Marketing 340 Chapter 6 - Consumer Behavior, Marketing Ch. 2 Developing Marketing Strategies and A Marketing Plan, Marketing Test #1 - Chapter 5, Chapter 7: Marketing, MK Ch. 10, Marketing Management Chapter 11, Chapter 17
A firm can use its website well to build its _______ image and to educate customers about its product and services
brand
________-to-_______ marketing refers to the process of buying and selling goods or services for use in producing other goods and services, for consumption by the buying organization, and/or for resale by wholesalers and retailers.
business-to-business
What is the average yearly income for young adults with a bachelor's degree in the United States?
$50,000
Packaging must be:
- Appealing to the eye - Easy for the customer to use - Convenient for the maker to ship and store
Within the communication process when you are reading or seeing a billboard with an advertisement, you are known as the _______ (select all that apply) - consumer - encoder - firm - receiver
- consumer - receiver
Margaret bought an SUV with four-wheel drive despite the fact she never goes off-roa or drives into the wilderness. Her purchase satisfies a significant element of her ____________ lifestyle. - actual - adult - athletic -perceived - expensive
- perfceived
Product
-Organizations (ie MADD) -Physical Item -Services -Ideas
Size of a product line is dependent on:
-level of competition -amount of consumer support -how much capital the company is willing to devote to those goods or services
The three B2B buying situations are _______ buys, ______ rebuys, and straight rebuys.
-new -modified
Firms decrease depth to
-refocus marketing efforts on profitable items. -eliminate unprofitable items
When a firm influences the actions of a consumer, the firm has probably done so through marketing ________ 1) communications 2) manipulations 3) tactics 4) persuasions
1) communications
For one person this Taco Bell logo might mean a dieter's worst nightmare, but for another it can mean a great meal. This exemplifies that fact that each receiver may _______ a given message differently 1) decode 2) send 3) transmit 4) encode
1) decode
If Wendy's airs a television advertisement delivering a message about a special promotion at its restaurants, Wendy's is the ______ in the communication process 1) sender 2) channel 3) noise 4) decoder 5) receiver
1) sender
When marketers attempt to gage how much equity a brand has, they look at four main components:
1. Brand awareness 2. Perceived value 3. Brand associations 4. Brand Loyalty
Store brands now account for __________ percent of consumer purchases in North America.
20
Which of the following brand would most likely NOT have top-of-mind awareness in their respective product categories with consumers? 1) Harley-Davidson 2) Coca Cola 3) RC Cola 4) Windows PCs
3) RC Cola
_______ refers to the process by which the receiver interprets the sender's message 1) feedback 2) noise 3) decoding 4) encoding
3) decoding
Which of the following terms best describes the strength of the association between a brand name and the type of product or service in the consumers' minds? 1) brand desirability 2) brand capability 3) brand ignorance 4) brand awareness
4) brand awareness
In search engine marketing the _______ of the ad describes how useful an ad message is to the customer doing the search 1) impression 2) ROMI 3) click-through rate 4) relevance
4) relevance
Line Extension
A company expands product line under the same brand name umbrella.
Brand Licensing
A contractual arrangement where one firm allows another to use it's Brand name, logo, symbols and character in exchange for a negotiated fee. Some of the industries that benefit the most from brand licensing include toys, apparel, accessories and entertainment products (i.e. video games). Allows the the company using the brand to benefit from from that brand's devoted following. It also allows the brand holders get to expand the reach of their properties and put a new product into the hands of their loyal customers.
How do demographics affect the launching of a new product?
A product may be for a specific gender & may be targeted towards a specific age group or generational cohort.
Unstructured
Allows respondents to answer in their own words
Which legislation protects consumers from receiving sales phone calls?
Amendment to the Telemarketing Sales Rule
Depth
Amount of products within one line
When a firm chooses to have a brand legally protected through trademarks and copyrights, the brand becomes _______.
An asset to the firm.
Assets
Anything a company owns that can be used to make the firm money. Adds the firm's value, sales, and profitability.
Which generational cohort was born between 1946 and 1964?
Baby boomers
For a report of research results to be effective, it should:
Be free of errors Be precise Include recommendations that can be implemented
Step 2
Conduct a Situation Analysis (SWOT)
What are examples of government legislation designed to protect the consumer?
Consumer Product Safety Act, Nutrition Labeling and Education Act, & Children's Television Act
2 Categories of Products
Consumer and Business
Shopping Products
Consumers spend less time and effort choosing shopping products than on specialty items. But, they will still go through the trouble of comparing alternatives to find the best value. ex: furniture, apparel, airfare deals
Products are complex with multiple components. ______________ defines the basic problem solving benefits that consumers are seeking.
Core customer value
What are the immediate environmental factors that impact consumers?
Corporate partners, the competitors, & the company
One disadvantage of primary versus secondary research is that primary research is typically ______.
Costly
Which of the following are among the major macroenvironmental factors?
Cultural factors, political/legal (regulatory) factors, & social factors
Firms reward loyal customers through ______________ programs.
Customer relationship management
Why are marketers embracing gender neutrality?
Customers cannot be pigeonholed according to gender & gender roles are no longer as distinct as they once were.
Instead of using survey information, Martha decides she would rather use ________ to find hidden information within her customer-relationship management database to find links between spending habits and which types of entertainment should be marketed by the Coffee Collective.
Data Mining
Primary Data
Data collected to address specific research needs; data not previously available that must be collected Usually done by focus groups, interviews, and surveys
Once the results of the marketing research study are prepared as a report, this report must be presented to the appropriate _________.
Decision makers (upper management)
What tasks are firms increasingly using artificial intelligence (AI) to complete?
Decision making, translations, & speech recognition
If a firm deletes an entire product line, it has _______.
Decreased its breadth
Step 1
Define the Business Mission
When Ben & Jerry's Ice Cream wants to identify its next new ice cream flavor, the first step in the company's marketing research process would be to ________.
Define the objective
Core customer value
Defines the basic problem solving benefits that consumers are seeking. What are customers looking for?
Identifying the type of data needed and the type of research required to collect that data is part of the ________ stage of the marketing research process.
Design
After a firm has identified a group of market segments, it does all of the following EXCEPT:
Does: evaluating each segment's attractiveness, using a process known as targeting, and determining which segments to pursue. EXCEPT: re-assigning the segments.
Step 5
Evaluate Performance and Make Adjustments
Which of the following is the generational cohort that consists of people born between 1965 and 1976?
Generation X
Which is the largest generational cohort since the Baby Boomers?
Generation Y
Step 3
Identifying and evaluating opportunities using STP Segmentation, Targeting, and Positioning
Some firms use ____________ for each of their products, as opposed to the same name or brand for all their product lines and products.
Individual brands
______ refers to an increase in the prices of goods and services and a decline in purchasing power.
Inflation
A doctor who recommends a procedure and determines which equipment and products will be required participates in which buying role?
Initiator
Strategic business unit (SBU) or product line
Is how portfolio analysis is typically performed. may have a different mission or objective from other divisions.
