AGEC Midterm Exam questions

A market-coverage strategy in which a firm decided to target several market segments and designs separate offers for each is know as

differentiated marketing

_______ refers to the way a product is defined by consumers on important attributes-- the place the product occupies in consumers' minds relative to competing products.

product position

Certain things that are marketed are intangible and cannot be produced and stores in advance. What are these things?

services

In an article, the author says "Since World War II, grain farmers have sought to boost profits mostly by increasing yields, driving down costs and expanding their operations." What Marketing Philosophy or Concept does this sound like?

Production Concept

With a(n) ________ marketing strategy, a firm goes after a large share of one or a few smaller niches.

concentrated

Stages in the Adoption Process

1. Awareness 2. Interest 3. Evaluation 4. Trial 5. Adoption

Steps of the Buyer Decision Process

1. Need recognition 2. Information search 3. Evaluation of alternatives 4. Purchase decision 5. Post-purchase behavior

Josie's FarmFresh creates sustainable, all-natural food products. These products are most likely to become popular with which group? A) environmentally conscious B) LGBT C) business D) Generation Y

A. environmentally conscious

Many companies today are localizing their products, advertising, promotion, and sales efforts to fit the needs of individual regions, cities, and neighborhoods. This is an example of ________. A) geographic segmentation B) product diversification C) branding D) psychographic segmentation E) demographic segmentation

A. geographic segmentation

Different soft drinks target different personalities. This is an example of ________ segmentation. A) psychographic B) demographic C) occasion D) life-cycle E) benefits

A. psychographic

________ positioning involves meeting consumers' lower performance or quality requirements at a much lower price. A) More for less B) Less for much less C) Same for less D) More for more E) More for the same

B. less for much less

Bailey's Burgers promotes the Bailey's Jumbo Burger as a fun snack for teens and young adults. In this instance, Bailey's Burgers is practicing ________ segmentation. A) benefit B) age and life-cycle C) psychographic D) geographic E) gender

B. age and life-cycle

Anchor Tractors focuses on selling its farm equipment in North America and Europe. It has not yet considered expanding into the Middle East. Which factor is likely most important in this decision regarding expansion? A) geographic B) political C) demographic D) personality E) cultural

B. political

Pacific Fisheries divides its customers into different regional units, such as Asia, Australia, and the Americas. This is an example of ________ segmentation. A) demographic B) psychographic C) geographic D) occasion E) benefit

C. geographic

A recent study conducted by Estelle Cosmetics Company showed that heavy users of Estelle's products comprise a small percentage of the market. The study indicated that less than 7 percent of all shoppers buy nearly 71 percent of Estelle's products in the United States. This is an example of ________. A) benefit segmentation B) segmentation by loyalty status C) segmentation by usage rate D) psychographic segmentation E) occasion segmentation

C. segmentation by usage rate

In the BCG Growth-Share matrix, what is the name for a product that has a high market share but low growth?

Cash Cow

Delta Motorworks markets its cars based on the age, gender, and income of its customers. Which of the following types of market segmentation is evident here? A) geographic segmentation B) benefit segmentation C) occasion segmentation D) demographic segmentation E) psychographic segmentation

D. demographic segmentation

Gilron Holidays runs a premium membership club that caters to customers whose annual salary exceeds $100,000. Members of this club are offered seasonal discounts at select luxury hotels in select cities worldwide. Gilron Holidays most likely follows a(n) ________ segmentation approach. A) gender B) benefit C) occasion D) income E) geographic

D. income

Using ________ segmentation, marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries. A) psychographic B) demographic C) occasion D) benefit E) intermarket

E. intermarket

An American cola-manufacturing company that primarily targets rebellious and adventurous people most likely uses ________ segmentation. A) occasion B) geographic C) income D) benefit E) psychographic

E. psychographic

Which marketing philosophy best fits this sequence: Choose the value ---> Provide the Value ---> Communicate the value

Marketing concept

Which of the following is one of Porter's 5 forces of Competitive Positioning?

bargaining power of suppliers

Suppose a product has the characteristics of high involvement and few differences between products. a first-time user of that product high experience doubts about having made the right decision under those particular conditions. If so, which "buying behavior type" should the marketing professional be prepared to deal with?

dissonance-reducing

In the theory of the adoption of innovations, which is the second group to adopt a new product?

early adopters

All of the following B2C Buying Roles Except:

gatekeepers

When a buying decision concerns a purchase that is expensive, risky, infrequent, or self-expressive it is said to:

have high involvement

Even when competing offers look the same, buyers may perceive a difference based on ________ differentiation.

image

Symbols such as the McDonald's golden arches, the colorful Google logo, the Nike swoosh, or Apple's "bite mark" logo provide strong company or brand recognition and are indicative of ________ differentiation.

image

Pharmaceutical sales reps often have to integrate themselves with certain employees in order to reach the doctors or veterinarian. what are these participants in the business buying process called?

influencers

Pierre's Mart, a grocery store in New Orleans, Louisiana, offers less merchandise selection and fairly low levels of service. Despite the lackluster service and limited selection of merchandise, customers still flock to Pierre's because it charges rock-bottom prices. Pierre's Mart most likely uses the ________ positioning.

less for much more

________ is the practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations

micromarketing

In the theory of the adoption of innovations, which is the first group to adopt new products?

none of the above

Tropicana promotes drinking orange juice at any time of day as a cool, refreshing drink. The market segmentation approach Tropicana is using is ________.

occasion segmentation

Through ________ differentiation, brands can be differentiated on features, performance, or style and design.

product

Which of the following marketing strategies is most Suitable for smaller firms with limited resources?

undifferentiated marketing