Marketing Final Exam

The final section in most marketing plans is the

controls section

The amount of spending money available to households after paying taxes is called

disposable income

Typically the least risky option for entering international markets is

exporting

Which stage of the product life cycle is characterized by low or negative profits and the possible need of companies to offer incentives to stores to get them to carry the product

introduction

Travis has an athletic shoe store and is currently preparing a market summary. To be most effective, the competition section of his market summary should

list both direct and indirect competitors

The marketing strategy that emphasizes selling more of existing goods and services to existing customers us called

market penetration

The practice of measuring, managing, and analyzing marketing performance is referred to as

marketing analytics

Wants are the form that human needs take and are shaped by

personality, culture, and buying situation

A mock-up of a good with the materials the firm expects to use in the final product is called a

prototype

The tendency to interpret information in a wat that fits out preconceptions is a process known as

selective distortion

Think about the various marketing strategies as you read the following choices to determine which one describes a market penetration strategy

selling more of current products to existing markets

The use of sensation and perception to influence consumer preferences and choice is the idea behind

sensory marketing

The external marketing factor that refers to the combination of social and cultural factors that affect individual development is

sociocultural

A company that is introducing a new product in its final form to a geographically limited market to see how well the product sells and to get reactions from potential users is engaged in

test marketing

As defined in your text, a product refers to

the specific combination of goods, services, or ideas that a firm offers to its target market

A person's belief that a specific behavior is socially or personally preferable to another behavior reflects that person's

values

The 80/20 rule is a theory that suggests that

20 percent of heavy users account for 80 percent of the total demand

The internal considerations in a SWOT analysis are

A firm's strengths and weaknesses

The generation of children born between 1946 and 1964 is retiring at a rate of 10,000 per dat. What is the name of this demographic group?

Baby boomers

An advantage to using a perceptual map is that it

Can highlight potential market positions that might be underserved

All of the following are reason qualitative data analysis can be challenging and misleading except

Close-ended questions can include subtleties that a market might miss

The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs known as

Consumer behavior

Which of the following would NOT be considered a member of a supply chain

Customers

A sudden drop in the average consumer income would be an example of which external force affecting the marketing environment?

Economic

Which type of research seeks to discover new insights that will help the firm better understand the problem or consumer thoughts, needs, and behavior

Exploratory

Daniel is looking to buy a hybrid vehicle because he is noticing that the price of gasoline continues to rise compared to years past. The rise in the price of gasoline is most likely a result of

Inflation

The four P's are more formally referred to as the marketing

Mix

Which of the following is not a stage in the product life cycle?

Obsolescence

According to the BCG matrix, what defines a cash flow?

Products that have a large market share in an industry with low growth rates

Attitudes, perception, learning, and motivation are all _____ processes that can influence consumer behavior

Psychological

Factors like time and involvement that serve as an interface between consumers and their decision-making process are ____ influences

Situational

Which of the following is a form of quantitative research that can be used to measure consumer attitudes, intended behavior, and the motivations behind behavior

Surveys

One of the most important sources of demographic information for marketers, which of the following provides free information on data such as how households are segmented by race, education, age, and occupation?

The U.S. Census Bureau

What document provides a one-to two page summary of the marketing plan's main points?

The executive summary

Your text defines ethics as moral standards expected by

a society

A recent survey conducted by U.S. News and World Report on the best overall hybrid car, ranked the Ford Fusion Hybrid as one of the best hybrid cars for the money. For Ford, this represents

A competitive advantage

What type of marketing strategy is a company using if it consciously addresses customers, markets, and competition throughout the world?

A global marketing strategy

Collectively, the people, technologies, and procedures aimed at supplying an organization's marketing information needs are called

A marketing information system

Trevor went to the store to get a new pair of running shoes but the store was temporarily out of the brand he normally buys. What is the term for this situation

A stockout

If a person responds toward an attitude object based on his or her past experiences that person is exhibiting which dimension of attitudes

Behavioral component

Direct competition is also known as

Brand competition

Which of the following products does not satisfy a consumer need?

Cable television

To find out what scent customers prefer for a new floor cleaner, the researcher conducts a focus group and exposes the participants to several scents, asking them which one they would buy. Select the type of research being conducted

Casual

Which of the following products would most likely be considered a dog?

Compact disc

Which of the following is not considered to be a demographic characteristic?

Consumer confidence

After listening to customer requests for travel routes to the Northwest, Southwest Airlines has added cross-country routes to both Seattle and Portland. By providing its customers with benefits that meet their needs, Southwest is providing

Customer Value

Quentin is a realtor selling high-end homes priced over $750,000. Before showing a property to prospective clients, Quentin makes sure they are pre-qualified for a home loan commensurate with the price of the house. This pre-qualification is based mainly on the client's income, which is what type of segmentation variable?

Demographic

Which method of entering a foreign market carries which it the most risk?

Direct ownership

What type of adopter is typically well respected by their peers, and marketers seek to gain their acceptance because they tend to be opinion leaders who are willing to talk to other people about their experiences with their purchases?

