MKTG 101 Midterm

It has been Tara's dream to open a bakery, and while she has experience in making all types of baked goods, she always gets rave reviews for her hand-decorated cakes. So, rather than open a bakery that offers a wide variety of baked goods, Tara has decided to open a specialty cake shop to cater to that market only. This is an example of

Market segmentation

Your company recently sent free beauty products to a fashion Instagram blogger, who has thousands of online followers. You hope the blogger will use your products and then post pictures tagging your products on her social media page. The Instagram blogger in this case is considered a(n)

Opinion leader

Which marketing mix element is typically the easiest to change?

Price

When Hasbro comes up with an idea for a new toy, it needs to ensure that the children who play with the toy will not choke on any of its parts and that the toy in general will not be a hazard to the children who will be using it. In what stage of the new-product development process will these safety checks occur?

Product development

Stores like Cabela's, REI, and Bass Pro Shops that cater to the interests of outdoor enthusiasts' most likely use what type of segmentation strategy?

Psychographic segmentation

Your local coffee shop has recently implemented an app that allows customers to receive a free drink for every 10 drinks purchased, gives birthday rewards, and provides recommendations for new beverages to try based on prior purchasing history. This app attempts to maintain and enhance customers' connection to the coffee shop and reflects

Relationship marketing

Allstate Insurance Company's "Mayhem" campaign that portrays various devastating accidents caused by "Mr. Mayhem" appeals to which level of Maslow's hierarchy?

Safety

Colin has opened up a new sports bar/restaurant in town. He has determined that his market segments are (1) students from the nearby college campus, (2) families with small children, and (3) young adult males. Colin now has to determine which of these segments will provide him with the best opportunity to maximize sales. The process of doing this is referred to as

Targeting

Select the statement that best characterizes the B2B purchasing process.

The B2B purchasing process is more complex than the consumer decision-making process.

Luxury motors introduced a new car to its already popular sedan line. The new car sold very well in its first year, so the company was surprised to find that its overall sales volume remained about the same as did its market share. What is the likely reason for this?

The company experienced cannibalization from the new car from its existing product line.

Which set of characteristics is representative of a low-involvement purchase?

The item to be purchased is inexpensive and frequently purchased, is an item of limited risk, and requires little forethought.

Laughlin wants to join a new health club. His roommate belongs to a club that Laughlin heard about on the radio. He decides to use his roommate's free guest passes to try out the club to see if it meets his needs. What stage of the consumer adoption process does this represent?

Trial

You are looking to buy a new car and are gathering information about various models. Which source falls under the category of an internal information search?

Your past experience with the brand

Maeve's company has bought office stationery and business cards from the same printing company for five years. Recently Maeve's company moved into a bigger office down the street. She called the printing company to order new stationery with the company's updated address. This is an example of

a modified rebuy

Which information source would be considered secondary data for research on how to improve the sales of an existing product?

data from the Census Bureau website

Kaden is a realtor selling high-end homes priced over $750,000. Before showing a property to prospective clients, Kaden makes sure they are prequalified for a home loan commensurate with the price of the house. This pre-qualification is based mainly on the client's income, which is what type of segmentation variable?

demographic

An auto insurance company segmented its market by both gender and age and designed different marketing campaigns to appeal to both. In the end, both segments responded the same to the different marketing strategies, in part, because both segments are required to have auto insurance. This firm failed to understand the criteria of market segments needing to be

differentiable

Maria's firm manufactures homemade salsa. Her product is sold around the country, but she adds extra jalapenos to her product sold in Texas, New Mexico, and Arizona because those customers prefer the extra heat and spice. Maria also markets the product differently based on the region of the country where it is sold. This represents what type of targeting strategy?

differentiated

What percentage of new products fail in the marketplace?

over 80%

Anthony is looking for a health club to join. He does not care if the health club has a swimming pool, juice bar, or fitness classes, what he does care about is that the club is open late in the evening and has extensive free weights and weight-lifting machines. These attributes that Anthony considers most important are referred to as his

Evaluative criteria

Nestor is considered to be tech savvy by his friends. He is unafraid to take risks when it comes to trying new products and is always the first in his group to get the latest gizmo. What type of product adopter is Nestor?

Innovator

Why should marketers distinguish between needs and wants?

It helps them provide products that fulfill customers' wants and satisfy their underlying needs.

Which statement is a useful guideline when making ethical decisions?

It is possible to avoid ethical problems if the ethical issue is clearly identified.

In order to boost sales, the manufacturer of the soft drink 7UP embarked on a digital campaign called "Mix It UP a Little," highlighting the use of 7UP in baking, cooking and mixing cocktails. This is an example of

repositioning

It is absolutely essential that nonprofit organizations engage in marketing efforts because

successful marketing helps attract membership and much-needed funds.

After Colin opened up his new sports bar/restaurant, he determined that students from the nearby college campus will provide him with the best opportunity to maximize sales, so he is concentrating his marketing efforts on this group which will be his

target market

SuperBrite is a brand of toothpaste. In its earlier campaign, SuperBrite was advertised as an effective whitening toothpaste. However, due to declining sales, its parent company has decided to rethink its marketing strategy. In its new campaign, SuperBrite is still portrayed as whitening toothpaste, but it also features a research study where other familiar brands in the market fail to make the grade. In this campaign, SuperBrite has tried to reposition

the competition

Which factor has led to the growth of search-engine marketing?

the importance for marketers of appearing at the top of the search results page

Select the scenario that is using snowball sampling.

After Soumya completed the survey on tea preferences, she recommended her friend to the surveyor because they both liked the same brand of tea.

Which trend is accurate regarding the future of marketing?

As technology impacts the business world, firms will need to explore new models that address what customers want and how they prefer to receive information.

Which scenario best exemplifies how one's personal value system influences that person's buying behavior?

Cathy decided to buy an electric vehicle because she is concerned about the harmful effects of carbon dioxide emissions produced by gasoline fuels.

The owner of Fred's Flexible Fittings has hired a company to help him find out whether customers and potential customers would prefer to shop in his store or online. What type of research would this company be conducting?

Descriptive

You finally decide to replace your worn-out lawnmower. You look at both Lawn-Boy and Toro mowers and decide to buy the Toro mower. After returning home, you see an advertisement for the Lawn-Boy mower on sale and now are wondering if you made the right decision. This is an example of

Cognitive dissonance

While out shopping one day, Kylie and her friends visit a new restaurant in town called Tango. Kylie and her friends like the ambience, décor, as well as the food. Kylie is surprised when she finds out that the restaurant has been open for two years and neither her friends nor she knew of it until that day. At which of the following aspects of marketing has Tango failed?

Communicating value to potential customers

Analise is the owner of a professional interior design firm. She wants to know if her main rival is increasing its prices. She talked to her rival's distributors, her suppliers, and some of her customers to get this information. In doing so, Analise is engaged in

Competitive intelligence

What tool would a company use if it wants to justify how its advertising dollars are being spent or how to utilize its collection of consumer data?

Marketing analytics

Why is it important for companies to market globally?

Most of the world's population lives outside the United States.

Cathy and Roger are trained researchers. They visit restaurants posing as customers in order to assess the level of service, quality of food, and competence of the wait staff. Cathy and Roger are called

Mystery shoppers

Hewlett-Packard doesn't currently offer an e-reader in its product line. However, if the company decided to enter the market by producing an e-reader of its own, it would be classified as what type of product?

New category entry

Ace Tutors is a business that tutors high-school students who are preparing to take the SAT test as part of their college entrance requirements. Because it possesses a unique offering that is desirable to a specific market, Ace Tutors would most likely use what type of target market strategy?

Niche marketing