Perceived Cost/Benefit Analysis
Kristin tries to decide between two laptops: one with a large hard drive versus one for $100 less and a smaller hard drive.
An important element of a product is its ______, which is a communication tool that can convey key product benefits to consumers.
Label
Brand Extension
Launching related products under the same banner. -Can include an increase in depth or breadth -Uses the same brand name in a different product line.
One of the biggest disadvantages of using secondary data is that it _______.
May not be relevant to the project
Product lines are a part of a product:
Mix
Breadth
Number of product lines under a company's umbrella
Toymaker Fisher-Price has set up labs where it uses video cameras to record children playing with toys. Which research technique is Fisher-Price using?
Observation
Generic Brands
Offers price sensitive consumers a no frills product at a discount price.
Unstructured Questions
Often open-ended, allowing participants to answer in their own words
Brand Associations
Personal connections that consumers make with a brand and it's key attributes. Such as a logo, slogan, or celebrity spokes person
Jake is feeling uneasy about the contract he just signed for a new car. He knows he is about to have a second child in a few weeks and knows that he probably should have invested in the more logical option of car with this fact in mind, he is likely feeling what postpurchase reaction?
Postpurchase cognitive dissonance
Last Phase of Marketing Research Process
Presenting results to decision makers
Price and Value Capture
Price must allow for customers to perceive good value for the product they receive.
A tube of toothpaste is an example of a _______ package.
Primary
Consumers typically seek convenience in terms of storage, use and consumption from the _____ package.
Primary
Introduced in 1920, Band-Aid now has more than 40 products to help heal cuts and scrapes. Band-Aid has, over the years, increased their _________.
Product line depth
During the B2B buying process, a firm will typically invite alternative suppliers to bid on supplying the firm's required components for a product. This stage is called the ________ for proposal process.
RFP
Data
Raw numbers that have limited value to marketers on their own
What are among the goals of value-based marketing?
Recognize consumers' needs and wants & provide value to consumers
What are current trends in food marketing?
Reducing food waste & opening grocery stores in food deserts
GE Appliances has determined it costs $150 per interview to conduct in-depth interviews, whereas a survey will cost $2 per questionnaire. The company should choose the appropriate method based on _____________?
Research objectives
Product packaging offers a variety of benefits to:
Retailers and Consumers
Verizon wants to evaluate its position in the cell phone service market. The purpose of the marketing research is to determine its current relative market share. Based on this objective, Verizon will want to collect ________________.
Sales data
Customers' weekly consumption habits can be obtained during checkout through the use of _______.
Scanner data
Mario is thinking of opening a restaurant and wants a list of other restaurants in his targeted neighborhood. Mario could easily find this data through ________.
Secondary data sources
Terence recognizes that in order to fulfill customers' expectations for his florist business, he needs a customized delivery van. This illustrates the requirements for which stage in the B2B process?
Stage 1: Need recognition
Which of the following is a conclusive research technique?
Surveys
Match the social trend with the illustrative examples provided.
Sustainability - Purchase of ethically sourced salmon Health and wellness concerns - Popularity of hand sanitizing gel Efficient food utilization - Donation of unused foods to the needy
Promotion and Value Communication
Television, Radio, Magazines, Sales force, New Media.
Place and Value Delivery
The product must be readily accessible, why is this retailer growing.
Brand Equity
The set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service.
The Internet of _____ occurs when there are numerous "smart devices" that work together to help both consumers and companies consume more efficiently
Things
How can culture be transmitted?
Through literature, food, & families
Information
When data is interpreted, which is meaningful to marketing managers who organize, analyze, and interpret that data
A software development firm has built a program that can help businesses more efficiently target advertisements toward those who are most likely to buy. The sales team wants to introduce the product to potential clients but doesn't want to overwhelm them with a pushy sales pitch or overly technical language. To do this, they should create which of the following?
White paper
Questions that should be considered by managers before beginning a marketing research project:
Will the top management be committed to this project? Will the research be useful?
Members of Generation _____ have never known a time without the Internet and electronic gadgets.
Z
(Step 1: Planning Phase)Mission statement
a broad description of a firm's objectives and the scope of activities it plans to undertake, attempts to answer two main questions: What type of business are we? What do we need to do to accomplish our goals and objectives?
Pete likes to watch the History Channel and regards it as his 'default' channel when watching TV. If there is nothing else on, he always find something of interest to watch, illustrating which of the three attitude components about the network? - cognitive - behavioral - affective
affective
A school may collaborate with a publishing company such as McGraw-Hill to ensure that the school receives enough books for each enrolled student. The publishing company is considered the school's ______ partner.
corporate
A firm's organizational ________ demonstrates the values, traditions, and customs that moderate its employees' behavior.
culture
Manufacturer brands are also known as _______.
national brands
Dave had been looking for an interior decorator. He found a few good options but hired the person who was most comfortable with dogs, even though some of the other decorators had more positive online reviews. Dave does not want to put his large, elderly dog outside while the decorator is working, and he's not willing to compromise on that point. What type of decision rule did Dave use to pick an interior decorator? - irrational - decision heuristics - compensatory - noncompensatory
noncompensatory
The _______ refers to the agency or intermediary that works alongside the sender in the communication process to develop marketing communications
transmitter
For which of the following purchases is the typical consumer most likely to experience postpurchase cognitive dissonance? - A new washing machine & dryer - Shoe polish for leather boots - Laundry detergent containing bleach - Sheet music for piano
- A new washing machine & dryer
Manufacturer brands (also know as national brands)
- Are owned and manufactured by the manufacturer. - The maker maintains more control over the brands image, as well as product quality and consistency. - The company decides the best market segments to pursue, how to position the brand, and how to create brand equity over time. Examples of well known manufacturer brands include: Frito Lay, Mountain Dew, and Uggs
Which psychological factor is learned and very enduring? - Motives - Reference group influences - Esteem - Attitudes
- Attitudes
Product Packaging
- Attracts the consumers attention - Promotes the product - Helps it stand apart from the competition - Provides vital labeling information - Allows a product to be sold in different sizes
Which of the following exemplifies steps that may occur during the postpurchase behavior stage? - Comparing a product to one's expectations - Feeling satisfied or dissatisfied - Deciding from whom to buy - Comparing within the evaluative set - Having cognitive dissonance
- Comparing a product to one's expectations - Feeling satisfied or dissatisfied - Having cognitive dissonance
It is Patrick's first day on a new job, and he has been invited to lunch with his colleagues. He ordered a glass of beer to go with his lunch and is experiencing postpurchase cognitive dissonance over his choice of beverage. Which of the following is the most likely cause of his regret over the choice? - He is the only one drinking an alcoholic beverage for lunch - He wonders if the beer will be cold - He thinks he should offer to pay for everyone else's drink - He remembers that he is short on cash and isn't sure if the restaurant takes credit cards
- He is the only one drinking an alcoholic beverage for lunch Note: The fact that none of his colleagues ordered alcoholic drinks might mean that drinking at lunch is frowned upon, and Patrick might worry about what his coworkers will think of him.
