MKTG 3104 Connect Quiz Questions

In the new-product development process, the _____ stage assesses the total "fit" of the proposed new product with the company's mission and objectives- from whether the product or service can be economically produced to the marketing strategy needed to have it succeed in the marketplace.

Business analysis

Types of Consumer Products

-Convenience Products -Shopping Products -Specialty Products

What is Marketing?

-Two parties with Unsatisfied Needs -Desire and Ability to Be Satisfied -Way for Parties to Communicate -Something to Exchange

Largest region measured by world trade

Asia

Which of the following most directly impacted the legal concept of caveat emptor in the United States?

Consumer Bill of Rights

Mining companies and legal services are examples of

Industrial Markets

______ is the marketing of products and services to companies, governments, or notprofit organizations for use in the creation of products they can produce and market to others.

Business-to-business

Potential buyers within a market segment should be

Similar in terms of the product features sought

Workplaces that encourage practices such as mindfulness, personal well-being, and bring your pet to work" days are responding to which environmental force?

Social

Uncontrollable Factors

Social Competitive Economic Regulatory Technological

______ often assist companies and their employees with ethical issues by formally addressing contributions to government officials and political parties, customer and supplier relations, conflicts of interest, and accurate recordkeeping

Codes of ethics

In marketing decision, _____ are likely to be restrictions on the time and money available to solve the problems.

Constraints

Which groups does a firm exhibiting stakeholder responsibility primarily serve?

Consumers, employees, and suppliers

A firm's special capabilities, like skills, technologies, or resources that distinguish it from other organizations and provide customer value are referred to as?

Core competencies

Name a criterion used to select a target market segment?

Costs of reaching the segment.

The internal response that customers have to all aspects of an organization and its offerings based on direct and indirect contacts is referred to as

Customer experience

MegaJoule Storage Inc. created a(n) ____ that states that if "offers grid level energy storage systems that significantly reduce utility costs for commercial and industrial electricity users. It does so by shaving peak electricity demand and shifting consumption of electricity from the grid to lower-cost-off-peak periods."

Customer value proposition

Kia Motor's 10-yr, 100,000 mile warranty is most effective at

Decreasing personal risk

Marketing research is the process of ____ systematically collecting and analyzing information, and recommending actions.

Defining a marketing problem and opportunity

What should a marketer do once he or she has grouped both potential buyers and products to be sold?

Develop a market-product grid and estimate size of markets.

Google's driverless car is an extreme example of the complexity of which step of the new-product process

Development

When McDonald's introduced its low-fat McLean Deluxe Hamburger, it used ____ to avoid direct competition with Wendy's and Burger King

Differentiation Positioning

The goal of marketing is to both ____ the needs of prospective customers.

Discover and satisfy

When you begin first job, you have monthly income of $3500. Your federal/state taxes are $1000. You pay $600 in rent, $300 on car payment, and spend $300 on food and $200 on clothes. The remaining $1100 would be considered your

Discretionary Income

When a manager at Jackie's Bar and Grill sent some of his wait staff home early on a slow Tuesday night, he recognized a need to manage his

Idle Production Capacity

A business firm uses market segmentation to respond more effectively to the wants of grous of potential buyers in order to

Increase sales and profits

What type of e-marketplace is described as a neutral third party?

Independent e-marketplaces

Harley, the IT manager for an engineering firm, was very involved in the purchase process for acquiring cloud storage for both current and archived drawings and calculations that engineers generate. The VP of Operations made the final choice. Here, Harley performed what function in the buying center?

Influencer

When marketing researcher uses a collection of reports, customer letters, financial statement, and surveys from different departments within her firm, she is using

Internal secondary data

Which of the following is a reason that online buying is so prominent in organizational markets?

Internet technology can reduce marketing costs, particularly sales and advertising expenses.

Clayton Act can be considered stronger than the Sherman Antitrust Act because

It forbade certain actions that lesson competition, even if no actual harm has yet occurred.

An advantage of the NAICS is that

It groups economic activity to permit studies of market share, demand, and import competition.

