Module 1: Marketing Fundamentals

What is market segmentation? -The promotion of a particular product or company by means of advertising and distinctive design. -A process through which broader, larger, more heterogeneous markets are divided into narrower, smaller, more homogeneous market segments -A tool that firms manage with the intent of creating hopefully-differentiating value for the branded products they make and market. -An image and set of benefits or problem-solving values, that presumably is associated with branded products.

A process through which broader, larger, more heterogeneous markets are divided into narrower, smaller, more homogeneous market segments

Which of the following activities or processes does not fit inside the marketing definition provided inside this Module? -The social process -A managerial process -Needs and wants -The exchange of value -Advertising

Advertising

Which of the following items can be marketed as products? -Ideas -Person -Places -All can be marketed as products -None of the preceding items can be marketed as products

All can be marketed as products

Market share is the ratio between the firm's sales volume and the entire industry's sales volume. Firms often find it difficult to maintain their current market shares. Why? -Increases in competition -Changes in customers wants and needs -The need that sometimes arises to raise prices -Market conditions change -All of the above

All of the above

Which statement best describes what what successful marketers know? -Successful marketers know that marketing and/or interpersonal brand impressions really matter. -Successful marketers know that almost everything everyone does has marketing implications. -Successful marketers know that knowledge is the fundamental source of competitive advantage. -Successful marketers know that change is inevitable, so they accept and deal with change, manage change, and lead change. -All of the above describes a principle that most successful marketers know.

All of the above describes a principle that most successful marketers know.

_______________ are names, signs, symbols, designs, colors, or some combination of these and other dimensions that identify and distinguish or differentiate the marketer of a product/service from the other organizations marketing the same product inside the same product category -Logotypes -Positioning -Perceptions -Brands -Stimulus

Brands

The acronym B2B stands for: -Business to buyer market -Buyer to buyer market -Business to business market -Banking to business market -None of the above.

Business to business market

Since 1990, which meat market has grown the most? -Beef -Pork -Chicken -Turkey

Chicken

Pavlovian Responses, as first discovered by Russian scientist Ivan Pavlov [and his dogs, food the ringing of a bell] are today better understood as: -Classical conditioning. -Conditioned stimuli -Stimulus and response -Training learning

Classical conditioning

The pleasurable feelings that arise inside consumers' minds after they have purchased a new product often leads to the purchase of another product. This psychological process illustrates: -Classical conditioning. -Operant conditioning. -Neither of these answers is correct, -Both answers are correct.

Classical conditioning

Why do consumers typically choose certain brands rather than others? -Consumers choose the brand that, in their mind, offers the best solution to their problems. -Consumers are usually loyal to more than one brand. -Consumers choose whatever brand is the cheapest. -Consumers choose brands that are most convenient for them.

Consumers choose the brand that, in their mind, offers the best solution to their problems.

What is the best explanation of why consumers would decide to enter one and not another exchange relationship? -Consumers will enter the exchange that gives them the "latest and greatest" product. -Consumers will enter the exchange that increases their social status by the widest margin. -Consumers will enter the exchange that allows them to contribute the most to society. -Consumers will enter the exchange that they perceive will deliver the greatest value to them.

Consumers will enter the exchange that they perceive will deliver the greatest value to them.

The absolute best way to ensure a huge marketing success is to: -Stand out rather than fit in. -Create a solution for a problem that customers don't realize they have yet. -Make old things seem new and new things known. -Continuously develop and deliver new things. -Answers "c" and "d" are absolutely the best way to ensure success.

Create a solution for a problem that customers don't realize they have yet.