Which of the following buyers exemplifies a consumer who has a high degree of internal locus of control? - Sally first spends time searching online comparing brand. Sally senses this action gives her more control over the outcome - Mary buys the brands she has bought for years because she trusts them - Fred buys the brands from which he has a twenty-dollar rebate - Joe buys the most expensive brand since price is usually a signal of high quality.
- Sally first spends time searching online comparing brand. Sally senses this action gives her more control over the outcome.
One of the most difficult of situational factors with which to deal is the ___________ state. The marketer often is unaware of the preceding or antecedent events that customers experience. - temporal - situational - purchase - shopping
- Temporal
Retailer/Store Brands (also referred to as private label brands)
- These brands are developed and marketed by retailers. They are produced by a manufacturer. - National Brands can partner with a retailer to sell an exclusive line of merchandise at their store.
A schoolteacher buys a video camera for his fifth-grade class, unsure how he will use it. He is surprised to find he is using it in class several times a day to capture learning experiences. The attitude component developed after purchase is the _______________ component. - cognitive - behavioral - affective
- behavioral
Corporate blogging is a new form of marketing communication. A well-received blog can ______ (select all that apply) - create positive word of mouth - connect customers by forming a community - create non-informative relationships with the customers
- create positive word of mouth - connect customers by forming a community
It is not enough for a marketer to create an ad and hope that people pay attention to it. Indicate the ways a brand is likely to get consumers to show interest in an ad (select all that apply) - copying the competitor's format - making the ad unique - making the ad memorable - spending a lot of money on the ad
- making the ad unique - making the ad memorable
Which of the following pieces of information should be communicated to customers through a company's website? (select all that apply) - where customers can purchase products - contact information for suppliers of parts - features of product and services - negative reviews on products or services
- where customers can purchase products - features of product and services
What are considered components of the actual product?
-Brand name -Features/Design
Branding provides with great marketing advantages by:
-Defining its products from the competition. -Establish quality levels and specific attributes. -Recognition factor helps consumer makes faster purchasing decisions.
Branding includes:
-Distinctive packaging -Logos -Slogans
Competitive brands add value for the consumer by:
-Identifying unique features and attributes that are easy to distinguish -Signifying a distinct level of quality
When Frito-Lay decided to introduce a salsa product line, it used the existing Tostitos (under which it sells taco chips). What advantage did this strategy provide to Frito-Lay?
-It could introduce the product sooner and more easily -The Tostinos brand already had brand associations that helped to sell salsa -It could spend less on developing consumer brand awareness
Brand awareness is created through repeated exposure to the various brand elements such as:
-Logo -Slogan -Symbol -Packaging -Character
Place the steps of the B2B buying process in order by placing the FIRST step at the top of the list and the LAST step at the bottom of the list.
-Need Recognition -Product Specification -RFP process -Proposal analysis and supplier selection -Order Specification - Vendor/ performance assessment using metrics
Perceived value
-Related to the cost benefit relationship of the product. -Often promoted as a consumer benefit -Can often be used to separate one brand name from another.
Which of the following are components of augmented product?
-Warranties -Product Support
Labels must comply with laws and regulations and must include:
-Where the product was made -Ingredients -Safety precautions
Examples of communication media that firms use to create brand awareness include:
-advertising -publicity
Advantages of brand loyalty:
-buyer is less price sensitive -customer spreads positive word-of-mouth -Lower marketing costs to reach target
Specialty Products
-consumers spend considerable time and effort searching for the best purveyors of these products. ex: luxury cars, houses, designer apparel, professional medical, financial and legal services
The "think, feel, do" model for the mental stages a consumer goes through is more formally called the ______ model 1) AIDA 2) aided recall 3) top-of-the mind awareness 4) brand awareness
1) AIDA
Personal selling is an important component of many IMC programs, especially in _______ settings 1) B2B 2) introductory 3) promotional 4) B2C
1) B2B
The message being set out by marketers should be customer focused, the communication channel should be correct for the targeted audience, and results need to be fully evaluated. This is known as which strategy? 1) IMC 2) VMI 3) SEC 4) SBU
1) IMC
Match each buying role with the correct description.
1) INITIAOR: Person who first suggests buying the product 2) INFLUENCER: Person whose views persuade others 3) DECIDER: Person who ultimately determines the buying decision 4) BUYER: Person who handles paperwork of purchase 5) USER: Person who consumes or uses the product 6) GATEKEEPER: Person who controls information or access
Within the communication process, encoding most closely could be described as ______ 1) conversion 2) interpretation 3) transmission 4) complication
1) conversion
When marketers set communication objectives, choose media, and determine costs for each communication type chosen, they are using the ______ IMC budget method 1) objective-and-task 2) percent of sales 3) affordable 4) parity
1) objective-and-task
When a firm has a public relations agent, the primary function is to generate ______ publicity and improve the company's reputation 1) positive 2) brand-specific 3) negative 4) product-specific
1) positive
List in order, with the first step at the top, each step of the communication process - communications channel (media) - sender (firm) - receiver (consumer) decodes message - transmitter encodes message
1) sender (firm) 2) transmitter encodes message 3) communications channel (media) 4) receiver (consumer) decodes message
Customer Value
1. Customer Excellence 2. Operational excellence 3. Product excellence 4. Locational excellence.
Marketing Research consists of:
1. Defining the objectives and research needs 2. Designing the research 3. Collecting data 4. Analyzing data and developing insights (interpreting) 5. Developing and implementing an action plan
Two main brand ownership strategies:
1. Manufacturer brands 2. Retailer/Store brands
4 Categories of Private Brands:
1. Premium 2. Generic 3. Copycat 4. Exclusive Co-brands
Whether secondary or primary, any data collected would need to meet all of the following criteria:
1. Relevant 2. Appropriate 3. Timely
4 Categories of Consumer Products
1. Specialty 2. Shopping 3. Convenience 4. Unsought
Before a research project begins, managers would consider all of the following issues:
1. Will the effort reveal any new insights that will help reduce risk? 2. What is the scope of the project? 3. Is upper management willing to listen to the results of the research and make changes if necessary?
