Marketing Chapter 1-9

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the net return from a marketing investment divided by the costs of the marketing investment.

Markteting return on investment (ROI)

the actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics

Microenvironment

opportunity, strength

The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT​ analysis, the rising demand for organic produce would be​ a(n) __________ for Green Acres​ Farms, and the fact that they grow only organic vegetables is​ a(n) __________.

Compared to the mainstream buying​ public, Hispanic consumers tend to be deeply​ __________ oriented, making this a special characteristic and behavior.

family

Services cannot be​ seen, tasted,​ felt, heard, or smelled before they are bought. In other​ words, services are​ __________.

intangible

Service quality greatly depends on the quality of the buyerdash seller interaction during the service encounter. This is known as​ __________. A. the service profit chain B. internal marketing C. image differentiation D. external marketing E. interactive marketing

interactive marketing

To develop needed​ information, marketing information systems utilize​ __________.

internal​ databases, marketing​ intelligence, and marketing research

Some retailers use mannequins with cameras hidden in one eye to record customer demographics and shopping behavior in order to serve them better. This raises ethical concerns in terms of​ __________.

intrusion on customer privacy

Business markets have demand that​ __________.

is inelastic

Choosing a differentiated targeting strategy has many​ benefits, but a potential downside is that​ __________.

it can increase costs

The​ __________ consists of all the people who are involved in an organizational buying decision.

manufacturers, producers, wholesalers, retailers

company growth by identifying and developing new market segments for current company products (UA reviewing new demographic markets, new geographical markets)

market development

Some​ retailers, such as the Dollar​ Store, Dollar​ Tree, and Family​ Dollar, profitably focus on buyers with modest means. This is an example of​ __________.

market targeting

The step in designing a customer value- driven marketing strategy in which a company divides a market into distinct groups of buyers is known as market​ __________.

segmentation

Which of the following best describes the type of product Plymouth Rock Assurance​ offers? A. Convenience product B. Specialty product C. Capital items D. Unsought product E. Shopping product

shopping product

Mothers Against Drunk Driving​ (MADD) runs advertising campaigns aimed at stopping drunk driving and preventing underage drinking. This is an example of​ __________.

social marketing

A business buying situation in which the buyer reorders something without any modifications is known as a​ _________

straight rebuy

Market​ __________ evaluates each market​ segment's attractiveness and selects one or more segments to serve.

targeting

The winning value proposition by discount stores such as Walmart and Best Buy can be categorized as​ __________.

the same for less

During the idea generation stage of the new product development​ process, it is important that​ __________.

companies create a large number of ideas

What is​ positioning?

. Arranging for a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target consumers

When does the habitual buying behavior​ occur?

. Under conditions of​ low-consumer involvement and little significant brand difference

Which of the following is a​ business-to-business market​ transaction?

A grocery store buying cereal from​ Kellogg's

What does a market segment consist​ of?

A group of consumers who respond to the marketing effort in the same way

the collection of businesses and products that make up the company. best fits the company's strengths and weaknesses to opportunities in the environment

Business Portfolio

A colleague wants to evaluate the attractiveness of a particular market segment. Which of the following would be good advice for your​ colleague?

Carefully consider the degree of competition and ease of entry into the segment.

extranets

Companies can allow key customers and​ value-network members to access​ account, product, and other data through​ __________

Which of the following statements is correct regarding consumer buying​ decisions? A. Consumers are often unaware of what influences their purchases. B. A​ buyer's characteristics such as age and income have little influence on buying decisions. C. Marketers are interested in what and where consumers​ buy, but not how much they buy. D. The consumer buying decision process is of little interest to marketers. E. The easiest part of studying buying decisions is determining the whys behind consumer buying behavior.

Consumers are often unaware of what influences their purchases.

the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

Demography

actually differentiating the market offering to create superior customer value

Differentiation

company growth through starting up or acquiring businesses outside the company's current products and markets (Under armour partnering with MapMyFItness)

Diversification

economic factors that affect consumer purchasing power and spending patterns

Economic environment

__________ is the first stage in the new product adoption process.

awareness

Developing product specifications follows​ __________ in the business buyer decision process.

General need description

People born after 2000 (although many analysts include people born after 1995) who make up the kids, tweens, and teens markets.