Successful marketers must master various processes that generate need-satisfaction. What is the other, opposing, set of processes that marketers must manage? -Managing the marketing mix -Creating value that satisfies needs -Creating real or imagined customer wants and problems -Solving real or imagined customer wants and problems

Creating real or imagined customer wants and problems

Which answer is not part of the traditional "Promotion Mix?" -Advertising -Public Relations -Discounts -Personal Selling -Sales Promotions

Discounts

Which academic discipline can best be described as the mother of marketing? -Art -Economics -Communication systems -Philosophical history

Economics

The limited (three to five) group of brands that come to mind first when problems that brands from known product categories can solve arise inside customers' lives is best known as a: -Consideration set -Evoked set -Top-of-the-mind "category" -Prioritized product portfolio

Evoked set

Top of the mind awareness is likely to arise whenever a brand resides inside a customers' __________ for that particular product category. -Mind -Position -Evoked set -Worldview -Preferred attitude set

Evoked set

When Monica thinks about soft drinks, the first brands that come to her mind are Coke, Dr. Pepper, and Pepsi. These three soft drink brands comprise her: -Total set -Perceived set -Evoked set -Intended set

Evoked set

__________ involves a trade of things of value between buyer and seller so that each party or participant is better off. -Exchange -Needs assessment -Consumerism -Utility -Commerce

Exchange

Many successful organizations exist whose success is not primarily based upon marketing. True or false

False

Why are some chicken farmers increasingly interested in improving the quality of life for their birds? -Because happy chickens grow faster. -Studies show that birds with a good quality of life improve their size in the long run. -Farmers are also marketers who listen and respond to new consumers' needs and wants. -Farmers do not care about their profits. Therefore, they increase their costs to protect their birds. -This claim is false. Farmers are not interested at all in improving the quality of life for their birds.

Farmers are also marketers who listen and respond to new consumers' needs and wants.

The marketing law known as "Category" explains that, to be successful: -Firms or brands should be first to market. -Firms or brands should be first in the category known as the mind. -Firms or brands should establish a category in which they can be first. -Firms or brands must adroitly manage the perceptions that key others develop. -Firms or brands should focus on earning success within a single category, because the person or firm that chases two rabbits catches neither.

Firms or brands should establish a category in which they can be first.

Needs are states of deprivation that exist inside human minds or bodies. Given this definition, which statement is most true? -Needs are always biological in nature such as hunger, socialization and thirst. -Humans always create their own needs without the intervention of marketing strategies. -Marketers can induce needs in people. -Needs are not influenced by culture. -All of the above are true.

Humans always create their own needs without the intervention of marketing strategies.

Which company will most likely be forced to engage in de-marketing? -Nike -Golden Corral -Juul -Furniture Row -Ford Motor Co.

Juul

Successful marketers must become and remain customer-focused. What is the best outcome that marketers can generate in order to become more customer-focused? -Making promises -Creating value -Keeping promises -Delivering value

Keeping promises

Which activity is not a key to marketing success? -Standing out rather than fitting in -Making fun and entertaining advertising -Making new-things-known and -old-things-appear-new -Developing and delivering new stuff.

Making fun and entertaining advertising

Which answer best describes the most basic and most important marketing practice? -Selling products -Managing processes, people, exchanges, and values -Making profits by selling ideas -Creating differentiating values

Managing processes, people, exchanges, and values

Which statement is true? -Marketers can create wants but not needs. -Marketers can create needs but not wants. -Marketers cannot create either needs or wants. -Marketers can create both needs and wants.

Marketers can create wants but not needs.

Which of the following descriptions do not apply to perceptions? Perceptions are people's "imagined realities." -Marketers find it difficult to change customer perceptions. -For most people their perceptions—right or wrong—are their realities. -Perceptions capture the process by which people select, organize, and then interpret (attempt to make sense of) stimuli, including new and old information. -Consumers create perceptions to create meaningful and useful pictures of the world around them.

Marketers find it difficult to change customer perceptions.

_____________ is a tool that firms manage with the intent of creating hopefully-differentiating value for the branded products they make and market. -Market share -Marketing concept -Market potential -Marketing mix -Market differences

Marketing mix

Most Americans constantly pursue happiness. Many marketers leverage this fact to their advantage because of the common misconception, one that is shared among many people, that happiness results from having: Most Americans constantly pursue happiness. Many marketers leverage this fact to their advantage because of the common misconception, one that is shared among many people, that happiness results from having: -Moral purpose in one's life. -Dignity and self-control in one's life. -Deep personal relationships in one's life. -Something to do, someone to love, and something to look forward to in one's life. -More luxury items in one life

More luxury items in one life

Innovations are best described as something that is: -New but not necessarily useful -New and useful -Authentic and useful -Easy to use and cheap -Useful and easy to use

New and useful

Inside marketing practice, technology has pretty much changed everything, including how customers connect with each other; how marketers connect with customers; how customers connect with marketers; how firms collect information from customers; and how organizations deliver products and services to customers. Are any of the phrases false? -Yes, one of these "how" statements is wrong. -No, each "how" statement is true.