Which of the following is the most visible IMC component? 1) personal selling 2) advertising 3) public relations 4) sales promotion
2) advertising
________ refers to consumers being able to indicate that they have heard of the brand when the name is presented to them 1) endorsement 2) aided recall 3) product placement 4) top-of-mind awareness
2) aided recall
In search engine marketing, identify the term that describes the number of clicks divided by number of impressions 1) conversion rate 2) click-through rate 3) relevance 4) ROI
2) click-through rate
An easy way to remember the difference between encoding and decoding within the communication process is to think of encoding as the message the sender intends to say, whereas decoding can be thought of as what the receiver actually _____ 1) means 2) hears 3) feels 4) does
2) hears
Identify a key long-term goal a firm would consider prior to launching an IMC campaign 1) increasing awareness 2) increasing next year's sales 3) prompting trial 4) generating inquiries
2) increasing next year's sales
The integrated marketing communications process refers to which of the four Ps in the marketing mix? 1) place 2) promotion 3) product 4) price
2) promotion
A marketer would most likely want to use a ______ to communicate to shareholders and use a(n) ________ ad to communicate with the general public 1) television ad; newspaper 2) viral campaign; television 3) direct mailing; YouTube 4) buzz; campaign; television
3) direct mailing; YouTube
The ______ allows the receiver to communication with the sender and thereby inform the sender whether the message was received and decoded properly 1) noise 2) encoding process 3) feedback loop 4) transmission process
3) feedback loop
Which of the following processes allow the receiver to inform the sender whether the message was properly decoded? 1) noise channel 2) communication channel 3) feedback loop 4) receiving loop
3) feedback loop
Marketers measure the ______ of exposure by how often the audience is exposed to a communication within a specified period of time 1) reach 2) rating 3) frequency 4) repetition
3) frequency
Which of the following elements would be considered the most important for building a top-of-mind level of brand awareness? 1) building a superior brand 2) holding the oldest brand 3) having a memorable brand 4) having the cheapest brand
3) having a memorable brand
The ______ effect refers to a delayed response by the consumer to a marketing campaign in which the consumer must see a message several times before it is has a desired impact on the consumer 1) decoding 2) noise 3) lagged 4) encoding
3) lagged
A fast food chain quickly learns that its advertising message about its healthy new turkey sandwich is unclear. This is an example of _____ 1) decoding 2) transmitting 3) noise 4) encoding
3) noise
Which of the following terms refers to any interference in a message? 1) decoding 2) feedback 3) noise 4) communication
3) noise
IMC programs are advantageous in that they regard each individual marketing communication element as ______ 1) a measure of profitability 2) interchangeable with the others 3) part of an integrated unit 4) a separate entity
3) part of an integrated unit
The ultimate goal of any marketing communication is to compel the receiver to react positively to the message and brand and to ______ the product or service 1) discuss 2) rebuy 3) purchase 4) evaluate
3) purchase
The sender of a message _____ 1) must be hidden from the audience 2) should be a member of the audience 3) should be clearly be known by the audience 4) decodes the message for the audience
3) should be clearly be known by the audience
For the past two decades Zubi Advertising Services Inc. worked with American Airlines to create advertisements across various media. Here the ad agency could be seen as which of the following roles within the communication process? 1) channel 2) receiver 3) transmitter 4) sender
3) transmitter
Imagine that a firm sends out a message in the form of a print advertisement for a product. Which of the following elements is most likely to contribute to how receivers decode the message differently? 1) whether or not the receiver reads the ad more than once 2) what time of the year the print ad is issued on 3) whether or not the receiver is a user of the firm's product 4) what newspaper or magazine the print ad appears in
3) whether or not the receiver is a user of the firm's product
In the _____ budget method for IMC, the budget is set essentially by the amount left over and not allocated elsewhere 1) competitive parity 2) objective-and-task 3) percentage-of-sales 4) available
4) available
Pepsi's choice to use social media for its emoji campaign exemplifies the selection of a ______ 1) message decoder 2) feedback loop 3) message transmitter 4) communication channel
4) communication channel
One of the big advantages to using an IMC approach to marketing is that it allows the marketer to use multiple ______ channels, increasing the probability of reaching the intended receivers 1) print 2) delivery 3) broadcast 4) media
4) media
The communication process beings with the ______ 1) receiver 2) communications channel 3) transmitter 4) sender
4) sender
Questionnaire
A form of research that has questions designed to gather information from respondents to attain researcher objectives.
Brand Repositioning (Rebrand)
A strategy where marketers change the focus of a brand to target new markets or realign the brand's key attributes due to changing consumer preferences. Can revive or resurrect a failing brand. But, it is a costly strategy that is not without risk. It requires major changes in how a product is packaged and sold to the public. Can Occur on a company wide basis.
Experimental Research
A type of *quantitative research that *systematically manipulates one or more variables to determine which variables have a causal effect on other variables.
Example: He loves the sleek feel of the iPod and has it with him almost at all times.
Affective
(Step 2: Planning Phase) Situation analysis (SWOT)
Assesses how various players, both in and outside the organization, affect the firm's potential for success. assesses both the internal environment with regard to its Strengths and Weaknesses and the external environment in terms of its Opportunities and Threats. Should access the opportunities and uncertainties of the marketplace due to changes in Cultural, Demographic, Social, Technological, Economic, and Political forces. (CDSTEP)
There are value trade-offs in marketing research. IN the long-run, researchers should choose the method that will provide them with the information they need _____________
At the lowest cost
Copycat Brands
Attempt to imitate the national brands packaging and appearance. Consumers tend to perceive these brands as being lower in quality.
If a brand has a high degree of brand ___________, it means that most consumers are familiar with the brand and what it stands for even if they do not use the brand.
Awareness
Example: The buyer takes action and his own method for categorizing his downloads, storing them in the iPod, and accessing them.
Behavioral
Online Marketing Surveys
Beneficial because researchers can develop a database quickly with many responses - Higher response rate - Also inexpensive
When were Millennials born?
Between 1977 and 2000
Facial characteristics, iris scans, and fingerprints are all types of _______.
Biometric data
What are some characteristics of Generation X?
Born between 1965 and 1976, represent 41 million Americans, considered latchkey children
In the 1980s the Coca-Cola Company introduced New Coke. The product was a total failure and in the short term greatly hurt the reputation of Coca-Cola. This is an example of _________.
Brand Dilution
When a brand extension adversely affects consumer perceptions about the core brand it is known as:
Brand Dilution
The Victorinox Swiss Army Company is well known for their Swiss Army Knives. The company also makes and markets watches, travel gear, cutlery and even fragrances. This represents a ___________ strategy.
Brand Extension
When Disney launches a popular new movie, the aisles of your local toy store are soon flooded with toys featuring characters from that movie. This is an example of _________.
Brand Licensing
_______ measures how many consumers in a market are familiar with a brand and what it stands for.
Brand awareness
To capture new or evolving markets, a firm may increase _________ to compete in new product areas.
Breadth
It is important to establish in advance exactly what information is required to answer specific research questions and how that information should be obtained to determine which of the following?
Budget Time
Expansion
Can have an adverse affect on a company's profit and brand image.
Which group is NOT expected to experience population growth in the United States in the next 20 years?
Caucasians
Yum Brands owns a number of well-known fast food franchises. Often, consumers will see a KFC with a Taco Bell or a Pizza Hut with a Taco Bell sharing the same building or location. In doing this Yum Brands is using a ________strategy.
Co-Branding
Which items could be included in the Internet of Things?
Coffee machines, washers and dryers, & refrigerators
Example: The buyer knows he can download music, videos, and lectures from iTunes anywhere anytime.
Cognitive
Which of the following is NOT a step in the formal business-to-business buying process?
Commercialization
Shopping Good
Compares alternatives and consumer spends moderate amount of time and effort deciding among products, features, and brands.
Specialty Good
Compares many alternatives, lots of time and effort involved in searching, and consumer has a good idea of the brand he or she will buy in advance.