Generation Z

Which of the following correctly defines the consumer​ market? A. Consumers who spend more than​ $5,000 yearly on goods and services B. ​Manufacturers, resellers, and consumers C. Consumers and the businesses who sell to them D. Consumers and the resellers who consumers buy their products from E. Individuals and households that buy goods and services for personal consumption

Individuals and households that buy goods and services for personal consumption

MIS may provide information to external partners, such as suppliers, resellers, or marketing services agencies

MIS begins and ends with information users. Which of the following statements is not an advantage of​ MIS?

providing concise information

MIS interacts with information users in several ways which include all of the following except​ __________.

the larger societal forces that affect the microenvironment - demographic, economic, natural, technological, political, and cultural forces

Macroenvironment

collecting and storing huge amounts of data

Many companies manage detailed information about individual customers by using all of the following methods except​ __________.

What is the correct order of the five stages in the buyer decision​ process?

Need recognition​, information search​, evaluation of alternatives​, the purchase decision​, and postpurchase behavior

Which of the following statements about big data is​ correct?

One result of big data is that marketing managers are often overloaded with information.

a portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification

Product/market expansion grid

the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities

Strategic Planning

forces that create new technologies, creating new product and market opportunities

Technological Environment

sharing information widely

The marketing research industry is considering several options for responding to intrusion and privacy​ issues, which includes all of the following except​ __________.

exploratory

The objective of​ __________ research is to gather preliminary information that will help define the problem and suggest hypotheses.

What must companies do to create successful new​ products?

Understand its​ consumers, markets, and competitors and develop products that deliver superior value.

IMG​ World's products and services are geared toward colleges and​ students, the students of which may be considered young achievers. This designation can be best described as which influential factor of consumer buying​ behavior?

age and life stages

Which of the following forms of products are considered as​ services? A. Airline travel Your answer is correct. B. Toyota Camry C. Starbucks coffee D. Apple iPhone E. Advice from a family doctor

airline travel

The 78 million people born during the baby boom, following World War II and lasting until the early 1960s

baby boomers

Sprout markets to​ preschool-aged children and their parents. Which type of segmentation is Sprout most likely​ using?

demographic

correct, Warm-up 3.1.2 The microenvironment consists of all of the following except​ __________.

demographics

​Business-to-business marketers will sometimes promote their goods directly to consumers. This is because business demand is​ __________

derived

measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved. Four steps: (Sets specific marketing goals, then measures its performance, evaluates causes of any differences between exp and actual performance, finally mgmt takes corrective action to close gaps btwen goals and performance)

marketing control

For which service characteristic do marketers need to pay close attention to fluctuations in​ demand?

perishabililty

What tends to be the most effective source of information when consumers make a buying​ decision?

personal sources

A(n) __________ stance by companies toward the marketing environment is preferred over a reactive stance

proactive

observational research

Small businesses and​ not-for-profit organizations can obtain good marketing insights through​ __________.

The​ __________ consists of all the people who are involved in an organizational buying decision.

buying center

A marketer who wishes to gain insight into the demographics and attitudes of consumers who buy their product would likely ask Nielsen to perform which type of​ research? a) exploratory research b) secondary data c) descriptive research d) causal research e) primary data

c

What are the three broad targeting strategies used by​ marketers?

Mass​ marketing, differentiated​ marketing, and micromarketing

what are perceptual positioning maps used​ for?

To show consumer perceptions of different brands on important product dimensions

Institutional markets are​ __________.

characterized by low​ budget, captive patrons

what is the key to building lasting customer relationships?

creating superior customer value and satisfaction

Materials and​ parts, capital​ items, and supplies and services are groups of​ __________products.

industrial

Which of the following statements is not a difference between business markets and consumer​ markets?

the market is very small and limited

which of the following uses a sense-and-respond philosophy to promote a customer-centered marketing orientation?

the marketing concept

what is a market?

the set of actual and potential buyers of a product or service

the actual and potential buyers share what characteristics?

they share a particular need and want

When segmenting international​ markets, markets can be grouped according to​ language, religion,​ customs, and values. This type of segmentation is based on​ __________ factors.

cultural

The most basic determinant of a​ person's wants and behavior are embedded in a consumers​ __________.

culture

What are the three cultural factors that influence consumer buyer​ behavior?

culture, subculture, and social class

__________ development focuses on finding new ways to solve customer problems.

customer centered new product

The specific data that Nielsen provides to its clients for a specific purpose that has not been completed​ before, is most likely which type of​ data? a) secondary b) exploratory c) descriptive d) primary e) causal

d

​__________ behavior occurs when consumers are highly involved with an​ expensive, infrequent, or risky purchase but see little difference among brands.

