Mktg 3440 study questions

companies address needs by putting forth _______, a set of benefits that they offer to customers to satisfy their needs.

value proposition

the result of positioning is the successful creating of _______, which provides a cogent reason why the target market should buy the product

a customer-focused value proposition

_______ are basic human requirements, while _______ are the way in which those requirements are satisfied. a. needs; wants b. demands; wants c. wants; needs d. demands; needs e. needs; wants

a. needs; wants

to meet the _______ criterion of useful market segments, it must be possible to formulate effective programs for attracting and serving the segments

actionable

which of the following is a source to find information about competitors?

annual reports, talk to customers, triangulate observations, speeches, all of the above

_______ has three characteristics: (1) it is a source of competitive advantage in that it makes a significant contribution to perceived customer benefits; (2) it has applications in a wide variety of markets; and (3) it is difficult for competitors to imitate

core competency

when frank buys his own house, he would like to have a home theatre system and jacuzzi. he plans to save enough money in the next three years so that he can fulfill his wish. frank's desire for the home theatre and the jacuzzi is an example of a(n) _______. a. unstated need b. need c. want d. demand e. latent demand

d. demand

tony has a lawn and garden services. last week, he purchased a ford f-150 pickup to carry his tools, lawn mover, planters, lawn fertilizers, and other materials. tony chose a f-150 among other pickups, becuase ford was offering rebates for $2,000 and financing for 60 months without interest. the source(s) of value for tony's purchase was (were) _______.

functional and economic

hilton hotels customizes rooms and lobbies according to location. northeastern hotels are sleeker and more cosmopolitan. southwestern hotels are more rustic. This is an example of _______ segmentation.

geographic

which of the following statements about market segmentation is true?

it is a process of identifying and profiling distinct groups of buyers who differ in their needs and wants

the resource-based view (rbv) as a basis for a competitive advantage of a firm lies primarily in the application of the bundle of valuable interchangeable tangible and intangible resources at the firm's disposal. those key resources should fulfill a set of criteria. which of the following is not one criterion to be a key resource?

loyal

establishing and communicating the distinctive benefit(s) of the company's market offering, for each target segment is called

market positioning

the process of selecting one or more market segments to enter is called _______.

market targeting

in _______, typically, consumers make a series of paired similarity comparisons. whereas, in _______, typically, consumer rate each brand on product attributes. However, both produce a _______.

mds; factor analysis; perceptual map

a _____ is a cluster of complementary products and services that are closely related in the minds of consumers but are spread across a diverse set of industries. a. synchronized market b. vertically integrated market c. horizontally integrated market d. marketspace e. metamarket

metamarket

consider the real estate industry. the _______ for this industry includes construction companies, financing institutions, paint manufacturers, interior decorators, furniture manufactures, and plumbing industries. a. geographic market b. marketspace c. metamarket d. need market e. latent market

metamarket

sanaz needed to buy detergent to do her laundry. she was in a hurry and picked up the cheapest detergent. sanaz's decision-making was _______.

none of the above / price as a deciding-factor

which of the following terms is most closely associated with the statement: "attributes or benefits consumers strongly associate with a brand, positively evaluate, and believe they could not find to the same extent with a competitive brand"?

points-of-difference (pod)

_____ are product associations that are not necessarily unique to the brand buy may in fact be share with other brands.

points-of-parity (pop)

all marketing strategy is built on stp: segmentation, targeting, and

positioning

_______ get consumers to talk about products on a deeper level by having them imagine different scenarios which is useful for _______.

projective technics; brand personification

perceptual maps capture key perceptions of competing products or service in 2 or 3 dimensions. Which of the following is a method to produce perceptual maps?

regression, factor analysis, data mining, focus groups, all of the above

the identification and profiling of distinct groups of buyers who might prefer or require varying product and service mixes is known as _______.

segmentation

a company that has spend $5 million building a factory that is not yet complete, has to consider the $5 million _______, since it cannot get the money back. However, a company has to pay $10,000 each month to cover it's building's lease is incurring in _______.

sunk cost; fixed cost

bmw is planning to offer a lump sum of $10 million to its dealerships to promote sales. bmw estimates the promotion will increase sales by 5,000 cars. hence, each incremental car will cost $2,000. general motors is planning to promote sales offering rebates of $3,000 to customers who purchase a general motors care is february. bmw promotion is a _______. general motors promotion is a _______.

sunk cost; variable cost

during market segmentation analysis, the marketer identifies which segments present the greatest opportunity. these segments are called

target markets

the value of an offering is described as _______.

the sum of the tangible and intangible benefits minus the costs to customers

the goal of positioning is _______.

to locate the brand in the minds of the consumers to maximize potential benefit to the firm

which of the following is not one step in the consumer buying decision-making process?

triangulation

tony has a lawn and garden services. last week, he purchased a ford f-150 pickup to carry his tools, lawn mover, planters, lawn fertilizers, and other materials. tony chose a f-150 among other pickups, becuase ford was offering rebates for $2,000 and financing for 60 months without interest. tony's decision-making was _______.

utilitarian