MKTG 3200. Exam 1

Which of the following products would the electronics company CypressSound classify as a cash cow in its BCG matrix?

Xpress — an MP3 player that has a high market share in a market that is not expected to grow significantly

The ________ environment is perhaps the most dramatic force shaping the destiny of individuals and offering exciting opportunities for marketers.

technological

Causal research is used to _______

test hypotheses about cause-and-effect relationships

Which of the following best describes a company's business portfolio?

the collection of businesses and products that make up the compan

Which of the following sources constitutes the internal database of a company?

the company's sales records

The customer engagement is

to satisfy customers' needs and wants and encourage them to build a strong emotional bond with the firm

The responsibility for setting a company's mission, objectives, broad strategies, and policies primarily lies with its ________.

top management

A customer who is both loyal and profitable is referred to as a ________.

true friends

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

understanding the marketplace and customer needs and wants

A ________ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system.

value delivery network

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

value proposition

Which of the following best describes product positioning?

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Companies that practice marketing by ________ create offerings and messages that engage consumers rather than interrupt them.

attraction

For the past nine years, PepsiCo's Doritos brand has held a "Crash the Super Bowl" contest in which it invites 30-second ads from consumers and runs the best ones during the game. This is an example of ________.

consumer-generated marketing

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

Which of the following criteria provides a measure of market attractiveness in the Boston Consulting Group approach?

market growth rate

Consumers' needs and wants are fulfilled through ________.

market offerings

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. Question 31 options:

market penetration

Dividing a market into several sections of customers is known as ________.

market segmentation

Evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ________.

marketing control

Which of the following is most likely a consequence of the Great Recession of 2008 to 2009?

more sensible and mindful consumption

Which of the following would most likely use informal research methods to obtain marketing insights?

not-for-profit organizations

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

online surveys

The ultimate aim of customer relationship management is to ________.

produce high customer equity

The ________ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features.

product

Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market?

product

What are the two main types of research instruments used to collect primary data?

questionnaires and mechanical devices

Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer ________.

satisfaction

Traxx is a newly emerging shoe manufacturing company. After extensive market research, Traxx divides its market into professional athletes, "hobbyists" or amateur players, and people who wear shoes as part of their casual attire. Each category has its own needs, traits, and marketing goals. In this scenario, Traxx has engaged in market ________.

segmentation

When a company chooses to divest a particular strategic business unit, it ________.

sells off or phases out the strategic business unit

Cosmetic retailer Lush knows that doing what's right benefits both customers and the company. Their premium beauty products are made by hand from the freshest possible natural ingredients. This is an example of the ________ concept.

societal marketing

Which of the following statements regarding marketing intelligence is true?

Marketing intelligence is the systematic collection, monitoring, and analysis of publicly available information.

In which of the following customer relationship groups do organizations generally avoid investing?

strangers

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.

strengths

Sony is a ________ competitor of Samsung as both companies manufacture TVs.

supplier

Ainsworth is a toy manufacturer based in Australia. Which of the following most likely indicates that Ainsworth is following a diversification strategy?

Ainsworth enters the U.S. market with a line of children's clothing.

BlueBear is a shoe manufacturer based in the United States. Which of the following indicates that the company is following a market development strategy?

BlueBear introduces its shoes in the Indian and South-East Asian markets.

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

Core beliefs and values have a high degree of persistence.

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

Demography

Erica Jenson has a limited budget to conduct market research. Which of the following research approaches would provide Erica with the most cost-effective way to reach a large number of respondents in a short period?

Internet-based surveys

________ is the art and science of choosing target markets and building profitable relationships with them.

Marketing management

________ are distribution channel firms that help a company find customers or make sales to them.

Resellers

________ refers to the portion of the customer's purchase that a company gets in its product categories.

Share of customer

________ is a method of gathering primary data that involves asking people questions about their knowledge, attitudes, preferences, and buying behavior.

Survey research

Which of the following is a difference between the marketing concept and the selling concept?

The marketing concept focuses on customer conquest, whereas the selling concept focuses on targeting the right customers.

Which of the following is most likely a characteristic of the Millennial generation?

They are more likely to engage with brands using mobile or social media.

Which of the following is an advantage of primary data?

They are more relevant than secondary data.

Which of the following is most likely a true statement about diversity in the United States?

Various ethnic groups mix together but also retain their cultural differences.

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

Wants

Procter & Gamble's Tide detergent does not phone or call on all of its consumers to get to know them personally. Instead, Tide creates engagement and relationships through brand-building advertising, Web sites, and social media presence. Which of the following types of associations would be most profitable for the firm to develop with these customers?

basic relationships

The final step in the marketing process is ________.

capturing value from customers

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

A consumer advocacy group challenges a firm's decision to build a new warehouse in a small community. The advocacy group is an example of a ________ public.

citizen-action

Apple encourages customers to form local Apple user groups. This is an example of a ________.

club marketing program

Burger Town introduced a new hamburger and released it in two different cities at two different prices. Marketers of Burger Town then analyzed the sales records of their outlets at the two cities, determined the price that resulted in better profits, and used the information to set a nationwide price for their new offering. This is an example of ________.

experimental research

The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses.

exploratory

Monfax Corporation insures manufacturers, distributors, and consumers against the loss or damage of goods during transportation after a purchase or sale. In this case, Monfax is an example of a ________

financial intermediary

Reseller markets consist of ________.

firms that buy goods and services to sell at a profit

Which of the following has resulted from the increased educational levels of the U.S. population?

greater job growth for professional workers

In the BCG growth-share matrix, question marks refer to products or businesses with a ________.

high market share in a market with a high growth rate