BMGT350 Exam 1

If a company decides to create a product specifically formulated for a specific target consumer, they are using a ___________ strategy

Differentiated

What form of Marketing activity organization is exhibited by joining a new market space related to your already existing company?

Diversification

Which of the following designations would most likely be a brand found in the decline stage of the Product Lifestyle stages?

Dog

What should a company do to properly gauge the strength of its links and continually improve?

Examine how well each group performs its work of adding customer value

A Strategic Business Unit (SBU) can be

A division, a production line, and/or a single brand

Why should companies try to adopt a proactive stance on marketing?

A proactive stance allows a company to take advantage of opportunities as they arise

What segmentation base does "Reverse Segmentation" belong to?

Behavioral

Tracking consumer movements across online sites has given Marketers insight into __________

Behavioral targeting

What statement about Big Data is correct?

Big data offers a plethora of data points, but can be overwhelming for Marketers

How do the individual components of a SWOT analysis work together to determine the status of a company?

By ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development

To exercise social responsibility, many companies are linking themselves to what type of marketing?

Cause-related

What is NOT a social factor influencing consumer buying behavior?

Cognitive dissonance

What sources involves dealer and manufacturer websites, packaging, and displays?

Commercial sources

What is NOT a step in the marketing research process?

Comparing research findings to other studies

What refers to the degree to which an innovation fits the values and experiences of potential consumers?

Compatability

As this characteristic increases, the rate of adoption is slower

Complexity

If a company markets to left-handed consumers only, what targeting strategy does this represent?

Concentrated marketing

What is likely to slow the adoption of new technology?

Conceptual complexity

What is a good example of "structural attractiveness"?

Considering the number of competitors in a product category

What does the value delivery network do and what does it include?

Creates value for customers, includes partnering with suppliers, distributors, and customers

Which of the following is NOT a primary goal of competitive marketing intelligence?

Creating an understanding of the business-to-business environment

What are the Top 5 Marketing Metrics?

Customer churn, customer retention rate, ROI (return on investment), ROAS (return on advertising spend)

The real value of marketing information rests in the __________

Customer insights it provides

Which of the following Microenvironment Forces is considered the most important?

Customers

The US Census is most impactful for which of the following Marketing Environment Forces?

Demographic

What segmentation base is one-dimensional, but economical to access the variables belonging to such?

Demographic

What makes up the microenvironment?

Demographic, economic, natural, technological, political, and cultural forces

What are the Segmentation bases?

Demographic, geographic, psychographic, behavioral

What should be the first criteria/feature of a product to include in a positioning statement?

Determinant criteria

_______________ segments are conceptually distinguishable and respond differently to different marketing mix elements and programs

Differentiable

The Business Cycle is a key indicator that Marketers should consider when monitoring which of the following forces?

Economic Force

The group of factors that affect consumers' purchasing power and spending patterns is called the

Economic environment

After developing the research plan, what is the next step?

Implement the plan

Marketers obtain needed marketing information from which of the following?

Internal data, marketing intelligence, and marketing research

A value chain consists of which of the following?

Internal departments and other companies that carry out value-creating activities

Each time a new competitor enters their market, the company buys a sample off the shelf and take it apart in their lab to ensure they are one step ahead of the competition. In terms of Marketers obtaining information, this is an example of developing

Marketing Intelligence

A grocery store is located in neighborhoods with large Spanish populations. As a result, they carry a greater selection of Hispanic foods. What type of marketing is this?

Micromarketing

When customers can customize products to their exact needs and preferences, what type of marketing is this?

Micromarketing

What macroenvironemnt force is the COVID 19 pandemic in?

Natural

What is the first step of the buyer decision process?

Need recognition

A Marketing Research is viewing store video and timing the amount of consumers spend with certain products. Which type of research does this exemplify?

Observational research

Which of the following statements about online research is correct?

Online surveys generally have higher response rates than those conducted by mail or phone

Marketers of brands understand that they must figure out how to reach _____________ that can exert social influence on others

Opinion leaders

What are the social factors influencing consumer buying behavior?

Opinion leaders, won of mouth, online social networks, reference groups

What does a SWOT analysis consist of?

Opportunities, threats, strengths, weakness

Which Psychographic Segmentation Base variable is deemed as the one leased used when putting together market segments?

Personality

What comes after creating a company's mission and objectives?

Planning their business portfolio

The process of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products is called _______________

Positioning

Which stage of the Consumer Decision Process is more ignored by marketers?

Postpurchase

If competitors cannot easily copy the benefit a company chooses to promote, that benefit is said to be __________

Preemptive

When a brand is larger in structure, with more resources and/or is a Market Leader in a product category they are forced to take on which response to manage the Marketing Environment?