Jane is trying to decide what brand of cell phone to buy and cannot find one that meets all of her needs. To get all of the features that she wants she would need to exceed her price point of $300. In making her decision, she would need to employ which model or decision rule? - Heuristics - Compensatory - Noncompensatory - Salient-attribute
Compensatory Note: She has to make trade-offs to get as many of the features for the price she wants to pay.
Which of these factors is NOT a macro-environmental factor that directly influences a firm?
Competition
Which of these factors is NOT a macro-environmental factor that directly influences a firm? -Technology -Demographics -Competition -Culture -Laws and Regulations
Competition
Typically, who determine's the product's or service's value in relationship to that of it's close competitors?
Consumers
Convenience Products
Consumers do not spend much, if any, time and effortex: gum, bread, and soda
B2B marketing involves the process of buying and selling goods or services to be used in the production of other goods and services, for ______ by the buying organization, and/or for ______ by wholesalers and retailers.
Consumption; resale
Familiarity is especially important with ____________ products.
Convenience (and just as important to infrequently or never before purchase products)
Thompson Manufacturing develops and sells kitchen appliances. They use marketing research as a link to its environment. This allows the firm to be ______________ oriented.
Customer
A company is reviewing its daily sales transactions to look for buying patterns among its customers. The company is engaged in _______.
Data mining
Which of the following are roles within a buying center?
Decider User Initiator
A firm can delete entire product lines to address changing market conditions; this is also known as:
Decreasing breadth
If Martha wants to determine whether or not she should offer open mic night at the Coffee Collective as part of the coffee experience, this would be an example of ____________.
Defining the research objectives
_____ are characteristics of human populations such as gender and race.
Demographics
Colgate has a line of oral care products including toothpaste, toothbrushes and teeth whitening products. These products represent the ______ of the line.
Depth
Exclusive Co-brands
Developed by a manufacturer in conjunction with a retailer and sold exclusively at that retailer's stores. A simpler form of co-branding involves a manufacturer assigning different model names and exterior features to the same basic product and then selling the various versions to multiple retailers.
Contraction
Eliminate unprofitable product lines.
The value of a brand like Starbucks or Apple can be converted into brand ___________, which is essentially the assets and liabilities of the brand.
Equity
What is Step 5 of marketing?
Evaluate Performance using marketing metrics. The final step in the planning process includes evaluating the results of the strategy and implementation program using marketing metrics.
Locus of Control
Example: Kristin has no choice of brand when it comes to laptops - her department uses special software that only runs on Apple computers..
Pharmaceutical companies must carefully design studies to assess which dose of a particular medicine or ingredient actually causes the desired outcome, such as pain relief. For these research studies, pharmaceutical companies use _________.
Experiment
True or false: Customers generally prefer talking to a salesperson when they need information over searching on the Internet.
False
What services do many firms already use robots to provide?
Filling orders & counting cash
Positioning (P of STP)
Finally, when the firm decides which segments to pursue, it must determine how it wants to be positioned within those segments. This involves the process of defining the marketing mix variables so hat target customers have a clear, distinctive, desirable understanding of what the product does or represents in comparison with competing products.
Talking to small groups of women in an unstructured manner about what women want from soup, led Campbell's to develop its Select Harvest soup line. Which research technique did Campbell's use in this example?
Focus group
The primary federal agency that oversees food and packaged good labels is the ___________.
Food and Drug Administration
What are some components of a country's culture?
Food preferences & language differences
Which of the following is NOT one of the types of organizations that make up B2B markets?
Franchisers
Within a typical buying center, who is the person who controls information, access, or both to decision makers and influencers?
Gatekeeper
What are Digital Natives also called?
Generation Z
What is the name for a group of individuals who are of the same generation?
Generational cohort
Unsought Products
Goods and services the consumer does not normally think about buying or does not know about. These products require a great deal of marketing effort and promotion to get the customer's attention. ex: Insurance policies, towing services, bail bonds, funeral planning
What refers to a situation in which a company uses more resources advertising green products than it actually spends on environmentally sound practices?
Greenwashing
_____ occurs when a company markets products as environmentally friendly only boost sales not to actually improve the environment.
Greenwashing
Gretchen lives in the United States and is going on vacation to Australia. She wants to go when it makes the most economic sense for her. Which of the following would be the best time for Gretchen to go?
Gretchen should go when the US dollar is strong, and Australian currency is weak.
Sample
Group of customers who represent the customers of interest in marketing research; may be selected based on some characteristics distance to the group and hopefully is drawn randomly
Increasing sales of yoga equipment have resulted in part from which social trend?
Health and wellness concerns
Which income group's purchasing power is growing relative to other income groups?
Highest-income group
Which industry is most likely to suffer a downturn when interest rates rise?
Housing market
Brand Awareness
How many consumers are familiar with and understand the purpose of a particular product.
Expand or Contract Products
If the firm has multiple product lines, the company has to consider whether the amount of individual products under that umbrella needs to expand or contract based on sales data. This decision based on factors at the industry, consumer, and firm level.
Step 4
Implement Marketing Mix and Allocate Resources Product Value Creation, Price Value Capture, Place Value Delivery, Promotion Value Communication.
What is Step 4 of marketing?
Implement marketing mix and allocate resources.
Structured Questions
Include specific answers to choose from; are close ended
Which demographic factors can help predict consumer buying patterns?
Income earned & education attained
Which of the following are demographic characteristics?
Income, education, & generation
What are possible reasons for the increase in wealthy families?
Increase in dual-income households & aging of the general population
Firms add items to their product lines to address changing consumer preferences. For example, an ice cream company might add low-fat to it's existing ice cream flavors. This is an example of increasing ______________.
Increasing Depth
A pharmaceutical sales representative who visits with health care professionals to demonstrate new products they may wish to use plays which buying role?
Influencer
External Secondary Data
Information bits that have already been collected from other sources and usually are readily available, sometimes for a fee, but often free to the user.
Panel Data
Information collected from a group of consumers, organized into panels, over time. - Data collected from panelists often include their records of what they have purchased (i.e., secondary data) as well as their responses to survey questions that the client gives to the panel firm to ask the panelists (i.e., primary data)
A company's marketing division is responsible for creating campaigns that _______________.
Instill, develop and then reinforce these brand associations.
Brand loyalty tends to be an advantage to the firm because it will __________ competition.
Insulate a firm from
From a marketing perspective, focusing on mobile devices accomplishes what?
It makes it more likely that a consumer will spend more at a store.
Perceived Risk
Kristin is worried the laptop she is buying will not have adequate memory for her needs.
Data Warehouses
Large computer files storing data
Which are traits that best describe Baby Boomers?
Largest population of consumers 50 or older & born between 1946 and 1964
Kellogg's has a long list of ready-to-eat cereals which consumers think of as a similar group of products. Kellogg's ready-to-eat cereals are a product ________.
Line
Gerry has already bought a hybrid car for his wife and is going back to the same dealer for a second hybrid car. He spends far less time reviewing the ads and has developed several heuristics for purchase from the process he went through the first time. With this purchase, he is considered a(n) ________________-involvement consumer for the hybrid car. - Extended - Post-purchase - Low - External
Low
Which word best describes the social, political, economic, and technological factors with which marketers interact?
