Marketing Final Exam Quizlet

_____ use another manufacturer's already established channel and are used most often when the creation of marketing channel relationships may be expensive and time-consuming.

strategic channel alliances

When Castrol Syntec, a premium motor oil, sought a new way to reach its young, car-passionate audience, the brand found its mark with video games. In its first-ever attempt at in-game advertising, Castrol Syntec found a way to show consumers (in a virtual world) the brand's power and performance. In the communication process, the game served as a(n) _____ for transmitting the message.

channel

what are the three roles of marketing research

descriptive, diagnostic and predictive

a company that wants to implement a market orientation would need to

determine how to deliver superior customer vlaue, do research on its customers, implement actions that provide value, establish and maintain mutually satisfying relationships

During which stage of the process does the marketer lead the preliminary analysis and calculations for demand, cost, sales, and profitability?

developing a business analysis

All of the following are benefits of supply (value) chain management EXCEPT:

decreases cash flow

One configuration of a marketing channel entails producers selling to consumers without any intermediaries in the channel. This is called a(n):

direct channel

All of the following are product characteristics influencing the rate of adoption EXCEPT:

distribution

________ is a form of distribution aimed at having a product available in every outlet where target customers might want to buy it.

intensive

clear channel owns hundreds of radio stations across the US, how do they decide what music to play?

demographic

Why is targeting a specific group of customers more successful than trying to appeal to everyone

it will satisfy the segments specific needs

Company X sells their products exclusively to companies in the Y market. In estimating demand from their business customers, Company X must understand that this demand is actually _____________, which means that the demand for industrial products and services is driven by demand for consumer products and services.

derived demand

To help understand why attendance at the team's games was so poor, the Atlanta Falcons used marketing research to gather factual information. The organization used in-game surveys and end-of-season surveys of ticket holders. The gathering of factual statements is an example of marketing research in its _____ role. Correct!

descriptive

In the adopter categories, the final 16 percent to adopt are similar to innovators in that they do not rely on the norms of the group but are independent because they are bound to tradition. They tend to have the lowest socioeconomic status, are suspicious of new products, and are alienated from a rapidly advancing society. They are called:

laggards

Which marketing management philosophy focuses on the questions "What do customers want and need?"

market

a business is concerned with many day to day activities, some of the most important of these activities are the planning and development of a product, its ability to communicate value and the distribution strategy - all of these are part of the

market

the two major categories of communications are

mass and interpersonal

relationship marketing

strategy that focuses on keeping improving relationships with current customers

The most popular method for gathering primary data is _____, in which a researcher interacts with people to obtain facts, opinions, and attitudes.

survey research

Which of the following services would be most likely to exhibit strong credence qualities?

tax return preparation- a credence quality is a characteristic that cannot easily be assessed even after purchase and experience

Although many factors can influence price, the primary determinants are:

the demand for the good and the cost to the seller

marketing plan

mission, objectives, target market mix, product offerings, where the future branchs should be located

The external environment:

must be continually monitored by marketing managers.

The steps of the consumer decision-making process, in order, are:

need recognition, information search, evaluation of alternatives, purchase, postpurchase behavior

Which of the following is not one of the stages of the product lifecycle?

new product strategy stage

Imagine that you are planning a fund raising party for after the symphony, and you need a life-size grand piano cake. Or, you are a developer proposing a new shopping center to a group of investors, and you want to serve a cake shaped like an architectural rendition of the center. Is this impossible? No, you just need to contact Cecilia Villaveces Cakes. She actually built a life-size grand piano for a gala in Macon, Georgia. You can expect to pay anywhere from $75 to $10,000 for one of Cecilia's artistic creations, depending on complexity of design and size. She uses only the best ingredients, and no two cakes are ever quite alike. Although many factors determine the prices charged by Cecilia Villaveces Cakes, the two primary determinants are:

the demand for the good and the cost to the seller.

Innovyx is an email marketing service provider. It has a new ad campaign aimed at changing negative perceptions of email. The ads explain how much cheaper email advertising is than traditional advertising and what a high return on investment it can generate if used properly. Finally, the message ends by suggesting that companies wanting to promote their products give email a chance to show what it can do. This promotion has the task of:

persuading

Through marketing research, the Boston Symphony Orchestra (BSO) learned it has an older market and is not attracting younger concertgoers. It next conducted marketing research to determine if a social media advertising and engagement campaign they were considering that would be targeted to the younger market would be successful. In its second use of research, BSO employed _____ marketing research.

predictive

Customer value

the relationship and sacrifice necessary to obtain those benefits

_____ specifies the research questions to be answered, how and when the data will be gathered, and how the data will be analyzed.

the research design

what questions do predictive questions answer

the what if

Arizona Tea is marketed by Vultaggio & Sons. Vultaggio & Sons took a basic drink and put it into unusual bottles with elaborate designs. The wide-mouthed, long-necked bottles are now considered to be trendsetters in the new age beverage industry, and customers often buy the tea just for the bottle. The success of Arizona Tea is based on:

product differentiation competitive advantage

There are a number of detergents marketed under the Tide brand, including detergents with and without fabric softener, with and without bleach, with various pleasing smells, and fragrance-free formulations. These detergents are an example of Tide's:

product line

Which of the following statements about yield management systems (YMS) is true?