Proactive

This type of research was initially done to answer different question(s) than what the current research framework is trying to answer

Secondary information

Amazon now promises same-day pickup of goods as well as local secure pickup points. What point of differentiation is this?

Services differentiation

A product/brand that is purchased 2-3 times in a 12 month to 5 year period where the consumer conducts both external and internal Information Search is which type of product?

Shopping

What actions help a company find their game plan for long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources?

Strategic planning

Which of the following is NOT part of an overall SWOT analysis evaluation of a company?

Strategy

When planning a business portfolio, what must you keep in mind?

The best fit for its strengths, weaknesses, and opportunities in the environment

Age, income, region, benefits sought, and perception are all

representative of the 4 bases of segmentation and are also segmentation variables

Dividing buyers into groups based on motives, values, lifestyle, or personality characteristics is called _____________ segmentation

Psychographic

What is the difference between a Product-Orientated Mission Statement and the Market-Orientated Mission Statement?

A product-oriented mission focuses on the benefits and features of a business's product

The US economy represents approximately ______ of the GDP

2/3

The ideal number of participants for a focus is ____

8

Which of the following identifies a change in the technological environment that could affect the success of a business?

A company develops a new battery that lasts twice as long as its predecessor

When segmenting, which is the most expensive (takes the most resources)?

A target market

The "Modern Marketer" needs to have a blend of:

Artist & scientist

Where is the best place to start to develop an efficient MIS?

Assess the information needs of the company

If you were a Marketing Manager and the company you worked for was developing a new Mission Statement you should:

Attend the meeting and make sure the Marketing perspective is represented in the re-write of the Mission Statement

What is survey research most often developed to measure?

Attitudes

When grouping customers to target, the marketer uses age to discern _________ to purchase within the product category when grouping customers. (think about alcohol, tobacco, etc)

Authority

Stars, cash cows, question marks, and dogs are the four types of strategic business units (SBU's) defined in which of the following?

BCG/Growth-share matrix

Which type of research is used to help define the research problem and suggest hypotheses?

Exploratory research

What form of Marketing activity organization is exhibited by grouping together similar/related product items/lines?

Functional

When marketers want to promote their products through word-of-mouth marketing programs, they typically begin by ______________

Generating person-to-person brand conversations

What type of segmenting is shown through grouping customers by regions and differentiating advertisements and promotions for each region?

Geographic segmentation

The role of a company's marketing intermediaries is to do which of the following?

Help the company find, promote, sell, and distribute products

What are stars in the BCG/growth-share matrix?

High-growth, high-share businesses or products

In analyzing a company's current business portfolio, what is management's first step?

Identify strategic business units

What are the steps in the marketing research process?

Interpreting and reporting the findings, developing the research plan, implementing the research plan, defining the research problem

What is tradition-bound, suspicious of changes, and adopt the innovation only when it has become something of a tradition itself?

Lagging adopters

The goal of a Market Penetration growth strategy is to do which of the following?

Make more sales to current customers without changing its original products

A company wants to take their existing toy products made for US consumers into India. What plan for growth is this?

Market development

___________ consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance

Marketing analytics

What are the 5 steps of the buyer decision process in the correct order?

Need recognition, information search, evaluation of alternatives, purchase decision, and post-purchase technology

What is a personal characteristic influencing a consumer's buying behavior?

Occupation

If product sales increase significant among fans of a certain celebrity when they are featured on the ad, the celebrity is seen as a ____

Reference group

What is the main reason that Cash Flow for Question Marks from the BCG/Growth Matrix is negative?

Research and development costs are still being recouped

How does the microenvironment of a company differ from its macroenvironment?

The microenvironment deals with the company, suppliers, marketing intermediaries, customer markets, competitors, and publics

Which of the following includes shortages of certain raw materials, high pollution levels, and more government intervention?

The natural environment

_________________________ determines if a buyer is satisfied or dissatisfied with a purchase

The relationship between the consumer's expectations and the product's perceived performance

Why is marketing return on investment (ROI) so difficult to measure?

There is no consistent definition

Why is it important for a company to collect both primary and secondary data when conducting marketing research?

To have a "full picture" of the subject of its study

What is the purpose of the marketing mix as part of the overall marketing strategy?

To produce a response that influences a demand for the product from the customers the company is targeting

______________ refers to the practice of integrating ethnic themes and cross-cultural practices within a company's mainstream marketing

Total market strategy

What segmentation strategy works best if the marketplace is homogeneous?

Undifferentiated

When marketers aggressively promote only one benefit, this benefit is known as the product's _______________

Unique selling proposition

If a company is trying to gain customers from diverse incomes by targeting different consumers through offering their high-end clothing in discount stores, this brand is trying to engage in

Value Marketing

A brand constantly researching consumer needs, location demographics, and cultural shifts in order to introduce new products can be said that the brand:

does a good job conducting Environmental Analysis