dissonance reducing buying

Nielsen is engaged in the collection and analysis of information about​ consumers, competitors, and developments in the marketplace. This systematic monitoring is known as​ __________. a) customer insight b) internal databases c) marketing information systems d) big data e) competitive marketing intelligence

e

xWhen a company lengthens a product line by adding more items within that lines current​ range, they are​ __________. A. stretching the line upward B. stretching the line downward C. increasing the width of their product mix D. filling the line E. decreasing the depth of the line

filling the line

Defining the problem and research objectives is the​ __________ step in the marketing research process.

first

You and seven other people are talking with a trained moderator about your feelings and thoughts about a potential new product. For doing this you receive a small payment. You are participating in​ a(n) __________.

focus group interview

Hospital purchasing agents should prefer​ __________.

food vendors with low prices and quality products

protects consumers from unfair or deceptive advertising and marketing practices that raise health and safety concerns as well as those that cause economic injury

ftc

During concept​ testing, who is the product concept actually tested​ on?

groups of target consumers

A firm improves product quality and adds new product features and models. It also shifts some advertising from building product awareness to building product conviction and purchase. At which stage of the product life cycle would this be a recommended​ strategy?

growth

Profits increase during the​ __________ stage of the product life cycle.

growth

students purchasing items with the college logo most likely represent consumers involved in which type of buying​ behavior?

habitual

In the decline stage of the product life​ cycle, some companies continue to offer the product but reduce various​ costs, hoping that sales hold up. This is known as​ __________ the product.

harvesting

What is the first step of the new product development​ process?

idea generation

Candace Cabe likely had several different ideas for a convertible​ high-heel, but sifted through each idea until she found the one that was most marketable. Which step of the new development process did this most likely occur​ in?

idea screening

A University is buying new overhead projectors for its classrooms. The​ University's Information Technology Department has been asked to provide specifications and recommendations for this purchase. The IT Department is playing which role in the​ University's buying​ center?

influencer

When Eaton worked with the University of Notre Dame on its new engineering building to improve its energy efficiency and earn LEED​ credits, Eaton engaged with a number of people at Notre Dame to finalize the partnership and solidify terms and conditions associated with the agreement. Which of the following people in the buying center would have affected Notre​ Dame's buying decision​ (for example, define specs and provide information on evaluating​ alternatives)?

influencers

​__________ are members of the buying center who help define specifications and provide information for evaluating alternatives.

influencers

IMG World provides college students with​ new, relevant​ media, making which stage of the consumer buyer behavior process easier for the​ consumer?

information search

The first group marketers try to bring their new products to the attention to are potential​ __________.

innovators

People can be classified into adopter categories. Which two categories are the first to adopt a new product​ idea?

innovators and early adopters

Defining the problem and research objectives is the​ __________ step in the marketing research process.

it is used to make better marketing decisions

The rapidly expanding use of​ e-procurement in​ business-to-business deals provides several​ advantages; however, one of the disadvantages is​ __________.

it pits suppliers against one another

There is a growing segment of people who want food that tastes good and is also good for them. This​ healthy-living segment represents which segmentation​ base?

lifestyle

Psychographic segmentation divides buyers into different segments based on​ __________.

lifestyle and personality

When Doritos comes out with new flavors of their tortilla​ chips, what brand development strategy are they​ using? A. Licensing B. Brand extension C. New brand D. Line extension E. Multibrand

line extension

The process of evaluating each market​ segment's attractiveness and selecting one or more market segments to enter is called​ __________.

market targeting

The video indicated that the shoes would be sold for​ $120 to​ $150 per pair. At which stage of the new product development process was this decision most likely​ made?

marketing strategy development

Most products today are in which stage of their product life​ cycle?

maturity

The​ "echo boomers" is another name for​ __________.

millenials

Which of the following would be an appropriate strategy during the maturity stage of the product​ lifecycle?

modify the market, product offering, or marketing mix

(Plymoth rock association) Prior to the merging of three distinct insurance company names into one new​ name, which of the following best describes the branding strategy​ used? A. Mulitbrands Your answer is correct. B. Line extension C. Brand engagement D. Brand extension E. ​Co-branding

multibrands

Which of the following is a personal factor that influences a​ consumer's buying​ behavior?

occupation

A popular football player at a college who is able to influence the buying decisions of fans would best be described as​ a(n) __________.

opinion leader influence

__________ includes the final order with the chosen supplier or suppliers and lists other required items.

order routine specification

Which of the following correctly defines the institutional​ market?

organizations that provide goods and services to people in their care

Which of the following statements regarding positioning is​ correct?