What is a psychological influence on the consumer behavior decision process? Learning PUrhcase Task Social Class Antecedent States Promotion

Learning

A consumer will use one of three general problem-solving variations, extended, limited, or routine, based on product knowledge and

Level of involvement

In 2017, a marketing manager for New Balance's Minimus golf shoe needs to forecast sales through 2019. She begins with the known totals for 2016 and adjusts for positive factors like acceptance of new high-tech designs and great publicity, and for negative factors like the stagnant economy and predicted moves by the competition. This type of forecast is referred to as

Lost-horse forecasting

Consists of people with both the desire and the ability to buy a specific offering

Market

Running horizontally across a market-product grid, each row represents an opportunity for efficiency in terms of

Market segment

The market-product focus and goal setting part of the planning phase of the strategic marketing process includes which of the following?

Market segmentation

North Face intends to capture some of its competitors' business in Europe in the next few years, even amid the stagnant economic conditions there. The firm cites the active lifestyles there and the relatively low cost of entry for its backpacking and hiking psorts gear, which attracts those planning a low-budget "staycation". The North Face most likely has a ____ goal

Market share

Visual computer display of the essential information related to achieving a marketing objective

Marketing Dashboard

With a __________, a marketing manager can glance at a graph or table on a computer screen and can make a decision whether to take action or to analyze the problem further.

Marketing Dashboard

Writing ads and setting prices for new product lines are examples of which of the following?

Marketing tactics

Which personal moral philosophy exists in the Consumer Bill of Rights and is favored by moral philosophers and consumer interest groups?

Moral Idealism

Proctor and Gamble markets its popular multipurpose cleaner as Mr. Clean in North American and Asia but uses several different brand names like Maestro Limpio and Mr. Proper in other parts of the world. These differences arise because P&G is a(n) _____ firm

Multinational

Which two of the following demographic segmentation variables would firms use to segment organizational markets?

NAICS code and number of employees

If after running 3 miles you feel thirsty, marketers might say you have developed a(n) ___ to find something to drink

Need

Raw info obtained from Kroger grocery store checkout scanners would be considered ____ data

Observational

Means of displaying or graphing in two dimensions the location of products or brands in the mnds of consumers to enable a manager to see how consumers perceive competing products or brands, as well as its own product or brand, is referred to as

Perceptual Map

Current cultural values commonly held in the United States are

Personal control, continuous change, and competition

Maslow's Hierarchy of Needs

Physiological Needs: Food, water, shelter Safety Needs: Freedom from harm Social Needs: Friendship, love Personal Needs: Status, respect, prestige Self-actualization needs: Self-fulfillment

The ________ phase of the strategic of the marketing process usually results in a(n) _______ that sets the direction for the marketing activities of an organization

Planing; Marketing plan

An important _____ for Medtronic's Champion pacemaker is its long, nine-year life, which cannot be matched by competitors

Point of difference

Identifying the important attributes for the product or brand class is one of four steps in

Positioning a product or brand effectively

Comparison of a product's performance with one's expectations to determine a level of satisfaction is most likely to occur in which stage of the purchase decision process?

Postpurchase behavior

One way that marketing mix characteristics differ for organizational buying compared to consumer buying is that for organizational buying:

Price is often negotiated

Gerber sells baby food with vegetables and rabbit meat in Poland, and with freeze-dried sardines and rice in Japan. These are examples of what type of global product strategy?

Product Adaptation

Place a product occupies in consumers' minds based on important attributes relative to competitive products.

Product Positioning

Which type of global marketing strategy works best when consumers share the same desires, needs, and uses for a product across countries and cultures?

Product extension

All of the product lines offered by an organization

Product mix

Which of the following is a commonly used organizational buying criterion?

Production facilities and capacity

People who live active outdoor lives are part of the target market for REI, a retail outdoor outfitter. This suggests that REI would most likely segment the market based on which consumer segmentation basis?

Psychographic

The VALS system is a(n) ____ measure of consumers.

