Marketing MNGT 2 MIDTERM

Reasons for conducting exploratory research include ________.

Answering research question

Ammon works at Max's Pizza shop. He is a single father and makes only minimum wages. However, by utilizing the new financial terms available, he recently leased a BMW automobile; this is an example of a(n) ________ purchase.

Aspirational

Perception drives a person's attitudes, beliefs, motivation, and, eventually, his or her ________.

Behavior

Mega-Big Corp. has a small strategic business unit (SBU) that produces a component vital to the manufacturers of automobiles and has been extremely profitable for 18 years. The SBU acts as a key source of income for the firm. In the context of the BCG matrix, Mega-Big Corp. is most likely considered a ________.

Cash cow

The marketing manager of Zenith Corp. is interested in ranking clients on the basis of their profitability, and accesses a database that tells him about the frequency and size of each client's order along with the actual costs per order. This database is part of the ________ system.

Customer relationship management

What clearly distinguishes your product from those of the competition is ___________

Differentiation

Graduating from college, getting married, and having a child all transform an individual's buying habits and are referred to as the ________.

Family life cycle

James is highly influenced by his work environment. He will most likely ________.

Go on vaca same spot as coworkers

Juan Martinez, a researcher for ABC Research Group, is working on crafting a survey for a client. He is concentrating on framing the questions, selecting response choices, refining the wording, and determining how many questions to ask. In the context of establishing the research design, Juan is focusing on the ________.

Information content

Which of the following is one of the three factors a company needs to consider when creating a market information system?

Information needs

In Wiersema's book, The New Market Leaders, he identifies six new market realities. Which of the following is included in the list?

Innovation is universal

Concerned by recent negative trends in economic indicators such as the consumer price index, gross domestic product, and inflation, the marketing manager of Kevin's Kayaks recommends that the company reduce its advertising spending. His recommendation is based on ________ data.

Macroeconomic

A continuing process of identifying, collecting, analyzing, accumulating, and dispensing critical data to marketing decision-makers is known as ________.

Market Information system

Time Express, a well-established North American delivery service, wants to expand service into Central and South America. According to Igor Ansoff's Product-Market Matrix, this is classified as the ________ strategy.

Market development

Managers gain important information such as the beliefs/values of customers by having them check off rating scales that evaluate a product's performance on a list of attributes by using the ________ model.

Multiattribute

Dan is creating a survey for his company. The question he is currently working on asks his business-to-business customers to describe the ideal purchasing transaction. Dan is utilizing a(n) ________ question.

Open-ended

In the context of the 4Ps of the marketing mix, high-tech media options like cell phones and the Internet have had a huge impact on ________.

PROMOTION

Alma and Tarvares see an ad for a new Sony LCD flat-panel television. Alma sees the ad as a high-quality television worth the money while Tarvares sees the ad as an overpriced television that does not warrant a premium price. What makes them see the same ad so differently?

Perception

The most fundamental criterion in vendor selection is ________.

Reliability

Selective ________ tends to reinforce existing attitudes and creates a real challenge for marketers trying to overcome negative beliefs and attitudes since people are less likely to be aware of or retain information to the contrary.

Retention

Any influence on the product and supplier choice is an organizational factor. The primary organizational factor is ________.

Risk tolerance

In the context of change drivers impacting the future of marketing, marketing (little m) ________.

Serves the firm and its stakeholders at a functional level

________ is a ranking of individuals into harmonized groups based on demographic characteristics such as age, education, income, and occupation.

Social Class

According to the 2010 U.S. Census, Asian Americans are a high-income, fast-growing racial group in America. In the context of situation analysis, under which of the following macro-level external environmental factors will this be included?

Socialcultural/ demographic factors

The core marketing concept characteristics of an organization-wide customer orientation and long-run profits are ________ in nature.

Strategic

What can impact the competitive nature of an industry through the ability to raise prices or affect the quality of inbound goods and services?

Suppliers

In the context of change drivers impacting the future of marketing, marketing (little m) is also known as ________ marketing.

Tactical

Although Michael knew he couldn't really afford the Mercedes, he wanted it anyway. The want-satisfying power of a good is called ________.

Utility

From a customer's perspective, what is defined as a ratio of the bundle of benefits a customer receives from an offering, compared to the costs incurred by the customer in acquiring that bundle of benefits?

VALUE

are all marketing activities that affect the consumer decision process

Value proposition, distribution, and marketing communications

The AMA's definition of marketing reflects the view toward marketing activities as focused on _________.

creating and delivering offerings that have value

In the market research process, once the management research deliverable has been identified, the next step is to ______

define the research problem

For successful Marketing (Big M), customer orientation must be understood by ______

everyone in organization

The best place in a SWOT analysis for an airline to identify the possibility of acquiring a competitor is ________

external opportunities

Making a change in any one of the marketing mix elements will _______

have a domino effect on the other elements

The sales manager at a company wants to keep informed, so he collects, analyzes, and stores data from the macro environment on a continuous basis. This illustrates the concept of ________

marketing intelligence

Which of the following is a psychological attribute that affects consumer choices?

perception

A person shops differently when the line at the checkout is long. This is due to _______

personal circumstances

Which of the following is NOT a facet of marketing

recruiting

The Bazooka brand of candy revamped its package inserts by changing from comic strips to quizzes and brainteasers that direct kids to digital content. In the context of change drivers impacting the future of marketing, this reflects the ________.

shift in generational values and preferences

Today customers have limitless access to facts about companies, products, competitors, other customers, and even detailed elements of marketing plans and strategies. In the context of change drivers impacting the future of marketing, this reflects the ________.

shift in information power from marketer to customer

Which of the following is considered an objective?

to increase revenue by 15 to 20 percent in each of the next five years

Utility created when a firm converts raw materials into finished products that are desired by the market is called ________

utility form