positions must adapt over time to meet changing consumer needs

When​ Eaton's customers became aware that they needed solutions for power​ management, energy​ savings, green​ technologies, and LEED​ certification, they were in which phase of the business buying​ process?

problem recognition

At which stage of the new product development process is a physical product first​ developed?

product development

BMW says their cars are​ "The Ultimate Driving​ Machine". Ford trucks are​ "Built Ford​ Tough". Which type of differentiation do these examples​ represent?

product differentiation

A group of products that are closely related because they function in a similar​ manner, are sold to the same customer​ groups, are marketed through the same types of​ outlets, or fall within given price ranges are called​ a(n) __________.

product line

The number of items in a product line represents the​ __________ and the total number of product lines a company carries represents the​ __________.

product line length; product mix width

Product value analysis is an approach to cost reduction that is used at which stage of the buying decision​ process?

product specification

​__________ segmentation divides buyers into different segments based on lifestyle or personality characteristics.

psychographic

Consumer​ motivation, perception, and learning are related to the​ __________ factors influencing consumer behavior.

psychological

To do​ e-procurement, companies can conduct ​__________​, in which they put their purchasing requests online and invite suppliers to bid for the business.

reverse auctions

one form of​ e-procurement is​ __________ in which companies put their purchasing requests online and invite bids.

reverse auctions

​__________ means that the quality of services depends on who provides them as well as​ when, where, and how they are provided.

service variability

through the​ years, Eaton has shifted from selling strictly components to solving its​ customers' problems with more tailored offerings. This is an example of​ _________.

solutions selling

Which of the following best describes Sprouts competitive​ advantage?

sprouts overall customer value

In the​ B-to-B market, one strategy is to offer a complete solution to a​ buyer's problems. This is called​ __________.

systems selling

If the product passes both the concept test and the product​ test, the next step is​ __________.

test marketing

Which one of the following statements about marketing research in small businesses and nonprofit organizations is​ correct?

the research methods of small businesses and nonprofits are less complex and less​ costly, but they still must be conducted carefully.

a

Konica/Minolta focuses one of its business units on medical and healthcare groups. These groups make up on of Konica/Minolta's ___________________. a) market segment b) positioning c) differentiation d) marketing mix e) market analysis

c

Konica/Minolta hopes to create customer value through its mission, strategic goals and objectives, marketing mix, and other marketing tools. This collective effort is known as Konica/Minolta's ____________________. a) market targeting b) market differentiation c) marketing strategy d) market segmentation e) marketing mix

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs

Market Segmentation

evaluating each market segment's attractiveness and selecting one or more segments to enter

Market Targeting

the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers

Marketing Environment

turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives

Marketing Implementation

the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market

Marketing Mix

a statement of the organization's purpose - what it wants to accomplish in the larger environment

Mission Statement

laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society

political environment

In SWOT​ analyses, the favourable factors or trends in the external environment that the company may be able to exploit to its advantage are referred to as​ __________.

opportunities

Freedom from defects and consistency in delivering a targeted level of performance is an attribute of​ product's __________. A. branding B. labeling C. support services D. packaging E. conformance quality Your answer is correct.

conformance quality

how did the Great Recession of 2008-2009 affect marketers in terms of consumer attitudes?

consumers are showing an enthusiasm for frugality

​Typically, consumers put in minimum time and effort when buying products such as laundry​ detergent, candy, and fast food. These types of goods are classified as​ __________ products.

convenience

the process by which management evaluates the products and businesses that make up the company. company will want to put strong resources into its more profitable businesses and phase down or drop its weaker ones

portfolio analysis

company growth by offering modified or new products to current market segments (UA added under armour speed form line

product development

4 P's?

product, price, place, promotion

market offerings include

products, services, and experiences

​__________ refers to activities that communicate the merits of the product and persuade target customers to buy it.

promotion

any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives

public

marketing was once understood in the sense of marking a sale. Today, marketing is understood in the new sense of_________

satisfying customer needs

the first step to a successful value-driven marketing strategy is to determine whom to serve with market offering?

segmenting and targeting

In portfolio​ analysis, a company must identify​ __________, which are key businesses that make up the company.

strategic business units

The​ __________ environment is the most dramatic force shaping the destiny of the markets and marketing.

technological

in todays global environment, everything and everyone are digitally connected to everything and everyone else. the term used to describe this is _______

the internet of things

which marketing orientation states that consumers will favor products that offer the most quality, performance, and innovative features?

the product concept

New product development starts with​ __________.

idea generation

​__________ is the first stage of the product life cycle.

product development

Marketers should carefully consider public policy issues and regulations regarding all of the following except​ __________.

product developmentt

a portfolio-planning method that evaluates a company's SBUs in terms of market growth rate (vertical) and relative market share (horizontal). Defines four types: Stars, cash cows, dogs, question marks

Growth-share matrix

Which of the following statements about information and customer insights is​ correct?