No, each "how" statement is true.

Which product has become a flashpoint in trade negotiations making it somewhat risky for marketers participating in international trade? -Chicken -Beef -Pork -Turkey

Not Beef

What is the core difference between tangible products and intangible products? -Tangible products are products and intangible products are services -Tangible products can feature intangible service dimensions. -Tangible products solve wants while intangible products solve needs -Both A and B -Both B and C

Not Both A and B

Which answer best explains how marketers can succeed? -Successful marketers stand-out rather than fit-it. -Successful marketers are motivated to develop new products. -Successful marketers are able to make new things known and old things appear new. -Only A and C. -The first three answers all explain how marketers can succeed.

Not The first three answers all explain how marketers can succeed. Probably Only A and C

What step in consumers' decision-making processes is the most important? -Perceiving a situation accurately -Deliberating possible and logical options -Determining the best solution -Deciding which avenue to pursue

Perceiving a situation accurately

In marketing, there are five primary types of utility. Which word does not describe one of these five types of utility: -Form -Place -Prestige -Convenience -Time

Prestige

The 4P's of the marketing mix when tangible products are: -Product, packaging, price, promotion. -Product, people, price, promotion. -Product, price, place, promotion. -Product, price, place, performance.

Product, price, place, promotion.

Marketers should view themselves as need-satisfiers, problem-solvers and __________. -Promise-makers, promise-keepers -Dissatisfaction-creators -Inquisitive researchers -24/7 marketers

Promise-makers, promise-keepers

Marketing success is mostly based upon being skillful enough to manipulate customers into doing what best satisfies the marketer's best interests. Marketing success is also based upon being skillful in conceiving or creating values that best satisfy the interests (i.e., wants, needs, and problems) embedded inside targeted customer segments. Which statement best honors the marketing concept? -Statement 1 -Statement 2 -Trick question, neither statement honors the marketing concept -Trick question, both statements honor the marketing concept

Statement 2

Which brand would win (prevail) in a competition among brands A, B, or C? -The brand that sells at the lowest price -The brand that provides the best quality product -The brand that delivers the most value -The brand that makes a profit

The brand that delivers the most value

Wants are: -Unrecognized problems. -Unresolved problems that people or firms experience at different points in their lives. -States of felt deprivation; also known as great gaping "holes" in their lives that humans frequently experience. -The form that needs take as they are influenced by culture and individual personality. -Not something that marketers can "create" inside customers' (consumers') minds.

The form that needs take as they are influenced by culture and individual personality.

Why would marketers "under-promise and over-deliver"? -To increase profit margin by raising expectations -To increase customer satisfaction by lowering expectations -To balance the gap between value and customer expectations -To make as many people as happy as possible

To increase customer satisfaction by lowering expectations

What is the purpose of de-marketing? -To reduce the consumption of harmful products. -To promote economic equilibrium. -To diminish the consumption of competitors products. -To infuse viewers with the fear of God.

To reduce the consumption of harmful products.

The willingness to accept and/or lead change is essential as we seek to create more desirable futures in which to live, work and play. This statement is: True or false

True

An exchange, defined, involves a "get and a given." What is typically "gotten and given" during exchange processes? -Money -Solutions -Products -That, finally, "I have enough" feeling that can be so difficult to sustain. -Value

Value

To survive inside competitive environments organizations must provide targeted customers with greater ___________ than those customers receive from competitors. -Value -Attention -Time -Feedback -Service.

Value

____________ represents the grand total of any brand's problem-solving capacity. It can feature both emotional and ration al components, and integrate elements of the give and get concept. -Brand positioning -Market analysis -Product proposition -Critical value -Value proposition

Value proposition