Marketing Mid term

________ involves machines that think and learn in a way that looks and feels human but with a lot more analytical capacity

Artificial intelligence

Which of the following terms correctly describes the positive differential affect that knowing the brand-name has on customer response to the product or the service?

Brand equity

The totality of a company's product lines and items offered to customers is known as its _________

product mix

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

Demography

_______ is part of a company's decision on how it will create market offerings to deliver superior customer value.

Differentiation

Marketers apply ________ to the large and complex sets of data they collect to gain customer insights and gauge performance.

Marketing analytics

Which of the following is an advantage of primary data?

They are more relevant than secondary data.

when a company builds a brand, it needs to make important decisions regarding the brand. Of the following, which is NOT one of those decisions?

brand licensing opportunities

once market segments have been selected, the company then must decide on ________.

differentiation and positioning strategy

New product development consists of eight sequential steps. Which step reduces the number of ideas based on the company's criteria?

idea screening

Which component of the marketing mix refers to the goods-and-services combination a company offers to its target market

product

Marketers must make important decisions when developing individual products and services. Which of the following correctly identifies those important decisions?

product attributes, branding, packaging, labeling, and product support services

Marketers must consider potential product issues related to social responsibility. Of the following, which is NOT one of the product issues associated with social responsibility?

product differentiation and positioning

Traxx is a newly emerging shoe manufacturing company. After extensive market research, Traxx divides its market into professional athletes, "hobbyists" or amateur players, and people who wear shoes as part of their casual attire. Each category has its own needs, traits, and marketing goals. In this scenario, traxx has engaged in market __________.

segmentation

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.

value propostion

The final step in the marketing process it

capturing value from customers

________ are the two ways firms can obtain new products.

Acquisitions and new product development

Like consumer markets, business markets are segmented. Which of the following describes the variables that marketers use to segment business markets?

Business demographics, operating characteristics, purchasing approaches, situational factors, and personal characteristics

Which of the following statements regarding the marketing of international products and services is correct?

Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets.

At which step does a company perform a review of the sales, cost, and profit projections for a new product to determine whether the new product is likely to satisfy objectives?

Business analysis

To target the best market segments, the company first evaluates various factors related to market attractiveness. Of the following which is NOT one of those factors?

Compatibility with company mission and vision

True or False: Market offerings are limited to physical products

False

True or false: primary data can usually be obtained more quickly and at a lower cost than secondary data.

False

Major variables used to segment consumer markets include which of the following?

Geographic, demographic, psychographic, and behavioral

_________ is the process by which people select, organize, and interpret information to form a meaningful picture of the world.

Perception

All products have a life cycle. The sales of a typical product follow _______, which is made up of five stages.

an S-shaped curve

What is a product?

anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

which of the following best describes product positioning?

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products

In which targeting strategy does a firm go after a large share of one or a few smaller segments?

concentrated marketing

Which of the following correctly describes the classifications into which products and services fall?

consumer products and industrial products

Which of the following best describes market segmentation?

dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors

A marketing firm has been assigned the task of watching trends in spending, personal income, savings, and interest rates. The marketing firm is most likely gathering information about consumers' __________.

economic situations

the act of obtaining a desired object from someone by offering something in return

exchange

Consumers' needs and wants are fulfilled through

market offerings

Ferrari sells only 2200 of it's very high-performance cars in North America each year at very high prices. The company is appealing to a specific __________.

market segment

Dividing a market into several sections of customers is known as ________.

market segmentation

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

marketing research

Which of the following is a quantitative approach to research?

marketing surveys

Which of the following best describes a company's business portfolio?

the collection of businesses and products that make up the company

when marketers create services marketing strategy, they understand they must execute on external marketing but also develop ____________.

Internal strategies to motivate employees and interactive marketing to create service delivery skills among several providers

Which stage of the product life cycle normally lasts longer than the previous stages and poses strong challenges to marketing management?

Maturity

A new product may fail for many reasons. Which of the following is NOT one of them?

Rapid market acceptance

services are characterized by four key aspects:

Services are intangible, inseparable, variable, and perishable

True or False: Companies like Coca-Cola and Facebook deliver customer satisfaction by spreading happiness and connecting individuals through shared experiences

True

True or False: Customer-perceived value is defined as a customer's evaluation of the perceived difference between all benefits and all the costs of a market offering relative to those of competing offers

True

True or false: Big data refers to the huge data sets generated by sophisticated information generation, collections, storage, and analysis technologies.

True

According to the five step model of the marketing processes, the first step in marketing is

Understanding the marketplace and customer needs and wants