Marketing Midterm 1-4

______ is the art and science of choosing target markets and building profitable relationships with them. a. Value engineering b. Positioning c. Differentiation d. Segmentation e. Marketing management

Marketing management

T/F: A bank that helps a company finance transactions is both a financial intermediary and a financial public.

True

T/F: An organization's mission statement should emphasize its intentions toward customers and the customer experience the organization seeks to create.

True

T/F: Each population member has a known chance of being included when a probability sampling procedure is used.

True

T/F: In a convenience sample, a researcher selects the easiest population members from whom to obtain information.

True

T/F: Many companies have started to target the LGBT market segment which has significant buying power.

True

T/F: The rapid increase in the number of people who telecommute has created a booming small office/home office market in the United States.

True

______ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics. a. Political science b. Behavioral ecology c. Demography d. Environmental studies

c. Demography

Burger Town introduced a new hamburger and released it in two different cities at two different prices. Marketers of Burger Town then analyzed the sales records of their outlets at the two cities, determined the price that resulted in better profits, and used the information to set a nationwide price for their new offering. This is an example of _______. a. descriptive research b. exploratory research c. experimental research

c. experimental research

Which of the following would most likely use informal research methods to obtain marketing insights? a. pharmaceutical firms b. brick-and-mortar companies c. not-for-profit organizations d. family-owned businesses

c. not-for-profit organizations

Which of the following are examples of internal publics of a company? a. newspapers, magazines, television stations, blogs, and other Internet media b. governmental departments and agencies that regulate businesses c. the managers, board of directors, and workers of the company d. the general public that is directly affected by the company

c. the managers, board of directors, and workers of the company

A ________ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system. a. growth-share matrix b. shareholder network c. value delivery network d. business portfolio e. value chain

c. value delivery network

Members of which generational group are referred to as echo boomers? a. Generation Z b. Generation X c. the Lost Generation d. Millenial

d. Milllenial

Under Armour's decision to add athletic shoes to its apparel line in 2006 is an example of a ________ strategy. a. market penetration b. market development c. diversification d. product development

d. product development

PC manufacturer, Lenovo, focuses on low labor costs and mass distribution to ensure the continuous availability of its products at reasonable prices. Lenovo most likely follows the ________. a. customer-driving marketing concept b. societal marketing concept c. marketing concept d. production concept e. selling concept

d. production concept

Both market penetration strategies and market development strategies primarily involve ________. a. leaving the current market b. modifying the company's product line c. developing a new product d. selling a company's current products

d. selling a company's current products

Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________. a. mass distribution b. Target marketing c. cost leadership d. consumer-generated marketing e. undifferentiated marketing

target marketing

T/F: The 4As framework takes into consideration the buyer's view of the market.

true

_____ companies research customers deeply to learn about their desires, gather new product ideas, and test product improvements.

Customer-driven

Which of the following best describes a marketing department with a functional organization? a. Sales and marketing people are assigned to specific countries, regions, and districts. b. A company creates large teams, or even whole divisions, to serve domestic and international markets. c. Different marketing activities are headed by specialists such as sales managers, advertising managers, marketing research managers, and customer service managers.

Different marketing activities are headed by specialists such as sales managers, advertising managers, marketing research managers, and customer service managers.

T/F: Generation X is the least educated group to date.

False

T/F: Most firms begin the strategic planning process by developing detailed marketing and departmental plans that support a company-wide plan.

False

Which of the following is an example of consumer-generated marketing? a. Barton's, a local pet supply store, rewards frequent buyers with vouchers and exclusive offers. b. Figa, a leading provider of athletic shoes, helps its customers customize their shoes on its Web site and choose personalized settings. c. Energix, a manufacturer of soft drinks, attracts customers through televised advertisements. d. Cristal, a jewelry store, uses its page on Facebook to provide information about its upcoming products to its customers. e. Fun & Run, a local amusement park, promotes its services by allowing consumers to upload videos and write reviews about the park.

