BUS 2600 Midterm Study Guide
Which of the following customer questions is answered by a company's value proposition?
"Why should I buy your brand rather than a competitor's?"
What are characteristics of Millennials grocery shopping?
-more likely to adopt a healthy lifestyle -more likely to build shopping trips around a particular recipe -prefer ingredients they could recognize -prefer food that is locally grown or produced
characteristics of good marketing objectives
1.Measurable/specific/concrete 2. Realistic 3. Time Specific
________ are groups to which an individual wishes to belong, as when a young basketball player hopes to play someday in the NBA or WNBA.
Aspirational groups
Example of individual brand structure
Coke (odwalla, powerade zero, simply orange, honest tea)
How do an organization's goals/objectives relate to its mission?
Goals or objectives measure how well the organization's mission is being accomplished
Example of umbrella brand structure
Which consumer group tends to show more brand loyalty and makes shopping a family event, with having children having a big say in the purchase decision?
Hispanic Americans
Which of the following DOES NOT reflect how Millennials do their grocery shopping?
Millennials are more likely to keep an on-going grocery list throughout the week
Which of the following are Americans not consuming and using as much of anymore?
RAZORS
Which of the following statements is true regarding social classes?
Social classes show distinct differences in how much they care about appearance and body image
What type of research objective is most suitable for obtaining conclusive answers to questions such as whether one ad would garner greater attention and recall than another, and whether the presence versus absence of $.0.50 coupons would make people more likely to buy the national brand?
causal research
A regional supermarket chain runs print, radio, and television advertisements announcing that 1 percent of its sales is donated to local after-school programs for underprivileged youth. This is an example of ________.
cause-related marketing
George is buying his first house. He has spent a month looking at houses and comparing attributes such as price and location. He has contacted several real estate agents to look at different types of houses. George is most likely exhibiting ________.
complex buying behavior
Kao Corp., a deodorant manufacturer, invited teenage girls to make an ad that would encourage other girls to buy the product. This program is an example of
consumer-generated marketing
"Losing a customer once means losing the entire stream of possible purchases that the customer would make over an extended period of patronage." This statement specifically indicates loss in terms of
customer lifetime value
FedEx offers its customers fast and reliable package delivery. When FedEx customers weigh these benefits against the monetary cost of using FedEx along with other costs of using the service, they are acting upon
customer perceived value
Sally recently purchased Brand X lotion. In comparing her perception of how the lotion made her skin feel and look to her expectations about Brand X lotion, Sally was measuring her level of
customer satisfaction
The marketing team of 7 Star Inc., a company manufacturing smartphones, is currently studying the size, density, location, age, and occupation of its target market. Which of the following environments is being studied in this scenario?
demographic environment
For the past ten years, Bill and Margaret have saved money to go to the Super Bowl should their team, the Chicago Bears, reach the finals of the NFC championship. This is the year, and several tour companies offer attractive, but very similar, packages to the game. Since all packages are pretty much the same and quite expensive, they have chosen one that fits their budget. Bill and Margaret are most likely exhibiting ________.
dissonance-reducing buying behavior
Market segmentation can be best described as the process of ________.
dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing programs
Robert has taken up cycling as a hobby and as a way to maintain his physical fitness. He wants to buy a hydration system since he will need a lot of water as he cycles. Having gathered a great deal of information, he has finally narrowed down his choices to three systems: Waterbags for Roadies, Supertanker Hydropacks, and Fast Water. Robert is in the ________ stage of the buyer decision process.
evaluation of alternatives
Juanita Petino, a nutritionist, decided to test the effects of cereal brand, Kinglo and Loopy, on consumer happiness. For the purpose of her study, she randomly assigned volunteers into two groups and asked the members of one group to have Kinglo cereal and the members of the other group to have Loopy cereal for breakfast. She then compared happiness ratings between the two groups. In this instance, Juanita is using ________.
experimental research
In ________ research, the objective is to gather preliminary information that will help define the problem and suggest hypotheses.
exploratory
An advantage of secondary data over primary data is that
it is faster and easier to acquire than primary data
A current trend in the United States involves rediscovering the benefits of home-cooked food and the use of organic ingredients. People are choosing to spend hours in the kitchen using only the freshest ingredients to cook healthy and nutritious meals. This change in ________ is one of the reasons for the increasing demand for organic ingredients.
lifestyle
According to the Boston Consulting Group approach, _______ provides a measure of market attractiveness.
market growth rate
A ____________________ is some combination of products, services, information, or experiences provided to consumers to satisfy a need or want.
market offering
An organic farmer has identified three distinct groups that might be interested in his products: vegetarians, health-conscious individuals, and people identified as trendsetters who try out new products in the market before others. These three groups are examples of
market segments
Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's overarching goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________.
mission statement
An invitation to go skiing over the weekend forced Donna to look at her current wardrobe. She realized that she required a warmer coat. Which of the following stages of the buyer decision process does Donna exemplify?
need recognition
Omega Inc. makes lightweight sunglasses with 100-percent UV protection for people who love to hunt, hike, and ride bikes. The company's long-term plans include the development of lenses that, in addition to protecting users from UV rays, would help reduce lens spotting through effective water-sheeting methods. This new feature would be valuable to people who fish. Given the rising popularity of recreational fishing in the United States, Omega products clearly have a huge market potential. In terms of a SWOT analysis, Omega has recognized a market ________.
opportunity
In the famous case in the 1980's, Coca-Cola introduced New Coke after conducting extensive research. The failure of New Coke was largely due to:
poor definition of the research problem
Railroads were once operated based on the thinking that users wanted trains that would offer the most in quality, performance, and innovative features. The railroad managing companies overlooked the fact that there could be other modes of transportation. This reflects the
product concept
Which of the following marketing management concepts is most likely to lead to marketing myopia?
product concept
Henry Ford's philosophy was to perfect the Model T so that its cost could be reduced further for increased consumer affordability. This reflects the
production
Customer satisfaction is a goal that companies strive to earn. Companies can achieve customer delight by
promising only what they deliver and then delivering more than they promise
Google Trends is an example of _____________ data.
secondary
Your state's department of education has budgeted a significant amount of money for a radio, print, television, and online advertising campaign emphasizing the long- term benefits, both educationally and professionally, of reading every day. This is an example of a(n) campaign.
social marketing
_______ are high-share business units in high-growth markets that require a lot of cash to sustain their growth.
stars
What is SBU?
strategic business unit
Which of the following is true with regard to strategic planning?
strategic planning involves developing and maintaining fit between the company's goals and the changing marketing environment
Which of the following is not a form of mechanical data collection?
surveys
Cathy's Clothes is a small yet successful retail chain that sells women's clothing and accessories with a focus on buyers who have relatively modest means. For this specific purpose, the firm has rolled out several marketing initiatives aimed at women of a specific demographic. This is an example of
target marketing
Validity is
the degree to which a measure is measuring what it is supposed to measure
Which of the following is a trend that depicts the increasingly nontraditional nature of today's American families?
the increasing number of dual-income-no-kids families
Customer equity refers to
the total combined customer lifetime value of all of the company's current and potential customers
A defining characteristic of nonprobability samples is that:
they involve personal judgment in the element selection process
A man weighs 200 lbs. He steps on a scale five times and receives the following weights: 160, 190, 200, 155, 200. This scale is:
valid but not reliable
Marketing is defined as a social and managerial process by which individuals and organizations obtain what they need and want through
value creation and exchange
Companies can research many aspects of buying decisions. However, the one that marketers typically struggle with the most is learning ________.
why consumers buy