition

JetBlue's promise to put "You Above All" by "bringing humanity back to travel" is their ________.

Value proposition

________ are the form human needs take as they are shaped by culture and individual personality.

Wants

Suppliers and resellers can update their accounts, arrange purchases, and check orders against inventories through ________.

a company's extranet

Which of the following is NOT considered a factor influencing consumer buying behavior?

a) Family b) Economic situation c) Culture d) Beliefs and attitudes [e) all of these ARE influences] e

Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Hammond's purpose?

competitive marketing intelligence

Which of the following is not considered a source of competitive intelligence?

competitors' internal databases

__________ consists of fresh marketing information-based understandings of customers and the marketplace which become the basis for creating customer value, engagement, and relationships.

customer insights

Personal sources of information normally inform the buyer, but commercial sources legitimize or evaluate products for the buyer.

false

Secondary data consist of information collected for the specific purpose at hand.

false

The wording and ordering of questions is not an important consideration in survey design.

false

Tom usually buys new devices such as PDAs, DVRs, and MP3 players only after his friends and family start owning these devices. In this case, Tom is an innovator.

false

Which of the following is a social factor that influences consumer buying behavior?

family

Which of the following is most likely categorized as a business market?

firms that buy goods and services for further processing

Which generational group consists of the kid, teen, and tween markets?

generation z

__________ are high growth, high share businesses or products in a company's business or product portfolio.

stars

Which of the following is most likely the final stage of the business buying decision process?

supplier performance review

A __________ is a set of buyers sharing common needs or characteristics that a company decides to serve.

target market

Causal research is used to ________.

test hypotheses about cause-and-effect relationships

Which of the following transforms marketing strategies into real values for consumers?

the four Ps of marketing

Which of the following is an approach where firms target a whole market based on common consumer needs?

undifferentiated marketing

Shampoo marketers segment buyers as light, medium, or heavy product users. This is an example of ________ segmentation.

usage rate

________ is a set of benefits or values a company promises to deliver to consumers to satisfy their needs.

value proposition

Business markets differ from consumer markets in which of the following?

All of the above are differences

Which of the following is most likely true about people's beliefs and values?

Core beliefs and values have a high degree of persistence.

"At CL Online, we create customer connectivity, anytime, anywhere" is a product-oriented mission statement.

False

Holiday Inn divided the total customer market into smaller segments and selected the most promising segments. Deciding what position it wants to occupy in these segments is called diversification.

False

In the marketing mix, product refers to activities that communicate the merits of a product and persuade target customers to buy it.

False

Market segments that can be effectively reached and served are said to be ________.

accessible

Jessie is an opinion leader and likes adopting new ideas. Based on this opinion, most likely Jessie is:

an early adopter

Business portfolio analysis is defined as the process in which management ________.

assesses the attractiveness of an SBU's market and the strength of its position in the market

Stew Leonard's has created what has been the "Disneyland of Dairy Stores," complete with costumed characters, scheduled entertainment, and a petting zoo. It's built 30 additions onto the original store, which now serves more than 300,000 customers each week. This legion of loyal shoppers is largely a result of the store's passionate approach to customer service. Instead of focusing on individual transactions, Stew and his staff are putting a priority on ________.

capturing customer lifetime value

P&G "Tide Loads of Hope" program provides mobile laundromats and loads of clean laundry to families in disaster-stricken areas. This is an example of ________ marketing.

cause-related

________ is the degree to which the results of using an innovation can be observed or described to others.

communicability

What is NOT one of the major forces of the macroenvironment.

company

Electric cars are not considerably different or difficult to drive relative to gas-powered cars. However, this is not aligned with the perceptions or conceptual concerns held by the public about the new technology. This will likely slow the adoption rate due to the ________ of the innovation.

complexity

The selling concept holds that ________.

consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts

A child in the United States is exposed to many values including achievement and success, freedom, individualism, hard work, and material comfort. These are symbolic of American ________.

culture

When possible, you should start with your ____________ and define your company, strategy, and offerings around that.

customer demands

________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

demography

Effective positioning begins with strong __________.

differentiation

In the Lego case study, they embedded researchers with families to observe the children at play with their products. This would be an example of __________ research.

ethnographic

In most marketing research projects, what type of research is conducted first?

exploratory

What type of research is to gather preliminary information that will help define the problem and form hypotheses?

exploratory

Amazon offers a variety of products so that it can increase its "share of wallet" of its existing customers. This is an attempt to________.

increase internal service

The town of Genter recently witnessed a devastating hurricane that crippled the town's infrastructure. Q-Mart, a retail chain that plans to open a new retail store in Genter, organizes a program to help the people of Genter. The program consists of providing free meals to those who lost their dwellings in the hurricane. What section of the marketing microenvironment is Q-Mart most likely trying to reach?

local publics

Which of the following is generally considered the least risky strategy?

market penetration

The ________is a philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

marketing concept

__________ refers to measuring and evaluating the results of marketing strategies and plans.

marketing control

Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and service in comparison to cheaper alternatives available in the market. In this case, Rad offers a(n) ________ value proposition.

more-for-more

In a SWOT analysis, which of the following would be considered a weakness of a company?

obsolete technologies used by the company

A marketer wants to sell ice cream. She decides to segment the market into the categories of 1) Birthdays 2) Weddings 3) Night snacks 4) Fairs/concerts/theme parks 5) Hot days. This is an example of___________.

occasion-based segmentation

Which of the following is a structured method of online research where marketers require direct responses from customers?

online surveys

In a SWOT analysis, ________ refer to favorable factors or trends in the external environment that a company may be able to exploit to its advantage.

opportunities

rgonaut Food Stores, a retail giant, hires better-skilled employees than its competitors by employing strategic recruitment practices. It also conducts highly specialized training programs for its employees. In this case, Argonaut has focused on gaining a strong competitive advantage through ________ differentiation.

people

________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

positioning

The media is an example of a __________ in the microenvironment.

public

Most college students desire the newest iPhone. Unfortunately, very few can afford them. This suggests there is insufficient:

requirement

Which of the following is NOT a part of the marketing mix?

segmentation

________ means that consumers are likely to remember good points made about a brand they favor and forget the good points made about competing brands

selective retention

Which of the following needs in Maslow's hierarchy is generally satisfied last?

self-actualization

Business and consumer marketers use many of the same variables to segment their markets.

true

In vendor-managed inventory, buyers share sales information directly with key suppliers.

true

Individual interviews cost three to four times as much as telephone interviews.

true

Marketers have a better chance of taking advantage of a person's secondary beliefs than his or her core beliefs.

true

Marketing research is the systematic design, collection, analysis, and reporting of data directly relevant to a specific marketing situation facing an organization.

true

Multivariable segmentation systems merge and analyze geographic, demographic, lifestyle, and behavioral data to help companies segment their markets.

true

Not all companies that use income segmentation target the affluent.

true

The Federal Trade Commission enforces laws that prevent unfair competition in business.

true

Value marketing has become the watchword for many marketers

true

According to the five-step model of the marketing process, the first step in marketing is ________.

understanding the marketplace and customer needs and wants