Early adopter

Compare the following statements and select the one that reflects your text's assertion as to why educated consumers are prime targets for marketing strategies

Educated consumers are more likely to earn significantly more money throughout the course of their lifetime

Gavin wants to perform a situation analysis of his business to help him make strategic decisions for the future. The situation analysis will tell Gavin all of the following EXCEPT:

Financial projections

Which of the following questions relates to the place element of the marketing mix?

How much inventory should I have?

Which of the following is not one of the four basic categories of marketing growth strategies?

Market penetration

Market segmentation produces relatively homogenous groups of consumers called

Market segments

The practice of measuring, managing, and analyzing market performance is referred to as

Marketing analytics

The organizational activity that links the consumer, customer, and public to the marketer through information is known as

Marketing research

An advertisement shows a group of boys playing soccer on a hot day. When they take a break, the boys run to a cooler to find something to quench their thirst. Inside the cooler are water bottles, cans of soda, fruit juices, and Gatorade. Immediately, the boys fight over the Gatorade showing that it is clearly the best choice. In this ad, liquid refreshment represents a _____, and Gatorade represents a _____.

Need; want

When Fisher-Price comes up with an idea for a new toy, it needs to ensure that the children who play with the toy will not choke on any of its parts and that the toy in general will not be a hazard to the children who will be using it. In what stage of the new-product development process will these safety checks occur?

Product Development

What is the key to creating value?

Providing consumers with benefits that meet their needs and wants

Information collected for alternative purposes prior to the study is referred to as

Secondary data

The three basic characteristics of a quality marketing objective is that it be

Specific, measurable, and realistic

The process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives is

Strategic planning

What is not accurate about strategic planning?

Strategic planning is a one-time process completed when a firm outlines its objectives

Which of the following is the focal point of all marketing efforts

The buying decision

What can be said of the level of competition when selecting a target market

The more competitors there are, the more a firm will have to invest in promotion to increase market share

Compare the following statements to determine which one best reflects the thinking behind the sales orientation era of marketing

We'd better persuade our customers to buy our products or they will buy from our competitors

The activity of buyers and sellers trading things of value so that each is better off as a result is referred to as

an exchange

"Cookies" that are placed on consumers' browser in order to trace which websites they visited are a form of

behavioral targeting

Which of the following is not a way to categorize new products?

brand development

Demographic segmentation divides markets by

characteristics such as age, gender, and income.

As it pertains to new product characteristics, the superior position a product enjoys over competing products if consumers believe it has more value than other products in its category is referred to as

competitive advantage

The fact that you see a Starbucks on practically every corner would indicate that Starbucks is most likely geographically segmenting based on

customer convenience

What are norms

formal or informal societal rules that specify or prohibit certain behaviors in specific situations

Which of the following is a demographic segmentation variable

gender

Segmentation based on where prospective customers live or work is referred to as

geographic segmentation

The process of dividing a larget market into smaller groups based on meaningfully shared characteristics is referred to as

market segmentation

An action-oriented document or playbook that guides the analysis, implementation, and control of the firm's marketing strategy is known as the

marketing plan

As part of his work, Dr. Paul Ekman developed a program that would allow trained psychologists and law-enforcement, military, and national security personnel to detect deception by focusing on

microexpressions

A concise affirmation of a firm's long-term purpose is known as its

mission statement

The combination of activities that represent everything a firm can do to influence demand for its good, service, or idea is referred to as the marketing

mix

A targeting strategy that involves pursuring a large share of a small market segment is referred to as

niche marketing

Individuals who exert an unequal amount of influence on the decisions of other because they are considered knowledgeable about particular products are called

opinion leaders

During which state of the new product development process would a firm test the marketing strategy related to the new product

test marketing

A consumer searching for information will create a list of brands or products that he or she will evaluate as options for the solution of a particular problem. This list is referred to as

the evoked set

What part of the financial section of a marketing plan provides readers of the plan a bottom-line estimate of the organization's profitability?

the financial projections

What primary strategic planning tool is used for directing and coordinating the market effort and helps to guide the firm's marketing strategy

the marketing plan

Marketing is defined as

the process of creating, communicating, and delivering value to customers and managing those relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole.

According to your text, one of the biggest sociocultural changes in the United States over the past half century has been

the shift from one-income families to two-income and single-parent households

What is the overall purpose of a marketing plan

to guide the analysis, implementation, and control of the firm's marketing strategy

The marketers at Pantene include a trial size of their new shampoo in the September issue of InStyle Magazine. National sales increased dramatically within a few weeks, an example of this product's

trialability

What technique is being employed when data research results are presented in a pictorial or graphical format

Data visualization

Which category of product adopters relies on others for information and buys a product because their friends have already done so?

Late majority

Which marketing strategy would Krispy Kreme doughnuts be using if it decided to begin selling its doughnuts in Mexico for the first time?

Market development

How often should firms undertake the task of strategic planning?

On a continual basis as conditions change

During what stage in the evolution marketing did firms believe that quality products would sell themselves?

Product orientation

Marketing research has an impact on the four P's of marketing: product, price, place, and

Promotion

What is DSS

decision support system

Which stage of the product life cycle usually lasts the longest

maturity

The political, economic, demographic, sociocultural, technological, and legal factors that affect a company's ability to meet its marketing goals are all part of

the marketing environment

Which of the following is a behavioral segmentation variable

usage rate