Macro-environment
Burt's Bees buys raw materials in order to provide its finished earth-friendly products, such as perfumes, lip balms, and hair products. Which of the following business markets best describes Burt's Bees?
Manufacturer or producer
Growth Strategies
Market penetration, product development, market development, diversification.
Premium Brands
Marketed as being comparable to or superior to the manufacturers brand.
Which factor should marketers keep in mind about gender when promoting goods and services?
Marketers sell more products if they strive to transcend gender boundaries whenever possible.
Which cohort represents the widest age range, ranging from teenagers to young adults with children?
Millennials
Which generation consists mostly of the children of Baby Boomers?
Millennials
The complete set of all products offered by a firm is its product _______.
Mix
Pizza hut hired a market research company to analyze its sales data and identify the most profitable customer groups. Pizza Hut uses this information to adjust its product offering to create ______________ for these customers.
More value
Which firm would be the most likely to see food sales suffer as a result of inflation and rising costs and consumers wanting to save money?
Morton's Steakhouse
A consumer is evaluating options and weighting choices to determine where to hold a wedding reception. The buyer is using a(n) _________________ model to simplify the task. - Non-compensatory - Multi-attribute - Determinant - Decision Heuristic
Multi-attribute
What is NOT an important social trend for consumers at the moment?
Multimedia advertising
List the correct sequence of the consumer decision process, starting from the beginning (top to bottom).
Need recognition, information search, alternative evaluation, purchase, postpurchase
The ability to read consumers' minds by measuring involuntary brainwaves when viewing products, ads or brand images is the premise behind _______.
Neuromarketing
______ refers to a set of unspoken guidelines that employees share in various work situations.
Organizational culture
Data gathered from trade journals, the Census Bureau and specialized research firms is _____ data.
Outside Secondary: cheap and easily accessible
Assets -Liabilities=
Owner's Equity
Good marketing increases ____________ by raising customers' quality perceptions relative to price.
Perceived Value
Which of the following would allow Gabby the most flexibility in asking probing questions about why customers would want an open mic night?
Personal interviews
What are the three phases of a Strategic Plan?
Planning, Implementing, and Controlling.
Which statements about ethnicity and buying power in the United States are true?
Population growth among various ethnicities will influence consumer behavior & hispanic buying power is expected to significantly increase.
Invoices, customer lists, and financial reports are all types of _______ data.
Primary?
Consumers who dislike that retailer websites install "cookies" on their computers are likely most concerned about which issue?
Privacy
A product line typically consists of ____________, or groups of associated items.
Product lines
A product mix typically consists of ___________, or groups of associated items.
Product lines
What is a correct explanation of noncompensatory decision sets?
Product purchase decision is made because it has an attribute, valued above any of its other attributes, on which the consumer bases the decision.
The fourth stage of the B2B buying process has a number of mini steps within itself. Which of the following is NOT one of the steps within the fourth stage?
Product specification
______ culture is exemplified by the ways people within a particular geographic area refer to product categories differently from people in other areas of the country.
Regional
Promotion and Value communication
Reminding the customer of the products value.
Abercrombie and Fitch (A&F) was founded in 1892 as a sporting goods, camping and hunting gear store. A&F is now known as a casual luxury lifestyle brand of clothing for college students. To make this change, A&F had to _______ its brand.
Reposition
_____ are increasingly performing work, like filling orders, that humans used to do.
Robots
Marketers can use an analysis of the external and internal environments such as ______.
SWOT
Data purchased from a consumer research company, such as J.D. Power and Associates, is considered to be _______ data.
Secondary
For most products, the UPC code would be located on the _______ package.
Secondary
Marketing research projects often begin with an examination of _________ data.
Secondary
Which products/services are typically consumer durables like a dryer or a refrigerator? Buyers spend a fair amount of time and effort to make the comparisons before purchasing and usually do not know which one or which brand they will buy in advance of the process.
Shopping
The Marketing Plan
Step 1: BUsiness mission and objectives Step 2: Situation analysis SWOT Step 1 and Step 2 fall into the Planning Phase Step 3: Identifying opportunities (segmentation, targeting, positioning) Step 4: Implement marketing mix (product, price, place, promotion) Step 3 and Step 4 fall into the Implementation Phase Step 5: Evaluate performance using marketing metrics. Step 5 falls into the control phase.
Firms tend to spend __________ to market to loyal customers compared to marketing to new customers.
Substantially less
Product and Value Creation
Successful products and services are those that customers perceive as valuable enough to buy.
Which of the buyers below is perceiving a higher risk in the purchase of a laptop computer? - Suzanne searches online, asks friends at work for advice, and buys one after spending hours in multiple stores - Melanie walks into a retail store and purchases the first laptop she sees - Polly purchases a laptop off Groupon - Janet hears about a laptop on the evening news and purchases that specific laptop
Suzanne searches online, asks friends at work for advice, and buys one after spending hours in multiple stores
As a brand becomes more recognizable, _______.
The company doesn't have to spend as much on marketing the brand.
Brands have value as corporate assets and the "value of the brand" refers to:
The earning potential of the brand over the next year.
What do "threats" represent in SWOT analysis?
The negative aspects of the company's external environment.
What do "opportunities" represent in SWOT analysis?
The positive aspects of the external environment
Market segmentation
The process of dividing the market into groups of customers with different needs, wants, or characteristics, who therefore might appreciate products or services geared especially for them.
Price and Value capture
The second element of the marketing mix is price. Pricing is the only activity that actually brings in money and therefore influences revenues.
Which phase of the five-step marketing planning process evaluates the situation by assessing how various players, both in and outside the organization, affect the firm's potential for success?
The second phase.
Place and value delivery
The third P. The firm must be able, after it has created value through a product and/or service, to make the product or service readily accessible when and where the customer wants it.
Product excellence
The third way to achieve a sustainable competitive advantage, occurs by providing products with high perceived vale and effective branding and positioning. Having products with high perceived value and effective branding and positioning
What must marketers understand about their competition?
Their likely response to marketing activities & their strengths and weaknesses.
When developing marketing plans, what should a firm consider about their competition?
Their reaction
Product and Value creation products
These products include services and constitute the first of the four Ps. Because the key to success of any marketing program is the creation of value, firms attempt to develop products and services that customers perceive as valuable enough to buy.
Brands facilitate purchase in all of the following ways EXCEPT _______.
They are always appealing to the customer.
Brand associations go beyond value:
They connect with consumers on an emotional level.
What is the purpose of a white paper?
To provide product information in an easy-to-read informational context
True or false: Hacking, or the stealing of personal and financial information, is a major consumer concern.
True
True or false: Marketers use mobile devices and apps to improve the consumer experience by offering convenience and information.
True
True or false: The first factor in the immediate environment that affects the consumer is the firm itself.
True
Co-Branding
Two or more brands are combined on the same package, promotion or product.
In practicing ethics, marketing researchers must ensure they produce information which is factual and _______.
Unbiased
Simon omitted some key data in a report for a client to make the report look "better." Omitting this information was ________.