Information to gain customer insights comes from a wide variety of sources.

Which of the following statements about online research is​ correct?

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

One characteristic of services is their variability. What is the main reason for services being​ variable?

Service quality depends on who provides​ them, as well as​ when, where, and how they are provided.

Strategically, a company may phase out or sell an SBU. This is known as​ __________.

divesting

Prior to becoming Plymouth Rock​ Assurance, the company marketed three different insurance​ companies: High​ Point, Plymouth​ Rock, and Pallasades. Rebranding the three names into​ one, Plymouth Rock​ Assurance, was one part of the overall objective of constantly improving the quality of services and business products. This overall process is known as which of the​ following? A. Performance quality B. Quality consistency C. Conformance quality D. Quality level E. Total quality management

total quality management

​A(n) __________ is defined as any contact between a customer and a company.

touch point

for which customers relationship group should a company make continuous relationship investments to delight, engage, retain, and grow them?

true friends

Many companies view the marketing environment as​ a(n) __________ element to which they must react and adapt.

uncontrollable

to create and capture customer value, companies must engage the first step of the marketing process, which is___________

understand the marketplace and customer needs and wants

Using​ a(n) __________ marketing​ strategy, a firm might decide to ignore market segment differences.

undifferentiated

Blood donations to the Red Cross are considered​ __________ products. A. specialty B. unsought Your answer is correct. C. shopping D. industrial E. convenience

unsought products

a network composed of the company, suppliers, distributors, and, ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value. Competition takes place between entire value delivery network

value delivery network

The full mix of benefits on which a brand is differentiated and positioned is called​ a(n) __________.

value proposition

The full mix of benefits on which a brand is differentiated and positioned is called​ a(n) __________.

value propositioning

One of the disadvantages of product and service standardization for international market is​ __________.

varying worldwide market

google now look beyond economic gain and, in their marketing strategies, they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. this reflects which marketing philosophy?

the societal marketing concept

In the product adoption​ process, __________.

there are five stages

What is the overall goal of marketing​ strategy?

to create customer value and build profitable relationships

What is the overall purpose of​ differentiation?

to create superior customer value

what is the purpose of a value proposition?

to differentiate and position a market offering in the marketplace

Which of the following best describes brand​ equity? A. A measure of the​ brand's ability to capture consumer preference and loyalty B. The return on investment a firm receives from a brand C. The total financial value of a brand D. The extent to which two different brands in the same product category are similar E. That the brand is legally protected from imitation

A measure of the​ brand's ability to capture consumer preference and loyalty Your answer is correct.

Which of the following correctly defines a​ product? A. A product is anything offered to a market that might satisfy a need or want. B. A product is the overall market offering. C. Products are tangible goods only. D. Products include tangible objects and services but not events or people. E. A product consists of the actual product and the augmented product. The core customer value is not part of a product.

A product is anything offered to a market that might satisfy a need or want.

Which of the following statements regarding the growth stage of the product life cycle is​ correct? A. Sales will be slow and profits will level off or decline. B. Companies face a​ trade-off between high market share and high profits. C. The company will still be free of competition. D. Sales begin to climb slowly. E. Early adopters are not yet buying the product.

Companies face a​ trade-off between high market share and high profits.

Which of the following statements regarding segmentation is​ correct?

Consumer and business marketers use many similar​ variables, but business marketers use additional variables to segment their markets.

Which of the following statements is correct regarding the influence of personal factors on buyer​ behavior? A. The PRIZM segmentation system primarily classifies households based on their interest in social networks. B. The concept of lifestyle is too complex to be of use to marketers. C. Consumers tend to buy brands whose personality matches their own. D. A​ person's occupation does not affect the goods they purchase. E. Marketers have found that it is not useful to define target markets in terms of​ life-cycle stage.

Consumers tend to buy brands whose personality matches their own

Which of the following statements regarding the buyer decision process is​ correct? A. Consumers tend to take the same amount of time going through the stages of the buyer decision process. B. The nature of the product has no effect on the buyer decision process. C. The buyer decision process consists of four stages. D. Consumers​ may, in some​ situations, skip steps in the buyer decision process. E. Consumers go through all stages of the buyer decision process for every purchase situation.