YMS are mathematically complex systems to make use of underutilized capacity and reduce the cost of perishability.

customer relationship management

a firm that wants to develop a deeper understanding of its customers. may optimize profitability, revenue and customer satisfaction by focusing on highly defined and precise customer groups

Which type of consumer sales promotion rewards loyal consumers for making multiple purchases of a particular good or service?

a frequent buyer program- loyalty program

Coca-Cola vending machines are found all over the world. The newest machines have an interactive screen that runs advertisements and allows users to obtain free photos of themselves and ringtones after they have bought a drink. Critics of these new vending machines are concerned that entertaining technology is being used to market sugary products. In terms of a SWOT analysis, this concern would be an example of a(n):

threat

A manufacturer of office furnishings is finding it difficult to compete with cheaper imported merchandise. Which of the following is a potential source of new product ideas that would allow it to compete more effectively?

all of these

All of the following are logistics components of the supply chain EXCEPT:

trade promotions

the three basic functions channel intermediaries perform are

transactional, logistical, and facilitating

Marketers need a thorough understanding of the laws established by the federal government, state governments, and regulatory agencies.

true

Profits typically reach their peak during the growth stage of the product life cycle.

true

willingness to pay is a way to measure demand elasticity

true

M&M's famous slogan, "Melts in your mouth, not in your hand," is an example of a(n):

unique selling proposition- unique selling proposition is desirable, exclusive and believable advertising appeal selected as a theme for an advertising campaign

With value-based pricing:

the firm is both customer driven and competitor driven.

All of the following factors directly influence consumers' level of involvement in the purchase process EXCEPT:

! consumer's age

______ is a clash of goals and/or methods that occurs between different levels in a marketing channel, most typically between the manufacturer and wholesaler or between the manufacturer and retailer.

vertical conflict

A carefully selected group of consumers who agree to participate in an ongoing online dialogue with a particular corporation is known as a(n):

web community

In a study whose purpose is to determine the market for a vitamin that is to be chewed like bubble gum, what is the first question to be answered before a sampling plan is selected?

what is the population or universe of interest, before a sampling plan is chosen, the population of interest must be defined

Angela and Dominic own Cincy by the Slice pizzeria. They are interested in keeping track of the number of mentions their store receives on sites like Twitter and Facebook, but they are unsure of which steps to take next. Which of the following resources would best meet their needs?

A listening platform with key word report capabilities

Which of the following is the inventory control system that manages the replenishment of raw materials, supplies, and components from the supplier to the manufacturer?

MRP materials requirement planning

Assume a firm sells 1M units of its product for $10 and has a 30% gross profit margin ($3). Cutting the price to $9.50 might stimulate unit sales by 10%. Will the assumed increase in sales volume offset the decrease in margin?

No, the increase in sales will not offset the decrease in margin.

Which of the following statements best describes the typical target market?

Target markets change over time as consumers drop in or out of the market, and as tastes change.

"One-size-fits-all" marketing is largely out of date.

True

An intelligence system that helps managers assess their competition and vendors in order to become more efficient and effective competitors is called:

competitive intelligence

Tortilla chips are most likely _____ products, since they are purchased with little shopping effort.

convenience

Walmart realizes a _____ using its relationships with suppliers to give customers low prices and good customer service.

cost competitive advantage

The first stage of the new-product development process is:

establishing a new product strategy

_____ research is the study of human behavior in its natural context, involving observation of behavior and physical setting.

ethnographic

Deciding who to target is the first step in market segmentation.

false

Procter & Gamble markets six different brands of laundry detergent, each targeting a different market segment. This is an example of concentrated targeting.

false

Services tend to exhibit more search qualities than do tangible goods.

false

cutting costs is the best way to maximize profitability

false

markets can control the external environment in which their organizations operate

false

Nestlé's quest is to make some of its existing products more nutritious and provide a health benefit. This is an example of which type of product modification?

functional

a nationside restaurant chain that varies its menu based on its location is an example of

geographic segmentation

the first step in the marketing research process is to

identify and formulate the problem opportunity to be studied

Which of the following is NOT one of the four unique elements to services?

incoherency

______ within the marketing channel can provide efficiencies and economies of scale as channel members take on tasks that best utilize their expertise or strategic relationships.

specialization or division of labor

A regional utility company needs to change consumers' perceptions of its current service as being harmful to the environment. Which of the following strategies would best allow the company to accomplish this goal?

repositioning

Post Properties is a company that manages apartments in various communities. It is concerned with a glut of apartments in Atlanta, Orlando, and Dallas. Its market researcher begins by examining the rental markets in the Southeast, the history of apartment buildings, local economies, competitive rents, and ownership—all information that was on hand and did not require any new research to locate. The market researcher looked at:

secondary data

The twin pillars of marketing

segmentation, differentiation

conducted by an organization to ID its internal strengths and weaknesses and examine external opportunities and threats

situation analysis

Americans' core value of upward mobility (i.e., success will come to anyone who works hard) has greatly influenced the way luxury goods are marketed. This phenomenon is an example of a(n) _____ factor.

social