Marketing Final Exam

Sigma Inc., a software firm based in California, reorder 50 printers from the designated provider without any modifications. This is an example of ______.

A straight rebuy

Market segments that can be effectively reached and served are ____.

Accessible

AIDA

Awareness, Interest, Desire, Action

___ are industrial products

Capital items

Almost all major purchases result in ____, or discomfort caused by post purchase conflict.

Cognitive dissonance

To the extent that a company can differentiate and position itself as providing superior customer value, it gains ____.

Competitive advantage

The marketing department of a reputable firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives

Competitive marketing intelligence

___ are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort

Convenience products

Brad works with reputed retailer and leads a team that collects market information from a wide variety of sources ranging from marketing research studies to monitoring online conversations where consumers discuss Brad's firm or its products. Brad's team uses this information to arrive at a better understanding of consumer behavior and their buying motives. This, in turn, allows Brad's firm to successfully generate more value for consumers. Brad leads the ___ team.

Customer insights

The first step in strategic planning

Defining the organizational mission

The first step in the marketing research process is

Defining the problem and objectives of the study

______ segmentation divides the market into segments based on variables such as age and life cycle stage, gender, income, occupation, education, religion, ethnicity, and generation.

Demographic

Demand for outboard motors depends on consumers purchasing fishing boats. This is an example of ___ demand.

Derived

____ involves actually distinguishing the firm's market offering to create superior customer value.

Differentiation

Marketing segmentation can be best described as the process of ___.

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

A company sent a trained observer to watch and interact with customers in their natural environments in order to gain deeper insights on consumer needs. This is an example of ____.

Ethnographic research

King Burgers came out with a new hamburger and, before including it into its main menu, released it in two different cities with two different prices. The marketers at King Burgers then analyze the different levels of purchase made at these two different places, planning to use the information to help them set a nationwide price for the new offering. This is an example of ___.

Experimental Research

In _____ research, the objective is to gather preliminary information that will help define the problem and suggest hypotheses.

Exploratory

The business marketer normally deals with ____ than the consumer marketer does.

Far fewer but far larger buyers

A(n) ___ controls the flow of information to others in the buying center.

Gatekeeper

"Many companies today are localizing their products, advertising, promotion, and sales effort to fit the needs of individual regions, cities, and neighborhoods". This is an example of ____.

Geographic segmentation

A buying behavior that is related to conditions of low-consumer involvement and little significant brand difference

Habitual buying behavior

The Pure Drug Company produces insulin, a product with very stable demand. Even though the price changed several times in the past two years, the demand for Pure Drug's insulin remained relatively unaffected. In this instance, the demand for insulin is respective of ____ demand.

Inelastic

An advantage of using an internal database

Internal databases can be accessed more quickly and cheaply than other information sources.

A segment is less attractive if ____.

It already contains many strong and aggressive competitors

___ is a person's pattern of living as expressed in his/her psychographics, and it includes the individual's activities, interests, and opinions.

Lifestyle

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as ____.

Market targeting

Lark Inc., an American electronics company, is currently reviewing new geographical markets to sell its highly popular LED televisions. By 2020, it plans to open new stores all across the major South Asian cities. Lark is most likely following a ____ strategy.

Marketing developement

____ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

Marketing research

____ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require marketing strategies or mixes.

Marketing segmentation

A _____ documents an organization's purpose-what it wants to accomplish in its larger environment.

Mission statement

In a(n) ____ situation, the buyer wants to revise product specifications, prices, terms, or suppliers.

Modified rebuy

The boom in Internet marketing has created a new set of social and ethical issues. Critics worry most about ____.

Online privacy issues

___ shows consumer perceptions of a company's brand versus competing products on important buying dimensions.

Perceptual positioning maps

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

Positioning

"Too busy multitaskers who need help remembering things, Evernote is the only digital content management application that makes it easy to capture and remember moments and ideas from your everyday life using your computer, phone, tablet, and the Web." This is an example of a(n)_______

Positioning Statement

The 4P's are:

Price, product, promotion & place

A ____ refers to the way a product is defined by consumers on important attributes- the place the product occupies in consumers' minds relative to competing products.

Product position

Consumer products refer to ___.

Products and services bought by final consumers for personal consumption

___ segmentation divides buyers into different segments based on social class, lifestyle, or personality characteristics

Psychographic

____ are low-share business units in high growth markets that require a lot of cash to hold their share.

Question Mark

According to Maslow's hierarchy of needs, which of the following is the LEAST pressing need?

Self-actualization needs

Advertisement campaigns involving issues ranging from health care, education, and environmental sustainability to human rights and personal safety can be classified under ____.

Social marketing

A market segment that is large or profitable enough to serve is ___.

Substantial

The objective of causal research is:

To test hypotheses about cause and effect relationships

T/F: Business purchases involve more professional purchasing effort than consumer purchases

True

T/F: Products include services, events, persons, places, organizations, ideas, or a mixture of these.

True

T/F: Secondary data can be obtained more quickly and at a lower cost than primary data

True

T/F: the Products/Expansion grid aka Ansoff Gid is a useful device for identifying growth opportunities

True

T/F:Cash cows can be used to help finance the company's question marks and stars

True

Market targeting

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