Unethical
Scanner Data
Used in quantitative research obtained from scanner readings of Universal Product Code (UPC) labels at checkout counters.
Data Mining
Uses a variety of statistical analysis tools to uncover previously unknown patterns in the data or relationships among variables
Using metrics to evaluate a supplier of raw materials to a manufacturer is part of which stage of the B2B buying process?
Vendor performance assessment
Which of the following are considered aspects of the physical environment?
Water, land, & living organisms
Limited problem solving is most likely to occur under which of the following conditions? - When the consumer spontaneously decides to make a purchase and entails a lot of risk - When the consumer has not purchased the item previously and asks friends for advice - When the item could incur substantial financial or functional risk - When the consumer has a purchase decision that calls for, at most, moderate effort and time
When the consumer has a purchase decision that calls for, at most, moderate effort and time
Targeting (T of STP)
after a firm has identified the various market segments it might pursue, it evaluates each segment's attractiveness and decides which to pursue using a process known as target marketing or targeting.
SBU (strategic business unit)
an sbu is a division of the firm itself that can be managed and operated somewhat independently from other divisions and may have a different mission or objectives.
Question marks (upper right quadrant)
appear in high-growth markets but have relatively low market shares; thus, they are often the most magisterially intensive products in that they require significant resources to maintain and potentially increase their market share.
Cash cows (lower left quadrant)
are in low growth markets but are high market share products.
Dogs (lower right quadrant)
are in low-growth markets and have relatively low market shares. Dogs should be phased out unless they are needed to complement or boos the sales of another product or for competitive purposes.
Researchers asses the value of a project by comparing the ____ of answering some of the questions and the ______ associated with conducting the research
benefits; costs
Manufacturers, resellers, institutions, and governments are considered the main organizations that make up ______-to-_______ markets.
business-to-business
The person who handles the paperwork of the actual purchase and is responsible for making the ______.
buyer
Within a typical buying center, there will be someone who handles the paperwork for the actual purchase. This person is referred to as the ______.
buyer
The communication _______ is the medium (e.g. print, television, radio) that carries the message from the firm to the consumer
channel
Marketing positioning involves the process of defining the marketing mix variables so that target customers:
clearly understand the product's unique benefits in comparison with competing products.
Consumers in a generational _____ are a group of people in the same generation who tend to have similar buying behaviors.
cohort
The _______ process refers to how firms are able to send messages to an interact with their customers
communication
The most important immediate environmental factors that impact consumers are the ______.
company, competitors, and corporate partners
A successful firm focuses on matching its core ______ to what customers need and want.
competencies
Product Mix
complete set of all products and services offered by a firm
Market segment
consisting of consumers who respond similarly to a firm's marketing efforts.
In all marketing efforts, the ______ is at the center.
consumer
When launching a new clothing line a company must focus most of all on the needs and wants of ______.
consumers
If a car company collaborated with a sheet metal supplier, the car company would be the supplier's ______.
corporate partner
If your family shares a tradition of getting together on New Year's Day, then this is part of your ______.
culture
Each role within the buying center is different. Which role makes the final determination as to which product is purchased from which supplier, if purchased at all?
decider
The ________will be the person who ultimately determines any part of the buying decision. (Use the exact term.)
decider
An example of inflation would be when increasing prices cause the purchasing power of the dollar to ______.
decline
Data that indicate the characteristics of human populations and segments is known as ______.
demographics
A(n) food _____ refers to an area or neighborhood where there is limited to no access to healthy, affordable, fresh food options.
desert
Prior to finalizing a purchase, the procurement department may consult ______ to ensure that the purchase being made is suitable for the function it will have in the company.
design team members employees who use the materials
________ is the third of the four components in the AIDA model
desire
Manufacturer brands are responsible for:
developing and producing the product and determining the marketing strategy.
Market penetration strategy
employs the existing marketing mix and focuses the firm's efforts on existing customers. Overall goal is to increase sales to current customers.
Market development strategy
employs the existing marketing offering to reach new market segments, whether domestic or international.
______ refers to the conversion of the sender's ideas into a message, which could be verbal, visual, or both
encoding
Control phase
entails evaluating the performance of the marketing strategy using marketing metrics and taking nay necessary corrective actions.
When tourists visit and shop in other countries because the value of the tourists' home currency is stronger, this results from a favorable ______ rate.
exchange
A company must be able to focus on its ______ competencies as an opportunity to deliver new products to its customers.
existing
Internal Secondary Data
facts and figures that have already been collected about the Coffee Collective prior to the research at hand, would include information relating to budgets, previous marketing activities, sales, and customer communications.
True or false: In most large organizations, buying decisions are made exclusively by members of the purchasing or procurement department, with limited or no input from other employees.
false
Jean is very reluctant to spend $32,000 on a formal dining room table. She is worried her family will only use this table twice a year. She can be described as experiencing ______________ risk.
financial
The _______ is the role that controls information, access, or both to decision makers and influencers.
gatekeeper
Consumer desires for environmentally friendly products and services has led to ______ marketing.
green
When companies ensure that all the packaging has certain symbols, such as the recycle symbol or symbols showing support for wind energy, this is a strategic effort by the company to show that they practice ______.
green marketing
New advertising guidelines that require marketers to provide more detailed nutritional information are the result of ______.
health and wellness concerns
Marketing strategy
identifies (1) a firm's target market (2) a related marketing mix (its four Ps), and (3) the bases on which the firm plans to build a sustainable competitive advantage.
Within the macroenvironment and related to elements of the competitive industry in which the firm operates is the ______ environment.
immediate
Factors that influence and affect consumers include a company's capabilities, competitors, and partners, and are referred to as the ______.
immediate environment
Product Line Depth
in contrast to product mix breadth, equals the number of products within a product line.
Augmented Product or Associated Services
include the nonphysical aspects of the product, such as product warranties, financing, product support, and after-sale service
The person who may agree with the initiator and convince others in the firm to agree with buying a particular item is called a(n) ______.
influencer
There may be a person who acts as a(n) ________ in the buying center, often by providing specifications and recommendations for the product being purchased or the vendor being considered and communicating that to others in the buying center.
influencer
Within a typical buying center, the ______ is the person who first suggests buying a particular product or service.
initiator
Hospitals, universities and religious organizations could be considered _______ to which a B2B vendor would sell products.
institutions
At its most basic level, ______ refers to what it costs an individual to borrow money.
interest rate
Resellers can be thought of as ______.
intermediaries
Data on customer information, and purchase histories is considered to be_______.
internal secondary data
Product line
is a group of products that consumers may use together or perceive as similar in some way.
Metric
is a measuring system that quantifies a trend, dynamic, or characteristic. Common metrics: sales revenue, profits.
Marketing plan
is a written document composed of an analysis of the current marketing situation, opportunities and threats for the firm, marketing objectives and objectives and strategy specified in term of the four Ps, action programs, and projected or pro-forma income statements.
Customer Excellence
is achieved when a firm develops value based strategies for retaining loyal customers and provides outstanding customer service. Focuses on retaining loyal customers and excellent customer service.
