BUS 346 Midterm 1 Steinberger

According to your text, the wealthiest 1 percent of the population control approximately what percentage of Americans' total net worth?

34.6%

place

Delivering the Value Proposition. Supply chain management is the set of approaches and techniques that firms employ to efficiently integrate their suppliers, manufacturers, warehouses, stores and other firms involved in the transaction into a seamless value chain in which merchandise is produced and distributed in the right quantities...

Which of the following is true about quantitative research?

It confirms insights and hypotheses generated via qualitative research.

Which of the following specifically prohibits monopolies?

Sherman Antitrust Act

When a company launches a new product line with an existing brand name, this is known as

a brand extension

Compared to conventional supermarkets, warehouse clubs have

a lower level of service

As a type of retailer, category specialists offer

a narrow but deep assortment of merchandise.

Retailing is defined as the set of business activities that

add value to products and services sold to consumers for their personal or family use.

A product is ________ that can be offered through a voluntary marketing exchange.

anything of value to consumers

Where does retailing fall in the supply chain?

at the end

If many consumers in the marketplace are familiar with a brand and what it stands for and have an opinion about the brand, the brand has considerable

awareness

All of the following are included in the main criteria used for determining how "good" a brand is, or how much equity it has except

brand conceptualization

Efforts to change a brand's focus to target new markets or change the image of a brand are called

brand repositioning

growth strategies

market penetration, market development, product development, diversification

________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.

market positioning

The process of dividing the market into groups of customers with different needs, wants, or characteristics is called

market segmentation

Data about how, when, why, where, and what people buy refers to

marketing analytics

Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps.

marketing mix

One of the key characteristics of brainstorming sessions is

no idea is immediately accepted or rejected.

All of the following groups are included in the diffusion of innovation curve except

non adopters

product development

offers a new product or service to a firm's current target market.

________ is the term used to describe the situation when retailers use some combination of stores, catalogs, and the Internet to sell merchandise.

omnichannel retailing

For new product marketers, early adopters are important because they tend to be

opinion leaders

Effective promotion enhances a product or service's

perceived value

A ________ is often used to illustrate the position of a firm's products or brands in consumers' minds.

perceptual map

After defining the business mission, what should a firm do next to develop a marketing plan?

perform a situation analysis

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?

place

Which element of the marketing mix specifically deals with supply chain management?

place

Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages?

planning excellence

________ involves defining the firm's marketing mix variables so that target customers have a clear, distinctive, desirable understanding of the firm's offerings relative to competitors' offerings.

positioning

The diffusion of innovation theory is useful to marketers in helping them

predict which types of customers will buy their product immediately and later.

Retailers' coupons, rebates, and online discounts are types of

pricing promotions

A toothpaste tube is an example of a ________ package.

primary

If a new product concept gets positive evaluations from potential customers during concept testing, the next step for a firm is

product development

A ________ is a group of associated items that consumers tend to use together or think of as part of a group of similar products.

product line

A(n) ________ is a group of products that consumers may use together or perceive as similar in some way.

product line

All of the following are benefits of new product development to a firm except

reducing the cost of production

A marketing research project often begins with a review of the relevant ________ data.

secondary

Company sales invoices, census data, and trade association statistics are examples of

secondary data

To develop psychographic segments, the marketer must understand consumers'

self-values, self-concept, and lifestyles.

As part of her company's SWOT analysis, Valerie is assessing the company's internal environment, including

strengths and weaknesses

What is marketing?

the activity and processes for creating, capturing, communicating, delierin, and exchanging offerings that have value for customers, clients, partners, and society. creates value

The center of all marketing efforts is

the consumer

One of the most fundamental activities of retailers is to provide ________, satisfying the needs of their target market.

the right mix of merchandise and services

Which of the following defines a value proposition?

the unique value that a product or service provides to customers

Radio frequency identification (RFID) tags are

tiny computer chips that transmit information about a container's contents.