Fun & Run, a local amusement park, promotes its services by allowing consumers to upload videos and write reviews about the park.

______ are small groups of consumers who interact directly and informally with product designers without a moderator. a. Immersion groups b. Traditional focus groups c. Cross-functional groups d. Observational groups

a. Immersion groups

______ refers to working closely with people inside and outside the company to jointly bring more value to customers. a. Partner relationship management b. Customer-generated marketing c. Integrated communication d. Demand management e. Channel value proposition

a. Partner relationship management

Due to the limitations of the BCG and other formal portfolio planning models, many companies are placing responsibility for strategic planning in the hands of cross-functional teams of divisional managers who are close to their markets. In such organizations, strategic planning is ________. a. decentralized b. purposeful c. centralized d. limited e. informal

a. decentralized

Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a ________. a. demand b. need c. desire d. market offering e. value

a. demand

A(n) ________ is best suited for exploratory research. a. observation b. online survey c. mail survey d. questionnaire

a. observation

The boom in online, mobile, and social media has created a new set of social and ethical issues for companies. Their greatest concern involves ________. a. protecting the privacy of knowing and unknowing customers b. failing to reach their target customers through online marketing c. rarely following the marketing orientation when devising promotional offers online d. providing too many alternative products online which confuses customers

a. protecting the privacy of knowing and unknowing customers

Companies that practice marketing by ________ create offerings and messages that engage consumers rather than interrupt them.

attraction

_____ outlines sources of existing data as well as specific research approaches, sampling plans, and measurement instruments. a. The main research objective b. The research plan c. The data collection plan d. The problem definition

b. The research plan

Which of the following is not considered a source of competitive intelligence? a. company's sales force b. competitors' internal databases c. key customers d. suppliers and resellers

b. competitors' internal databases

A market researcher wants to find the cause-and-effect relationship between using organic ingredients in food and the subsequent consumption by customers. He invites ten respondents to his research firm and asks them to taste two identical dishes. The dishes were prepared in a similar manner, but one has natural herbs for flavoring, and the other has artificial flavors. This is an example of ______ a. exploratory research b. experimental research c. descriptive research d. ethnographic research

b. experimental research

Which of the following is most likely a financial public? a. newspaper b. stockholder c. corporate attorney d. community organization e. minority group

b. stockholder

Cylog, a leading provider of personal computer systems, began manufacturing tablet devices after predicting a future consumer need for portability. Which of the following was most likely implemented by Cylog? a. sustainable marketing b. the product concept c. the production concept d. the selling concept e. customer-driving marketin

customer-driving marketing

Which of the following best describes a company's business portfolio? a. the list of all the marketing activities in which the company invests b. the company's products or services in a particular market c. the company's strengths in terms of technology, people, and products d. the collection of businesses and products that make up the company

d. the collection of businesses and products that make up the company

Which of the following demonstrates the real value of a company's marketing research and information system? a. the type of sampling plan it follows b. the variety of contact methods it uses c. the tools it uses to gather information d. the quality of customer insights it provides

d. the quality of customer insights it provides

Which of the following concepts calls for sustainable marketing? a. the product concept b. the production concept c. the selling concept d. the societal marketing concept e. the marketing concept

d. the societal marketing concept

The town of Genter recently witnessed a devastating hurricane that crippled the town's infrastructure. Q-Mart, a retail chain that plans to open a new retail store in Genter, organizes a program to help the people of Genter. The program consists of providing free meals to those who lost their dwellings in the hurricane. What section of the marketing microenvironment is Q-Mart most likely trying to reach? a. competitors b. employees c. suppliers d. marketing intermediaries e. local publics

e. local publics

According to the BCG matrix, products or businesses with a high market share in a high-growth market are classified as ________. a. cash cows b. question marks c. heroes d. dogs e. stars

e. stars