Psychographic

Lockheed Martin develops action item lists within hours of its weekly program meetings. The purpose of these action item lists is to

Put strong pressure on people to achieve their designated tasks.

If Carter's happy with how his new Lifeproof phone case protected the phone when he spilled some water on it, this would be considered which variable of the behavioral learning process?

Reinforcement

BMW receives data transmitted by each new vehicle it sells to help employees understand how customers use the products and when service may be needed. This use of technology aids in BMW's ____ efforts to interact in an ongoing basis with its customers.

Relationship marketing

An advantage of using a partner for marketing research is

Researches can take successive measurements of consumers to determine if they change their purchasing behaviors over time

Although not strictly illegal, US Justice Department frowns on reciprocity because it

Restricts the normal operation of the free market.

Two special methods vital to marketing researches are ____ and ______

Sampling; Statistical Inference

You're asked to complete a short survey after attending a free comedy show on campus. If first question asked you to give overall impression of the comedian, and had a five-point scale ranging from "hilarious" on one end to "not funny" on the other end. It would be considered what type of marketing research question?

Semantic Differential Rule

The research objectives are the ____ goals of the decision maker

Specific and Measurable

Ideally, before a new product is developed, a firm should have a precise protocol, which includes which of the following?

Specific customers' needs, wants, and preferences

In a _____ test market, a company chooses test-market cities that are demographically representative of markets targeted for the new product, and sells the product to distributors, wholesalers, and retailers, just as it would do for other products.

Standard

In BCG's business portfolio analysis, ____ may need extra cash to finance their own rapid future growth, but when their growth slows they are likely to become cash cows.

Stars

Company is interested in producing a dinosaur game for mobile phones and tablets. It selects a sample of boys and girls ages 4 to 8 who currently have access to a mobile device and like dinosaurs. After interviewing the children and collecting other relevant data, the firm then makes generalizations about what all young children want in their apps. The method is used as

Statistical Inference

The marketing concept is the idea that an organization should strive to satisfy the needs of consumers

While also trying to achieve organization's goals

Research shows that ______ is the single most important factor for a new product to defeat competitive ones- having superior characteristics that deliver unique benefits to the user.

a distinctive point of difference

Marketing expertise is gained

by even the average person, who has a great deal of shopping experience

A benefit of performing a SWOT analysis and an environmental scan during the new-product strategy development process is that they

can help identify the strategic role the new product might serve in the firm's portfolio

Supermarkets may use ____ on information collected at checkout to determine that beer and diapers are often purchased together, and they may act on this information to place those items near one another in stores

data mining

BTO is similar to mass customization except that BTW allows

fewer options

Important variables in the family life cycle are age, marital status, and ____

presence of children

The marketing program includes developing the marketing mix and

Its budget

Foreign Corrupt Practices Act of 1977 made what practice illegal?

Bribing an official of a foreign government to obtain business in that country

____ can be thought of as the effective rules of the game, the boundaries between competitive and unethical behavior, and the codes of conduct in business dealings

Business Culture

Asking the firm's salesperson to estimate sales during a coming period is referred to as

A salesforce survey forecast

Primary Data Advantages/Disadvantages

A: More Flexible, More Specific to the Problem D: Expensive, Time Consuming to Collect

Advantages/Disadvantages of Secondary Data

Advantages: Time Savings and Inexpensive Disadvantages: Out of Date; Definitions/Categories Not Right; Not specific enough

Purchasing and engineering personnel would visit potential suppliers to assess their quality control at which stage in the organizational buying process?

Alternative Evaluation

As a situational influence, antecedent states include

Amount of cash on hand

When performing _____ of the marketplace, you might uncover key trends such as the growing popularity of video bloggers, the increasing mobility and connectivity of consumers, and the importance of issues such as net neutrality

An environment scan

The practice where translated word or phrase is retranslated into the original language by a different interpreter to catch errors

Back translation

Difference between the monetary value of a nation's exports and imports

Balance of Trade

At the center of consumer ____ is the purchase and use of a product through this field of study also examines mental and social processes that come before and after these actions.