A disadvantage to using secondary data is that they might not be precisely relevant to the information needed.

true

Before conducting marketing research, it is important to establish in advance exactly what problem needs to be solved.

true

Brands enable customers to quickly differentiate one firm or product from another.

true

Donald is analyzing and interpreting data. In the process, he is converting data into information.

true

Firms have come to realize that good corporate citizenship through socially responsible actions should be a priority because it will help their bottom line in the long run.

true

For products like pencils and paper clips, marketers should probably use an undifferentiated targeting strategy.

true

Marketing channel management adds value because it gets products to customers efficiently, quickly, and at low cost.

true

Perceptual maps include positions of current brands as well as ideal points where a consumer segment would want a product to be.

true

Relative market share is an example of a marketing metric.

true

The vertical marketing system that exhibits the most formalization and control is the corporate vertical marketing system.

true

Understanding the marketplace and a customer's needs and wants is fundamental to marketing success.

true

When companies store information on customers' purchase histories in large computer files, this is known as data warehousing.

true

A generational cohort is a group of people

who are of the same generation

The basic difference between a good and a service is that a good

can be physically touched

Four frequently used targeting strategies are the micromarketing, undifferentiated, differentiated, and ________ targeting strategies.

concentrated

The fundamental goal of marketers when creating goods, services, or combinations of both is to

create value

________ is when vendors ship merchandise prepackaged in the quantity required for each store to the distribution center.

cross-docking

The shared meanings, beliefs, morals, values, and customs of a group of people constitute their

culture

Which of these is a macroenvironmental factor?

culture

________ segmentation is the most common basis of consumer market segmentation because these segments are easy to define and usually easy to reach.

demographic

A ________ is a facility for the receipt, storage, and redistribution of goods to company stores.

distribution center

For a brand name to be effective, it needs to be

easy to recognize and remember

Typically, manufacturers and retailers exchange business documents through a(n) ________system, the computer-to-computer exchange of business documents from a retailer to a vendor and back.

electronic data interchange (EDI)

market development

employs the existing marketing offering to reach new market segments, domestic or international.

market penetration

employs the existing mix and focuses the firm's efforts on existing customers, Achieved by attracting new consumers to the firm's current target market

A mission statement describes the specific actions a firm will take to achieve its goals.

false

STP refers to segmentation, testing, and promotion.

false (segmentation, targeting, and positioning)

When Walmart threatens to punish or punishes the other channel member for not undertaking certain tasks, such as if it were to delay payment for a late delivery, this is an example of expertise power.

false - This is the definition of coercive power, which is when a firm threatens to punish a channel member for not undertaking certain tasks.

Convenience for the customer is seldom a factor for manufacturers when choosing a retail partner.

false - When a manufacturer has a partnership with the retailer, this helps create value by providing the customer with convenience and satisfaction.

Firms can measure the success of a new product by all of the following factors except

fewer competitors in the market

A(n) ________ is a small group of people brought together for an intensive discussion of a topic.

focus group

being more value based is

focused on benefits, building customer relations, connecting with customers (social media)

A(n)________ is used in the shipment of products directly to customers.

fulfillment center

Which generation's members are also known as Millennials?

gen Y

Full-line discount, category specialist, and specialty stores are all types of ________ retailers.

general merchandise

Some companies have been accused of taking advantage of the current social trend of green marketing, positioning their products as environmentally friendly when this may not actually be the case. This is called

greenwashing

During the ________ stage of the product life cycle, there are few but an increasing number of competitors.

growth

Firms use a differentiated targeting strategy because

helps obtain a bigger share of the market

________ is the process by which ideas are transformed into new products and services that will help firms grow.

innovation

During the introduction stage of a product's life cycle, typical consumers are

innovators

When marketers use a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to communicate a value proposition to the customer, it is referred to as

integrated marketing communications

diversification

introduces a new product or service to a market segment that currently is not served. In a related diversification opportunity, the current target market shares something in common with the new opportunity. In an unrelated diversification, the new business lacks any common elements with the present business.

The difference between a firm's immediate marketing environment and its macroenvironment is that the macroenvironment

is external

Students of marketing often overlook or underestimate the importance of place in the marketing mix simply because

it happens behind the scenes

A major advantage of primary data collection is

it offers behavioral insights generally not available from secondary research.

A major disadvantage of primary data collection is

it requires more sophisticated training and experience to design the study and collect data.

Today, ________ dominate supply chains.

large retailers

The political/regulatory environment comprises political parties, governmental organizations, and

legislation and laws

Frequent buyer/user award programs can be used to

maintain contact with loyal customers

Which of the following is a core aspect of marketing?

making product, place, promotion, and price decisions

At one point in the evolution of marketing, the United States entered a buyer's market and the customer became king. Which era is being described?

market oriented

price

Capturing Value. Price is everything the buyer gives up in exchange for the product.

promotion

Communicating the Value Proposition. Communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.

product

Creating Value by developing a variety of offerings, including goods, services, and ideas, to satisfy customer needs. Services are intangible customer benefits that are produced by people or machines and cannot be separated from the producer.