Principles of Marketing Final Exam

Attempts to deceive consumers into releasing personal information online are examples of online fraud.

True

Brand competitors markets products with similar features, benefits and prices to the same customers.

True

If a family spends $2,000 a month on goods and services, how much of that $2,000 goes for marketing activities?

$500

Maslow's Hierarchy of Needs

(level 1) Physiological Needs, (level 2) Safety and Security, (level 3) Relationships, Love and Affection, (level 4) Self Esteem, (level 5) Self Actualization

The marketing mix consists of three major variables: product, price, and distribution.

False

Which of the following is NOT a requirement of characteristic of a market?

A large number of people or organizations

Which of the following types of research if helpful in researching conclusions and provides quantitative information?

Conclusive

You are shopping for a laptop or tablet to use for taking notes, research, and studying. In this case, you belong to a(n)

Consumer market

Charmin toilet paper would be classified by the number of product?

Convenience

A small self-service store that is open long hours and carries a shallow product mix in convenient locations is best described as a

Convenience store

Long-term relationships with profitable customers is the key objective of

Customer relationship management

The marketing environment is a set of static static, unchanging surroundings.

False

Identify the four major categories of segmentation of variables for consumer products, and give three examples of each

Demographic- Age & Gender Geographic - City, region Behavioristic- personality Psychographic- brand loyalty

A set of values, beliefs, goals, norms, and rituals shared by members of an organization is called

Ethical environment

Buyers in producer markets purchase either raw materials, semifinished products, of finished products.

False

Discount stores are distinctive in that they usually are very service oriented.

False

Marketing segment profiles help a marketer determine which segment are most attractive relative to a firm's strengths, and weakness, objective, and resources

False

Once trust is lost in marketing relationships, it can take a lifetime to rebuild.

False

The two major product categories are business and institutional.

False

There are only two basic strategies for selecting target markets: the undifferentiated targeting strategy and the concentrated targeting strategy

False

marketing intermediaries bridge the gap between supplies (or producers) and buyer (or consumers)

False

what are the primary advantages and disadvantages of a franchise arrangement for a franchisee?

Franchisees may be more talented at growing the business and turning a profit than employees would be. Franchisors earn royalties from sales. Franchisees earn money from profits. Achieving growth in both isn't always possible, potentially causing conflict

_____ that are either accepted or rejected become the primary conclusions of a marketing research study.

Hypotheses

Marketing Concept

Is a management philosophy that affects organizational activities

Which of the following products is most likely to have its market segment based on age?

Legos

_______ are audio or video files that can be downloaded from the internet with a subscription that automatically delivers new content to listening devices or personal computers.

Podcast

Explain the ethical issues associated with digital media.

Privacy invasion of people. Fabrication of reviews

Age, rate of product use, location, and gender are all example of common.

Segmentation variables

The final step in the target market selection process is

Selecting specific target markets

Based on the work by the Boston Consulting Group, products with a dominant share of the market and good prospects for growth are

Star

Draw a SWOT analysis

Strengths and weakness are internal & opportunities and threats are external

Distribution, price, promotion, and product are all elements of

The marketing mix

Which of the following is the biggest drawback to using psychographic variables?

They are difficult measure

A database is a collection of information arranged for easy access and retrieval.

True

A market is a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase these products.

True

A product does not need to be a physical product.

True

BCG Matrix

a means of evaluating strategic business units on the basis of (1) their business growth rates and (2) their share of the market

The focal point of all marketing activities

are customers

Nordstrom, Macy's, and JCPenney are all considered

department stores

The major levels of intensity at which a company can choose to distribute its products are_____ distribution

exclusive, selective, and intensive

Target Market

is a specific group of customers on whom an organization focuses its marketing efforts

The width of the product mix is measured by the number of product

items in the product line

During the introduction stage of a successful product, profits are usually

negative and increasing

marketing channel create four types of utility for consumers including

place, time, possession, and form.

Inelastic demand in business markets refers to a situation where

price increases or decreases will not significantly change demand for a given product

tying arrangements occur when a

producer distributes the same product through two or more different channels

Individuals and business organizations that buys finished goods and resell them to make a profit without changing the physical characteristics of the product are classified as ______ markets.

producer, reseller, government, and institutional.

A trademark signifies

that the owner has exclusive use of a brand and others are prohibited from using it.

The ________ is the difference in value between a nation's exports and its imports.

Balance of trade

According to the Boston Consulting Group, marketers may classify their products as all of the following concept.

Cash Pig

Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products in a(n)

Market

After doing considerable shopping, Eric has just decided what brand and type of athletic shoes to buy and where he's going to buy them. In what stage of the consumer buying decision process is Pax?

Purchase

During which stage of the consumer buying decision process does a consumer decide from which seller he or she will buy the product?

Purchase

_____ data yields information that can be communicated through numbers or metrics

Quantitative

Successful business organizations should take actions to convert internal weakness into _____ and external threats into _____.

Strengths; opportunities

Define the term target market and provide an example for a product of your choice.

Target market is a product or service that is directed towards a group. For Example Lululemon is a company that is directed towards young athletes around the ages of 18-25

When products are presented to television viewers, who can purchase them by calling a toll-free number and paying with credit card, _____ is being used.

Television home shopping

A product mix is the composite or total group of products that an organization makes available to customers.

True

Buying behavior refers to the decision processes and actins of people involved in buying and using products.

True

Digital marketing uses all digital media to develop communication and exchange with customers.

True

Four dimensions of responsibility are economic, legal, ethical. and philanthropic

True

Marketing Objectives should be stated in such a way that the degree of accomplishment can be measured accurately.

True

Marketing ethics refers to principles and standards that define acceptable conduct in marketing

True

Marketing research can be used to test a hypothesis

True

One way marketers can segment business markets is according to their geographic location

True

Positioning to avoid competition may be best when the product's performance characteristics do not differ significantly from competing brands

True

Reseller markets consist of intermediaries that buy finished goods and resell them for profit.

True

Safety stock helps protect an organization against stock outs

True

The four requirements of a market are that the individuals in the market must have a need for the product and the ability, willingness, and authority to buy it.

True

The marketing concept stresses that a business organization can best achieve its goal by providing customer satisfaction through coordinated activities.

True

customers advisory groups are often used as a type of exploratory research.

True

marketing analytics can help marketers identify how to develop better-targeted marketing campaigns

True

All of the following are steps in the marketing research process except

Understanding your customer

Gross Domestic Product

an overall measure of the types of products produced by a nation.

Coors may choose to segment its market based in heavy, moderate, and light drinkers of its alcoholics beverages. This is an example of market segmentation based on

behavioristic variables

The ability of a product to provide the same level of quality over time is called

consistency