Marketing Exam #1 - Quiz 1-4 Questions

A __________ is a special capability, such as of skills, technologies, or resources, that distinguish a firm from other organizations and provide customer value. Core Competency Point of Distinction Product Differentiation Business Portfolio

?

According to the lecture, how do you satisfy needs? Conduct market research Create compelling advertising Use the 4Ps Create value-added products

?

Decisions about advertising and personal selling for a product are a part of ________ in a marketing program. Promotion Purchase Price Profit

?

In routine problem solving, the number of external information sources used is typically which of these? many none a few one

?

Offering a product for sale in a small geographic area to help evaluate potential market actions is a(n) test market experimental market simulated market micro market

?

Opinion leaders are considered to be ________, so their opinions influence others' choices. ethical and principled in their actions highly connected to others in social terms successful in business or otherwise possessing high status knowledgeable about or users of particular products

?

Patagonia's Worn Wear program, which encourages its customers to repair, trade, and eventually recycle all its products, is an application of _____. Environmental Forces The Societal Marketing Concept Market Segmentation Profit Maximization

?

The decision-making process that organizations use to establish the need for products and services and identify, evaluate, and choose among alternative brands and suppliers is referred to as organizational buying behavior the industrial purchase procedure the offering purchase framework the consumer purchase decision process

?

The group of people within an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision is referred to as the buying center gatekeeper purchasing department procurement committee

?

Which of the following is typically true of B2B marketing? less expensive per conversion shorter buying cycle more logic-based benefits larger target audience

?

_______are people to whom an individual looks as a basis for self-appraisal or as a source of personal standards. Dissociative groups Reference groups Advocates Social circles

?

What is NOT one of the three phases of the Strategic Marketing Process? Activation Phase Implementation Phase Planning Phase Evaluation Phase

Activation Phase

What is NOT one of the company benefits of marketing? Increases relevancy Can charge more for products and services Creates competitive insulation All of these are benefits

All of these are benefits

What is needed for marketing to occur? something to exchange two or more parties with unsatisfied needs a way for the parties to communicate All of these are needed

All of these are needed

What tool helps prioritize investments in products based on market share and market growth? Diversification Analysis / Ansoff's Growth Matrix SWOT Analysis Porter's Five Forces BCG Portfolio Analysis Matrix

BCG Portfolio Analysis Matrix

What is the one-word definition of strategy mentioned in the lecture? Tradeoffs Leverage Choices Decisions

Choices

According to the lecture which is not one of the 5 C's of Marketing? Company Competitors Comparison Context

Comparison

________ is the study of consumers and the processes they use to choose, consume and dispose of products and services? Market Research Analytical Decision Making Segmentation Consumer Behavior

Consumer Behavior

You research social and economic trends as part of a 5 C analysis. Which category does this cover? Context Company Competitors Comparison

Context

What tool helps answer the question "how do I grow my business considering new and existing products vs. new and existing markets"? Diversification Analysis / Ansoff's Growth Matrix BCG Portfolio Analysis Matrix SWOT Analysis Porter's Five Forces

Diversification Analysis / Ansoff's Growth Matrix

Comparing the results of the marketing program with the goals in the written plans to identify and act on deviations occurs during the _________. Activation Phase Implementation Phase Planning Phase Evaluation Phase

Evaluation Phase

When Sadie was buying new soccer cleats at the start of the season, she considered comfort, durability, color, and price, which were her Evaluative criteria Value attributes Cognitive cluster Consideration set

Evaluative criteria

True or False? According to the lecture, consumers are willing to pay more for products that are charitable and socially responsible vs. products that provide friendly service and convenience.

False

True or false? A survey run by Meta to measure their customer satisfaction is considered secondary research.

False

According to the lecture, what B2B brand has been on the forefront of social media advertising? Salesforce Hood Packaging Cisco IBM

IMB

Writing an ad for a new product line is an example of which of these? Business Plan Marketing Program Marketing Tactic Marketing Plan

Marketing Tactic

According to the lecture, which topic is NOT covered in the second step of the Planning Phase of the Strategic Marketing Process? segmentation targeting positioning pricing

Pricing

When its beer sales were flat, Budweiser became interested in entering the premixed cocktail segment by providing a product that would appeal to those who don't enjoy traditional beer. It launched Bud Light Lime-A-Rita, a margarita-flavored, beer-based cocktail, sold in cans and bottles and best served over ice. This is an example of _______. Market Development Market Penetration Diversification Product Development

Product Development

Which of the following is NOT one of the four Ps? Product Price Promotion Purchase

Purchase

A $5 in-store coupon most effects which stage in the purchase decision process? Market scanning Problem recognition Purchase decision Evaluation of alternatives

Purchase decision

Jimbo cracked the glass on his smartphone. He had hoped it was just the screen protector, but he saw that he really could not do much with his phone in that condition. Jimbo knew he'd need to get a new one; he had just begun the Stages of consumption VALS typology Purchase decision process Usage buying sequence

Purchase decision process

What tool is a strategic summary of a situation analysis or environmental scan? Diversification Analysis / Ansoff's Growth Matrix SWOT Analysis BCG Portfolio Analysis Matrix Porter's Five Forces

