MKTG Final

You are working as a summer intern for Fastenal and your manager has asked you to price a new inventory shipment which includes a table router. You see the cost from Fastenal's distribution center was $325.00 and your store manager asked that you price it to capture a 60% margin. What should you price the table router at for the showroom floor?

$812.50

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs is known as

consumer behavior

The five stages most consumers go through when engaged in extended problem solving is called the

consumer decision-making process

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

consumers' growing use of smartphones to search for information

A targeting strategy that involves pursuing a large share of a small market segment is referred to as

niche marketing

The broad set of knowledge, beliefs, laws, morals, customs, and any other capabilities or habits acquired by humans as members of society is referred to as

culture

A good mission statement should be oriented around the company's

customer

What is a DSS?

decision support system

The first step in the price-setting process is to

define the pricing objectives

What is used to estimate how much customer demand there is for a particular product and understand the factors that drive it?

demand analysis

The description of human populations based on characteristics such as age, gender, ethnicity, and education level is referred to as

demographics

Individuals who exert an unequal amount of influence on the decisions of others because they are considered knowledgeable about particular products are called

opinion leaders

Publicity gained through advertising, such as buying a 30-second Super Bowl commercial or sponsoring a college bowl game, is referred to as

paid media

Volume maximization is also referred to as

penetration pricing

One of the most important concepts in marketing is the price elasticity of demand, which is the

percentage change in quantity demanded in response to a percentage change in price

The most widely used budgeting approach is the

percentage-of-sales method

The competitive analysis tool that creates a visual picture of where products are located in consumers' minds is called a

perceptual map

The umbrella term that refers to the marketing of goods or services using digital mediums, such as e-mail, websites, search engines, and social media platforms is

digital marketing

What type of adopter is typically well respected by their peers and sought by marketers because they tend to be opinion leaders who are willing to talk to other people about their experiences with their purchases?

early adopter

A sudden drop in the average consumer income would be an example of which external force affecting the marketing environment?

economic

Which of the following is a demographic segmentation variable?

gender

What information does a break-even analysis provide for a firm?

how much the company needs to sell to cover its expenses

A concept test is part of which stage of the new-product development process?

idea screening

Which of the following helps to set a baseline measure for marketers in order to evaluate an advertising campaign?

a pretest

The specific combination of goods, services, or ideas that a firm offers to its target market is referred to as

a product

Nonpersonal promotional communication about goods, services, or ideas that is paid for by the firm identified in the communication is referred to as

advertising

Which studies measure how well an advertising campaign meets marketing objectives like increasing market share, generating consumer awareness of a product, or creating a favorable impression of the products?

advertising effectiveness

What two elements are combined on the BCG matrix to produce its four unique product categories?

market growth and relative market share

Market segmentation produces relatively homogenous groups of consumers called

market segments

The process of dividing a larger market into smaller groups based on meaningfully shared characteristics is referred to as

marketing segmentation

A concise affirmation of a firm's long-term purpose is known as its

mission statement

In marketing, an exchange refers to

buyers and sellers trading things of value so that each is better off as a result

How do salespeople represent the interests of customers within the firm?

by sharing customer likes and dislikes with marketers and product designers

The use of statistical techniques and algorithms based on patterns of past behavior to predict future buying behavior is called

predictive modeling

The amount of something (money, time, or effort) that a buyer exchanges with a seller to obtain a product is referred to in marketing terms as a

price

The first step in the marketing research process is

problem definition

Which era in the history of marketing began in the early years of the United States and lasted until the mid-1920s when the growth in production outpaced consumer demand?

product orientation

The advertising technique in which a company promotes its products through appearances on television shows, movies, or other media is called

product placement

When Apple released its first iPhone in 2007, it charged customers $599. Shortly thereafter, it reduced the price to $399 for the exact same device. Apple's decision to set a relatively high price for a period of time after the product launched and then decrease the price to a level that would be more sustainable over time reflects which pricing strategy?

profit maximization

All the activities that communicate the value of a product and persuade customers to buy it is referred to as

promotion

Amy just took a job with a scrap metal collection company. Her job is to search for potential customers that need to get rid of scrap metal or those customers who wish to buy scrap metal. Amy's job fits into the first step of the personal-selling process, that of

prospecting

Attitudes, perception, learning, and motivation are all ______ processes that can influence consumer behavior.

psychological

The process of getting more traffic based on higher ranking of free or "organic" search results on search engines is referred to as ________.

search engine optimization

Information collected for alternative purposes prior to the study is referred to as

secondary data

The top level in Maslow's hierarchy of needs is

self-actualization

The three basic characteristics of a quality marketing objective is that it be

specific, measurable, and realistic

The goal of sales promotion is to

stimulate quicker and more frequent purchases of a product

The process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives is called

strategic planning

Which market segment criteria refers to the fact that segments must be large enough for the firm to make a profit by serving them?

substantial

When a company evaluates each market segment to determine which segment or segments present the most attractive opportunity to maximize sales, it is engaged in

targeting

The political, economic, demographic, sociocultural, technological, and legal factors that affect a company's ability to meet its marketing goals are all part of

the marketing environment

What primary strategic planning tool is used for directing and coordinating the marketing effort and helps to guide the firm's marketing strategy?

the marketing plan

Consumers will be more price sensitive when

the price they have to pay is more than they anticipated

Marketing is defined as

the process of creating, communicating, and delivering value to customers and managing those relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole.

In a SWOT analysis, current and potential external factors that may challenge the firm's short- and long-term performance are referred to as

threats

variable costs are defined as costs that

vary depending on the number of units produced or sold

Greg is the owner of a full-service car wash. For the month of December he paid $2,000 in rent, $700 in utilities, $2,950 in salaries, and $50 on advertising. A full service car wash costs $10.50. Unit variable costs per car wash are $2.50. How many full-service car washes does Greg need to sell to break-even each month?

625

What is the name of the promotional strategy that involves coordinating the various promotion mix elements to provide consumers with a clear and consistent message about a firm's products?

integrated marketing communications

Company sales records, customer support records, and sales force reports are all forms of

internal company data

A person's typical way of life as expressed by his or her activities, interests, and opinions is referred to as

lifestyle