Behavior

Any word, device, or combination of these used to distinguish a seller's goods and services

Brand Name

When beer sales were flat, Budweiser became interested in entering the premixed cocktail segment by providing a product that would appeal to those who don't enjoy traditional beer. It launched Bud Light Lime-A-Rita, a margarita-flavored, beer-based cocktail, sold in cans and bottles and served over ice. This is an example of

Diversification

Reverse auctions result in what?

Downward pressure on bid prices

An important part of creating a market-product grid is to

Estimate the size of the markets

Reps from Kraft spend several months with consumers in their kitchens, attempting to understand what they wanted in ready-to-servce meals prior to the launch of Kraft Deli Creations. The observational approach Kraft used is called _____ research

Ethnographic

For the purchase of a smartphone, a third-party testing organizations anticipates that many consumers use price, display, web browsing, and battery life as ____ because it tests products on these dimensions

Evaluative Criteria

Market Entry Strategies

Exporting Licensing Joint Venture Direct Investment

Selective ____ is defined as paying attention to messages that are consistent with one's attitudes and beliefs and ignoring messages that are inconsistent

Exposure

A new Kitchen Aid refrigerator has a separate cooling system for the freezer, which lessens the humidity in the refrigeration section and reduces spoilage. The change adds to the refrigerator's ___ utility

Form

Consumer products are classified based on the attributes used in making the purchase decision, the effort spent by the consumer, and the

Frequency of purchase

When a consumer has evaluated alternatives in the purchase decision process and selected one, he still must determine

From whom he will buy and when to buy

The marketing department is considered part of which organizational level?

Functional level

4 Ways to Segment Consumer Markets

Geographic Behavioral Demographic Psychographic

Uses the same product formulation or service concept across multiple countries and cultures.

Global Brand

When companies price their products very high in some countries but competitively in others, they face which problem?

Gray market

Major types of product positioning are

Head-to-head and differentiation

Types of Involvement and corresponding problem solving methods

High Involvement: Extended Problem Solving Medium Involvement: Limited Problem Solving Low Involvement: Routine Problem Solving

Large multistore chain resellers like Target, 711, and Safeway use a buying committee that differs from the typical buying center in that it is

Highly formalized

Between the planning and evaluation phases of the strategic marketing process is a phase known as

IMplementation

Using the same brand name for different products is an application of which concept from behavioral learning theory?

Stimulus generalization

Deere and Company, maker of John Deere farm, construction, and lawn-care equipment, employs ______ engineers who work full-time with the company's suppliers to improve their efficiency and quality and reduce their costs

Supplier development

Evaluating the decision and the process used for marketing research occurs in which stage of the process?

Take marketing actions

The final step in the 5 step marketing research approach is to

Take marketing actions

_________ often triggers a business model change, as it has for American newspapers and book retailers

Technology innovation

Technologies have advanced to allow computer chips to be placed in almost anything and to be connected to a network almost anywhere. The resulting network of products is referred to as

The Internet of Things

___ decides on trade disputes between members across the world and issues binding decisions.

The WTO

One challenge associated with selling to organizations is that

There are often far fewer buyers.

Assumes that the underlying relationships in the past will continue into the future; method is as simple but not always correct

Trend Extrapolation

Organizational buyers include all buyers in a nation EXCEPT which?

Ultimate consumers

Germans have not been overly receptive to the use of credit cards such as Visa or MasterCard and installment debt to purchase products and services b/c of a difference in ______ from American consumers.

Values

Comparing the results of the marketing program with the goals in the written plans to identify and act on deviations occur during the

evaluation phase

The market lead for a(n) _______ product must make special efforts to avoid stockout situations so that buyers don't substitute a competing brand

low-involvement

To thrive in today's rapidly changing environment, a visionary organization must specify its foundation, set a direction, and formulate ____

strategies

Market segments are homogeneous in two ways prospective buyers have common needs and they

will respond similarly to marketing action