SWOT Analysis

What brand did the lecture reference as a brand that successfully leveraged consumer behavior to revitalize a once faded brand? Dr. Martens Abercrombie Levi's Shinola

Shinola

Jade is trying to decide which college to attend and her family tells her to go to a good academic school and not a party school. Which category of influences does this affect? Positioning Psychological Situational Sociocultural

Sociocultural

According to the lecture, what was NOT one of the actions taken by Glucerna to turn around their performance? Placed a "1 per day" logo on its packaging and advertising Performed market research to identify the issue Compared its products vs. real foods Spent 17% more on social media

Spent 17% more on social media

Google Nest Protect, an alarm system that sends alerts of smoke or carbon monoxide to your phone, is easily muted and has a "heads-up" warning before triggering its siren. It also self-tests and has a motion-activated path light. These innovations are an example of a(n)________ force that could impact other industries. Competitive Technological Social Regulatory

Technological

Community pools like the Worthington City Pool are noticing that people with pools are becoming more willing to rent their personal pools out to strangers. A SWOT analysis of Worthington City Pool would consider this change in consumer behavior as a(n) Strength Opportunity Threat Weakness

Threat

Not only do businesses see benefits from the protections of ________, consumers do as well; they allow consumers to correctly identify the products they want to purchase. Trademarks Legislation Patents Ethics

Trademarks

True or False? High involvement purchases with significant brand differences usually have a longer buying cycle than low involvement purchases with few brand differences.

True

True or false? An industry report on Gen Z internet behavior bought by Meta is considered secondary research.

True

A marketing research approach that uses a discussion leader to interview 6 to 10 past, present, or prospective customers simultaneously is data mining a focus group a depth interview a focused interview

a focus group

A picture or verbal description of a product or service a firm might offer for sale is referred to as a new-product concept an exemplar a protocol a test offering

a new product concept

The total sales of a product that a firm expects to sell during a specified time period under specified environmental conditions and its own marketing efforts is marketing intuition the marketing potential a sales forecast a prognostication

a sales forecast

According to the lecture, which is NOT one of the benefits of market research? identifies whitespace opportunities helps minimize risk helps eliminate boardroom biases all of these are benefits

all of these are benefits

Marketers can identify key trends such as the growing popularity of personal shoppers, the increasing emphasis on reuse rather than disposal of products and resources, and the importance of new e-commerce purchasing alternatives by conducting a trend analysis an organizational inquiry primary research an environmental scan

an environmental scan

The facts and figures related to a research problem are referred to as statistics data concepts variables

data

The demand for industrial products and services that is driven by demand for consumer products and services is referred to as sequential demand secondary marketing derived demand reciprocal supply

derived demand

Observational data are facts and figures newly collected for the project at hand. conclusions developed from information obtained from a representative sample of a population. facts and figures obtained by watching, either mechanically or in person, how people actually behave. facts and figures obtained by asking people questions either through personal interviews, panel discussions, or questionnaires.

facts and figures obtained by watching, either mechanically or in person, how people actually behave.

What is another name for the 4Ps? Marketing Mix The Marketing Continuum Pillars of Marketing Marketing Mania

marketing mix

According to the lecture, what environmental scanning data drove Wallick Communities' decision to create The Ashford Senior Living Communities? more than half of middle-income seniors would not be able to afford senior living a rapidly growing segment of high-net-worth seniors the significant growth of home-care options for seniors all of these drove the decision

more than half of middle-income seniors would not be able to afford senior living

A(n) ________ question allows respondents to express opinions, ideas, or behaviors in their own words without being forced to choose among alternatives that have been predetermined by a marketing researcher. open-ended semantic differential close-ended fixed-alternative

open-ended

Which is not one of the four influences on the consumer purchase decision process? psychological influences situational influences positioning influences sociocultural influences

positioning influences

Business-to-business marketing is the marketing of products and services to companies, governments, or not-for-profit organizations for use in the creation of products that they can produce and market to others. services in the area of intellectual property such as legal, financial, or creative consulting. products to not-for-profit organizations at a reduced fee or nominal cost for use in the creation of goods and services that they can produce and market to others. goods to companies, governments, or ultimate consumers for use in the creation of goods and services.

products and services to companies, governments, or not-for-profit organizations for use in the creation of products that they can produce and market to others.

Set during the marketing research process, ________ are specific, measurable goals the decision maker seeks to achieve in conducting the marketing research. measures of success research constraints research objectives marketing research plans

research objectives

Wholesalers and retailers that buy physical products and resell them without any reprocessing are referred to as government agencies reseller firms industrial firms consumer product firms

reseller firms

According to the lecture what is the translation of the AMA definition of marketing? the process of creating advertisements to sell products adding value to products through targeted communications the process of discovering and satisfying consumer needs communicating the value of products to the customer

the process of discovering and satisfying consumer needs

What is the metric called when companies not only try to deliver shareholder value, but also stakeholder and social value? green growth triple bottom line cause profit earnings per share

triple bottom line