Marketing 3150 Midterm Review

Social class is a type of ________ characteristic that influences consumer buying behavior.

Cultural

Which BEST expresses the goal of effective marketing management?

Selecting only customers a company can serve well and profitably

Consumers obtain information from numerous sources. Which of the following involves dealer and manufacturer websites, packageing, and displays?

Commerical sources

What is the first step of the marketing research process?

Defining the research problem

Julies's Jump Rope Emporium is a new company. From a marketing standpoint, what is the FIRST thing Julie's Jump Rope Emporium needs to do?

Determine who in the community wants or needs a jump rope.

________ involves sending trained observers to watch and interact with consumers in their "natural environments."

Ethnographic research

When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.

Generating person-to-person brand conversations

Whcih statement regarding cultural values is true?

Marketers have little chance of changing core values.

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

Preemptive

Which tool uses market penetration, market development, product development, or diversification to identify company growth opportunities?

Product/market expansion grid

Amazon is now promising same-day pick-up of goods as well as local secure pick-up points. What point of differentiation is this?

Services differentiation

The buyer makes the fewest decisions in the ________ and the most in the ________ decision.

Straight rebuy; new task

To create value for customers, marketers must improve the performance of the ________, which includes partnering with suppliers, distributors, and customers.

Value delivery network

A new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new company?

We will help customers build, invigorate restore, refurbish, or completely redesign their homes or businesses.

Scott Frost has been coming to Aldwin's Diner for 20 years and refuses to go anywhere else. Joseph, the owner of Aldwin's loves Scott's loyalty but admits he purchases only a cup of coffee at each visit. Scott would BEST be described as which of the following?

Barnacle

Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as ________.

Market segmenting

The first generation to come of age in a world filled with computers, mobile phones, and online social media, ________ embrace(s) technology as a way of life.

Millennials

Which statement is true?

Big data presents marketers with big opportunities and minimal challenges.

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

Creating an understanding of the business-to-business environment

Of the following, which BEST reflects how the American population has changed over time?

It has become more diverse, better educated, and more mobile.

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

Lagging adopters

The demographic, economic, natural, technological, political, and cultural forces that affect a company's ability to serve its customers make up which of the following?

Macroenvironment

________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing strategies.

Market segmentation

Which concept takes an outside-in view that emphasizes fulfilling the needs of customers as a road to profits?

The marketing concept

How does the new concept of marketing differ from the old concept of marketing ("telling and selling")?

The new concept focuses on customer needs.

In the context of customer relationship groups, which statement is true?

There is a good fit between the company's offerings and butterfiles' needs.

What is the main problem that sellers suffering from marketing myopia face?

They focus more on products than on the customer's underlying need.

Which of the following BEST descirbes the purpose of customer insights?

To create more value for customers

Which of the following correctly describes customer purchases, sales force cuontacts, service and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, and market research studies?

Touch points

Which adopter group is first to adopt a new product?

Innovators

The real value of marketing information rests in the ________.

Customer insights it provides

You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator moderator. In exchange, you receive a payment. You are participating in a(n) ________.

Focus group

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

Help the company promote, sell, and distribute products

The type of segmentation that forms segments of consumers who have similar needs and buying behaviors even though they are located in different countries is known as ________.

Intermarket segmentation

Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST path for this company to start to develop an efficient MIS？

Assess the information need of the company

Which types of companies would most benefit from conducting marketing research?

Both large multinational firms like Disney and IBM and small local firms

Mars Inc. is known for being the world's number one candy maker, but they also have pet-nutrition and health-care companies. All of the types of business are referred to as Mars Inc.'s

Business portfolio

Consumers go through five stages in the process of adopting a new product. In the ________ stage, the consumer considers whether trying the new product makes sense.

Evaluation

Which type of sample involves dividing the population into mutually exclusive groups (such as blocks), and then drawing a sample of the groups to interview?

Cluster (area) sample

________ markets consist of individuals and households that buy goods and services for personal consumption.

Consumer

Katy's Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the company's niche product premium, organic dog and cat food and contracted to sell it in several high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do now?

Create a promotion strategy to increase customer awareness

Actions by which satisfied customers initiate favorable interactions with others about a brand are defined as_________.

Customer brand advocacy

When a company starts the strategic planning process at the corporate level, it begins by ________.

Defining its overall purpose and mission

Which of the following describes the process of evaluating each market segment's attractiveness and selecting one or more segments to serve?

Market targeting

________ 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

The textbook describes Fifth Third bank's campaign "No Waiting" which engages impatient, social-media-savvy customers with a video that demonstrates how the mobile app takes the wait out of banking. Which generation was Fifth Third targeting?

Millennials

"A total eating and social environment that fuels the sports fans experience" is Buffalo Wild Wing's

Mission statement

Which of the following would make a segment less attractive to enter?

New entrants finding it easy to enter the segment

Which of the following terms does NOT mean tailoring products and marketing programs to the needs and preferences of individual customers?

Niche marketing

Which of the following statments 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

A manufacturer of half-ton pickup trucks creates a positioning map for the U.S. half-ton pickup market. The position of each circle on the map indicates the brand's perceived positioning on two dimensions: price and orientation (economy versus performance). The size of each circle indicates the brand's relative market share. This is an example of a ________.

Perceptual positioning map

Marketing ________ focuses on the what and why of marketing activities, while marketing ________ focuses on the who, where, when, and how.

Planning; implementation

Which of the following is NOT one of the four Ps of the marketing mix?

Production

The marketing manager at Only Organic Delicatessen targets customers who are focused on organic, healthy food choices but who still want to dine out. The restaurant chain offers a wide variety of organic, low-fat, locally raised produce and foods. Only Organic's approach is best referred to as ________ segmentation.

Psychographic

The ultimate goal of the marketing process is which of the following?

Receiving value from customers

________ segments are large or profitable enough to serve.

Substantial

Chicago's best Italian restaurant has been operating on the north side of Chicago for more than 30 years. Its target market includes young urban professionals who want new-style organic pizzas with exotic ingredients. However, in recent years, the population in the pizzeria's neighborhood has been shifting, and now fewer young urban professionals live there. The population has grown older and wants traditional pizza, not pizza with exotic ingredients. Which of the following identifies the pizzeria's BEST response to this situation?

Target a new market with a different product.

Wonders such as smartphones, driverless cars, and antibiotics can be attributed to which marketing environment?

Technological

________ determines if a buyer is satisfied or dissatisfied with a purchase.

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

Almost any business large or small can create, publish and distribute its own custom online mobile surveys in minutes.

True

Nelson's Pet Food Co. is having difficulty obtaining the credit it needs to expand. What should the company do in order to improve its financial situation?

Work out plan with its financial intermediaries