Consumers​ may, in some​ situations, skip steps in the buyer decision process.

What are the four general characteristics that influence consumer​ purchases?

Cultural​ characteristics, social​ characteristics, personal​ characteristics, and psychological characteristics

Which of the following statements about the use of digital and social media for​ B-to-B marketing is​ correct? A. It allows businesses to target individuals within a business who affect buying decisions B. It is growing rapidly but offers limited ways to engage customers compared to​ face-to-face selling. C. It reduces customer engagement and interaction. D. It is growing slowly because business buyers are only occasionally connected to digital devices. E. It is a very important medium but its use is currently limited to a small number of industries.

It allows businesses to target individuals within a business who affect buying decisions

Which of the following statements regarding the business market is​ correct? A. The business market is not as large as the consumer market in terms of dollars spent and items purchased. B. The business market has more buyers than the consumer market. C. In the business market buying​ process, buyers and sellers are less dependent on each other than in the consumer market. D. Many sets of business purchases are made for one set of consumer purchases. E. Business buying decisions are less complex than consumer buying decisions.

Many sets of business purchases are made for one set of consumer purchases.

Which of the following statements concerning new products is​ correct?

Modified and improved products are considered new.

Items such as technical​ specifications, quantity, delivery​ time, return​ policies, and warranties are included in which stage of the buying decision​ process?

Order-routine specification

Which of the following best describes a marketing information system​ (MIS)?

People and procedures that are used to manage information to generate and validate actionable customer and market insights

Which of the following statements regarding positioning is​ correct? A. Establishing a position usually takes a very short amount of time. B. Abruptly changing a position is an effective strategy when consumer needs change. C. Once a positioning strategy is​ identified, it is typically very easy to implement. D. Once​ established, a strong position is never lost. E. Positions must adapt over time to meet changing consumer needs.

Positions must adapt over time to meet changing consumer needs.

Which of the following is true of a new product in the introduction​ stage, such as the Day to Night​ heels? A. Word of mouth increases. B. Product lines and extensions are created. C. Promotion spending is relatively low. D. Sales climb quickly. E. Profits are generally negative due to the high cost of​ R&D.

Profits are generally negative due to the high cost of​ R&D.

Which of the following correctly identifies the social factors that influence consumer buyer​ behavior? A. Small​ groups, social​ networks, social​ class, and subculture B. Small groups​, ​family, social​ class, and lifestyle C. ​Family, social​ networks, social​ class, and subculture D. Small groups​, social​ networks, ​family, and social roles and status E. Small groups​, social​ networks, ​family, and social class

Small groups​, social​ networks, ​family, and social roles and status

The​ company's choice of its​ name, Plymouth Rock​ Assurance, and its​ motto, open double quote More Than Just ​Insurance,close double quote indicates the company is attempting to position itself in a particular manner. Which of the following would most likely be the intended position of the​ company? A. Less expensive than its competitors B. Superior customer service through its products and services C. Increased brand sponsorship D. The​ nation's premier insurance company E. Increased product mix other than insurance

Superior customer service through its products and services

Which of the following statements regarding the U.S. government market is​ correct? A. Government buying is not scrutinized by outside publics. B. Selling to the U.S. government requires no specific knowledge of that market. C. The U.S. government is the largest buyer of goods and services in the world. D. The U.S. government market is not affected by environmental factors. E. The government tends to favor foreign suppliers over domestic suppliers.

The U.S. government is the largest buyer of goods and services in the world.

What are the two major components of a​ B-to-B marketer's buying​ activity?

The buying center and the buying decision process

What is the unique positioning of​ Sprout?

The channel is marketed to both children and their parents and airs 24 hours a day.

Product planners think of products on three levels. Which of the following correctly identifies the three​ levels?

The core customer​ value, the actual​ product, and the augmented product

Which of the following statements regarding socially responsible product decisions is​ correct? A. Safety legislation has not yet been passed to regulate​ toys, automobiles, and fabrics. B. When companies drop​ products, they do not have any obligations to​ suppliers, dealers, and customers. C. Manufacturers are generally not concerned with product liability. D. Companies can safely ignore patent laws. E. The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.

The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.

What determines if a buyer is satisfied or dissatisfied with a​ purchase?

The relationship between consumer expectations and perceived product performance

Which of the following is an advantage to using internal databases for​ information?

They can be accessed quickly and cheaply.

According to the​ text, the most successful new products satisfy three criteria. What are these​ criteria?