Sustainable competitive advantage
is an advantage over the competition that is not easily copied and can be maintained over a long period of time.
Locational excellence
is particularly important for retailers and service providers. "The three most important thing in retailing are location, location, location." having a good physical location and internet presence.
Market share
is the percentage of a market accounted for by a specific entity, and is used to establish the product' sstrength in a particular market.
Relative market share
is used in applications because it provides managers with a product's relative strength, compared with that of the largest firm in the industry.
In most country markets, the central government tends to be the ______ purchaser of goods and services.
largest
Marketing managers often appeal to consumers' _______________________ when developing the marketing mix to be sure it fits with how they spend their time and money.
lifestyle
The marketing research process doesn't have to be ______, which means that the researchers can go back and forth from one step to another as the need arises
linear
According to the elaboration likelihood model, the ____________ -involvement consumer pays less attention to the message and the brand, which results in weak attitudes formation and requires more cues to remind the buyer of the brand.
low
Portfolio Analysis
management evaluates the firm's various products and businesses-its "portfolio"- and allocates resources according to which products are expected to be the most profitable.
Coca-Cola and Nike would be considered _______ brands, while Market Pantry or Archer Farms products (sold at Target stores) would be considered _______ brands.
manufacturer; store
Some firms buy raw materials, components, and parts that allow them to make their own goods. These firms are known as _______ or producers.
manufacturers
Planning phase
marketing executives, in conjunction with other top managers, defines the mission and/or vision of the business
Implementation phase
marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning (STP)
The majority of B2B buying situations can be described as which three of the following?
new buys, modified re-buys, and straight re-buys.
When something interferes with the efficient transmission of the message from the sender to the receiver and there is a difference between them, that is described as ______
noise
_______ occurs when there is a discrepancy between the encoding and decoding of a message
noise
_______ refers to any interference that stems from competing messages, a lack of clarity in the message, or a flaw in the media that subsequently creates a problem for the communication channels
noise
Stars (Upper left quadrant)
occir in high-growth markets and are high market share products.
Product development strategy
offers a new product or service to a firm's current target market.
Market growth rate
or annual rate of growth of the specific market in which the product competes. Market growth rate thus measures how attractive a particular market is.
In the fifth stage of the B2B buying process, ______ specification, the firm places its order with its preferred supplier(s).
order
When a firm places its orders with its preferred supplier(s), it engages in ______.
order specification
The political/legal environment consists of ______.
political parties & laws and legislation
The ______ environment is comprised of political parties, government organizations, and legislation and laws.
political/legal
The final step, and a very important element in retaining and building a loyal customer base, in the consumer decision-making process is the ____________ phase. (note one blank allotted)
postpurchase
Loyal customers are less sensitive to:
price. Meaning they will continue to purchase their favorite product even if it costs a little more.
Sears sells appliances using its own Kenmore brand name and it sells tools using its own Craftsman brand name. These ______ brands can only be bought at Sears.
private-label
When preparing a proposal to meet a potential client's needs, vendors often review the company's ______ to get a better sense of what the company is looking for.
product specifications
In the fourth stage of the B2B buying process, _____, vendor negotiation, and selection all occur.
proposal analysis
Mary buys a new bathing suit, and her friends tell her it looks great. She feels it is too revealing, and she is very self-conscious of her body. Mary never wears the $78 bathing suit because she is experiencing ___________ risk. - psychological - social - financial - performance
psychological
A local clinic (institution) in need of more Purell antibacterial soap might purchase from Target, which is a ______ of soap, whereas a local high school (institution) in need of more textbooks might buy some from McGraw-Hill, which is a ______.
re-seller: manufacturer
identify how to calculate GRP or gross rating points: ______ multiplied by frequency
reach
Particularly in larger countries, marketers may have to respond to diverse consumer groups that refer to product categories differently. While some areas say they "go to a movie," others say they are "going to a show." This illustrates ______ culture.
regional
A brand such as T-Mobile can build awareness through ______________ exposure to the brands logo, symbols and slogans
repeated
Product Mix Breadth
represents a count of the number of product lines offered by the firm
Integrated marketing communications (IMC)
represents the promotion P of the four Ps. It encompasses a variety of communication disciplines-advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media- incombination to provide clarity, consistency, and maximum communicative impact.
In the third stage of the B2B buying process, the firm will invite alternative suppliers to bid on supplying the firm's required components. This stage is known as the ______ for ______ process.
request; proposals
______ are the entire category of marketing intermediaries that move the product further downstream in the channel without significantly altering the form.
resellers
_______ promotions are special incentives or programs that encourage consumers to purchase a product or service and can include coupons, rebates, contests, free samples, and point of purchase displays
sales
When interest rates are high, consumers have a greater incentive to ______ more, but when interest rates are low, consumer have a greater incentive to ______.
save; borrow
Personal ______ is the two-way flow of communication between a buyer and a seller designed to influence the buyer's purchase decision
selling
_______ ________ distributes content among like-minded consumers
social media
After a company recognizes a need, it develops product ______ that potential suppliers can use to develop their proposals to supply the product.
specifications
Macroenvironmental factors include all of the following elements EXCEPT ______. -the CEO -legislation and regulations -cultural effects -political attitudes -technology
the CEO
Related diversification
the current target market and/or marketing mix shares something in common with the new opportunity.
When a doctor schedules you for a surgery and requests that the hospital have specific instruments and supplies for your procedure, who initiates the buying process?
the doctor
(Step 3: Identify Opportunities) Segmentation, targeting, and positing (STP)
the firm first divides the marketplace into subgroups or segments, determines which of those segments it should pursue or target, and finally decides how it should position its products and services to best meet the needs of those chosen targets.
A good brand name helps insulate a business from competitor products because:
the firm's items develop loyal buyers.
Diversification strategy
the last of the growth strategies, introduces a new product or service to a market segment that currently is not served.
Unrelated diversification
the new business lack any common elements with the present business.
There is increasing concern that ______ will be depleted through actions like deforestation.
the physical environment
A company may choose to launch the same advertising campaign globally. This particular campaign may be launched with identical pictures and messages but in different languages. Advertisers might try to bridge the cultural gap by appealing to ______.
the same target market
Operational excellence
the second way to achieve a sustainable competitive advantage, through their efficient operations, excellent supply chain management, and strong relationships with their suppliers. achieved through efficient operations and excellent supply chain and human resource management
True or false: The government is usually one of the largest spenders in the B2B market.
true
In the first stage of the B2B buying process, the buying organization recognizes, through either internal or external sources, that it has a(n) ______ need.
unfulfilled
Business Strategy
use a variety of strategies to create and manage their key brand assets: -Own or license their brand -Extend brand name to other products and markets -Partner their brand name with another firm
One of the goals of ______ marketing is to provide a greater benefit relative to the cost to consumers than competitors offer.
value-based
The final stage of the B2B buying process is also known as ________ performance assessment using metrics.
vendor
Product Lines
which are groups of associated items that consumers tend to use together or think of as part of a group of similar products or services.