They solve a major customer​ problem, are​ differentiated, and offer a compelling value proposition.

Which of the following statements about service marketing is​ correct? A. Social media is not useful to service marketers. B. Training current employees better and hiring new ones with more skills can increase service productivity. C. Due to the variability of​ services, top service companies set modest​ service-quality standards. D. Service marketers cannot differentiate their offerings. E. It is easier to define service quality than product quality.

Training current employees better and hiring new ones with more skills can increase service productivity.

define the problem

What is the first step in marketing research​ process?

competitive marketing intelligence

__________ is the systematic​ monitoring, collection, and analysis of publicly available information about​ consumers, competitors, and developments in the marketplace.

What is a product​ concept?

a detailed version of a new product idea stated in meaningful consumer terms

In which type of buying situation will a buyer usually go through all eight stages of the business buying​ process?

a new task buying situation

Through a company invites broad communities of people into the innovation process.

crowdsourcing

​__________ segmentation divides buyers into segments based on their​ knowledge, attitudes,​ uses, or responses to a product.

behavioral

Fitbit makes health and fitness tracking devices. Some buyers want very basic fitness tracking such as steps taken and calories consumed. Others are focused on high performance and want heart rate and sleep​ monitoring, text​ notification, and wireless sync to their smart phone. In serving these two very different​ groups, Fitbit is using​ __________ segmentation.

benefits sought

Sprout segmented the market by targeting parents of preschoolers who wished to have an educational and entertaining experience for and with their children. Which type of segmentation does this​ describe?

benefits sought

According to the​ stimulus-response model of buyer​ behavior, marketing and other stimuli enter the​ consumer's __________ and produce certain responses.

black box

the name Plymouth Rock Assurance identifies the company as the seller of its services and​ products, which is also known as which of the​ following? A. Logo B. Package C. Product line D. Label E. Brand

brand

​__________ is a measure of the​ brand's ability to capture consumer preference and loyalty. A. Brand sponsorship B. Brand equity C. Brand positioning D. Brand value E. Brand management

brand equity

the branding strategy of launching a product or service as a national or store brand is considered a​ __________.

brand sponsorship

__________ helps the seller to segment markets. A. Packaging B. Product design C. Product style D. Branding E. Product quality

branding

Which of the following is not considered one of the links in the service profit​ chain? A. Internal service quality B. Satisfied and loyal customers C. Satisfied and productive service employees D. Greater service value E. Buyerdash seller interaction

buyer seller interaction

Nielsen gathers data on millions of people to help marketers gain​ __________ to use to create strategic marketing decisions. a) marketing information systems b) internal databases c) customer insights d) competitive marketing intelligences e) big data

c.

Amazon and GEICO set themselves apart with their​ smooth-functioning direct delivery strategy referred to as​ __________ differentiation.

channel

Consumer purchases are influenced strongly by certain characteristics which include all of the following except​ __________.

cognitive

the video indicated that a company in China was manufacturing the first batch of the shoes. This is indicative of which stage of the new product development​ process?

commercialization

When consumers engage in​ __________ buying behavior they go through a learning​ process, so it is most important that marketers understand information gathering and evaluation behavior.

complex

Which of the five characteristics identified in the text has an inverse relationship with an​ innovation's rate of​ adoption? As this characteristic​ increases, the rate of adoption is slower.

complexity

Instead of going after a small share of a large​ market, a firm goes after a large share of a smaller niche segment. This type of marketing strategy is known as​ __________.

concentrated marketing

Candace Cabe created the Day to Night shoe based on an idea she​ had, and then asked a group of women to provide feedback regarding the idea. Which step of the new product process does this most likely​ represent?

concept testing

One recent development in generating new product ideas is for a company to invite broad communities of peoplelong dash such as​ employees, customers, and even the public at largelong dash into the innovation process. This is known as​ __________.

crowdsourcing

Sprout has created a unique market offering by integrating its programs with both children and parents. This unique offering that creates superior customer value is known as​ __________.

differentiating

Nielsen gathers consumer insights through a variety of​ ways, including consumer tracking and panels. Which type of research is Nielsen engaged in during these​ examples? a) mail questionnaires b) telephone surveys c) causal research d) online marketing research e) focus groups

d.

Eaton sells only to businesses and focuses on the​ electrical, hydraulics,​ aerospace, and vehicle markets. When the economic crises hit in​ 2008, consumers began cutting​ back, and as a​ result, Eaton's customers needed to cut costs and scale back operations.​ This, in​ turn, impacted​ Eaton's sales, which is known as​ __________.

derived demand

Survey research is the approach best suited for gathering​ __________.

descriptive research

After defining the problem and​ objectives, what is the next step in the marketing research​ process?

develop the research plan

There are a number of influences on the buying organization and buying center that can impact how and what is purchased by a business. For​ Eaton's customers, the economic crises in 2008 would be classified as what type of​ influence?

environmental

Sending observers to watch and interact with consumers in their​ "natural environment" is known as​ __________.

ethnographic research

which of the following correctly identifies the five core customer and marketing concepts?

1. needs, wants, demands 2. market offerings 3. value and satisfaction 4. exchanges and relationship 5. markets

set company goals and objectives

After defining its​ mission, the next step in strategic planning is to​ __________.

b

Kevin Kern described Konica/Minolta's use of commercials, newspapers, social media, and other media to control the marketing message. Which marketing concept was he referring to? a) company objectives and goals b) marketing mix c) product development d) diversification e) marketing strategy

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Positioning

a

Prior to changing its product offerings and realigning its business units, managers at Konica/Minolta most likely first performed which of the following to determine those units that were profitable and those that should be phased out or realigned? a) perform a portfolio analysis b) define the company mission c) set company goals d) set company objectives e) create specific marketing strategies

_________ are distribution channel firms that help the company find customers or make sales for them

Resellers

An overall evaluation of the company's strengths (S), weaknesses (W), opportunities (O), and threats (T).

SWOT analysis

Portfolio

To create and capture customer​ value, companies must engage the first step of the marketing​ process, which is​ __________.

customer value delivery network

To improve the performance of the​ __________, many companies today are partnering with other members of the supply chainlong dash ​suppliers, ​distributors, and customers.

d

Under the previous CEO, Konica/Minolta's management determined it was time to invest in _______________ by offering new products to the technology market. a) diversification b) partner relationship management c) market penetration d) product development e) market development

the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products

Value Chain

Define its overall purpose and mission

What does a company do to start the strategic planning​ process?

To create a game plan for​ long-run survival and growth in consideration of changing marketing opportunities

What is the overall focus of strategic​ planning?

market development

When Under Armour expanded its current products into global​ markets, it was pursuing which growth​ strategy?

Marketers can access and easily sift through the data once it is available.

Which of the following statements discussing big data is not​ true?

the primary goal of consistently delivering superior value is to_________

build profitable customer relationship

which of the following is an accurate statement about building customer relationships in the modern marketing era?

building relationships through consumer-generated content is expensive and takes time

what is the final step in the marketing process?

capture value from customers

The BCG matrix classifies products which have a high market share in a low growth market as​ __________.

cash cows

the key element of successful marketing today is to __________

create value

The​ __________ environment consists of institutions and other forces that affect a​ society's basic values.

cultural

the total combined lifetime value of a company's current and potential customers is called?

customer equity

Which of the following is not one of the five marketing management​ functions?

customer service

_________is the customers evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers

customer-perceived value

Business legislation has been enacted for a number of reasons which include all of the following except​ __________.

developing a code of ethics

Effective positioning is based on​ __________.

differentiation

When a firm starts up or buys a business outside of its current product line and​ markets, it is pursuing which growth​ strategy?

diversification

The​ __________ environment consists of economic factors that affect consumer purchasing power and spending patterns.

economic

developing strategies and practices that create a world economy that the planet can support indefinitely

environmental sustainability

The most common form of marketing organization is the ________________, under which different marketing activities are headed by a functional specialistlong dash a sales​ manager, an advertising​ manager, a marketing research​ manager, a customer service​ manager, or a new product manager.

functional​ organization

the 49 million people born between 1965 and 1976 in the "birth dearth" following the baby boom

generation x

Within the​ growth-share matrix,​ "cash cows" are​ __________.

low growth, high share

a marketing strategy that tries to increase market share among existing customers without changing the product. In its current product lines

market penetration

a group of consumers who respond in a similar way to a given set of marketing efforts

market segment

engaging customers and managing profitable customer relationships in the simplest definition of_________

marketing

firms that help the company to promote, sell, and distribute its goods to final buyers. Resellers, physical distribution firms, marketing services agencies, and financial intermediaries

marketing intermediaries

the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships. made up of four steps (market segmentation, market targeting, differentiation, and positioning)

marketing strategy

the 83 million children of the baby boomers born between 1977 and 2000

millennials or Generation Y

Shortages of certain raw materials is a major trend related to the​ __________ environment.

natural

the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities

natural environment


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