Marketing Strategies Test#2 Chp: 5-8

Hideki is a marketing manager at a consumer products company. Hideki's company has started selling consumer information to other sources without informing its customers that it is doing so. This is referred to as the ________Blank of CRM.

Dark side

An outdoor clothing company is just starting to conduct analyses on new data. Which approach would be the appropriate first step before employing more complex analyses?

Descriptive analysis

What is the third and final activity in new product development?

Develop the product opportunity.

A marketing dashboard uses graphical representations of crucial metrics in ways that begin to show the direct, understandable links between marketing initiatives and

Financial results

Which criterion for market segmentation is least likely to enable successful segmentation?

It should be undifferentiated.

Which statement is TRUE about North American Industrial Classification System (NAICS) codes?

The NAICS codes are considered to be perfect codes that adjust to a country's own unique economic structure.

Customer Loyalty is defined as

The degree to which an individual will resist switching from one offering to another

________Blank relates to the different types of data, including text, video, images, and audio.

Variety

Target marketing is the process by which ___

a company evaluates market segments and decides which ones have the most potential for development

When Lark joined her company as CEO, she instituted an organization-wide focus on understanding the requirements of customers, making sure that everyone in the organization understood the customer marketplace. Lark was practicing

a customer orientation

The ________Blank market segment is about 12 percent of the U.S. population and is not growing rapidly.

african-american

To compete in today's market, how often should firms focus on marketing planning so that managers and executives have the core information about progress toward relevant goals and metrics at their fingertips?

all the time

What helps clarify the basic operationalization of a product during product testing, such as the physical characteristics and features?

alpha test

Selective ________Blank refers to a tool that helps individuals focus on what is relevant and eliminate what is not.

awareness

Selective ________Blank 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.

awareness

What is an overall evaluation of a product that usually assesses the product's probability of success?

business case analysis

The use of ________Blank at an early stage in a customer's exploration of an e-commerce website can provide insight into the state of their intentions.

clickstream data

Market testing of a new product can take a long time, and this can result in

competitors being able to develop marketing strategies to counter a product launch.

Electronic data interchange (EDI) allows

computers to fulfill the functions of a buying center on a virtual network.

In the 1970s, Michelob beer changed its advertising messages frequently and saw sales plummet. Slogans like "Weekends were made for Michelob," "Put a little weekend into your weekday," and "Special times deserve a special beer" had consumers checking their calendars to find the right time to drink a Michelob. Michelob was suffering from the positioning error of ________Blank.

confused positioning

Which of the six key sources of Big Data is being used when a company collects Big Data on customers in order to sell it to other organizations?

data from commercial entities

Differentiated target marketing means that a company is ___

developing different value offerings for different targeted segments

roducts that are new-to-the-world create a fundamental change in the marketplace and are known as

disruptive innovations.

Marketing managers need to pay attention to culture because

failing to understand culture has a significant negative effect on product acceptance.

The fashion apparel and skin care industries are candidates for ________Blank products that appeal to those who do not fit the traditional binary definitions of male and female.

gender-bending

When a company solicits RFPs from suppliers with an open vendor search, the goal is to

get several proposals to help with negotiations.

Which element is least likely to be a factor when making investment decisions in marketing?

human resources

Mika believes that the only luxury car anyone should ever buy is a BMW. Whenever he sees the BMW logo, he knows that car is a leader in the market. What source of differentiation has BMW achieved?

image

________Blank are product enthusiasts who enjoy being the first to try and master a new product.

innovators

The consumer decision process is an interaction of two types of forces. They are

internal and external

Which statement about repositioning is accurate?

it involves understanding the marketing mix approach necessary to change consumer perceptions of the product.

Suzette practiced the piano until she could sit down and play a song by heart. This demonstrates the concept of

learning

A marketing manager has created a promotional program in which all potential customers receive the same message. Which level of granularity in personalization is being used?

mass

When a company has used a product and supplier in the past, but decides to seek additional information on other suppliers in the marketplace, it is in the process of a(n)

modified rebuy

Alice and Tahan see an ad for a new smart TV. Alice sees a high-quality television worth the money while Tahan sees an overpriced television that does not warrant a premium price. What makes them see the same ad so differently?

perception

In the context of product classifications, tangibility refers to the

physical aspects of a product

An approach using ________Blank analytics utilizes data from diagnostic analytics to forecast future marketing outcomes.

predicitive

Hakim buys most of his groceries at Aldi because it has the cheapest groceries even though he has to bring his own bags and bag his own groceries. Aldi differentiates itself through ________Blank leadership.

price

An approach to segmenting consumer markets is ________Blank segmentation, which relies on consumer variables such as personality and AIOs (activities, interests, and opinions) to segment a market.

psychographic

_______Blank segmentation is sometimes referred to as segmentation by lifestyle or values.

psychographic

An individual moves through five stages before adopting a product. During the interest stage, consumers

seek out added information about a product for further evaluation.

Maxine was born in 1940. She is a member of _

silent generation

When shopping with her friend, Marissa chooses the same products that her friend likes and buys. This is an example of ________Blank affecting the actual choice decision.

social circumstance

Sociologists look for defining events such as major economic upheaval, wars, and ________Blank as triggers for generational change.

sociocultural revolution

Once a year, Neera allows herself to purchase a new Coach handbag because she only buys Coach, but they are generally too expensive for her budget. This is an example of a(n) ________Blank good.

specialty

When new-to-the-world products are better versions of existing products that target, for the most part, existing customers, then these products are described as

sustaining innovations.

The failure of Apple Newton, the first PDA, highlights the fact that

the best product technically is not always the most successful product.

customer satisfaction is defined as

the level at which the offering meets or exceeds a customer's expectations.

In the purchase process, one purpose of outlining product specifications is

to clearly and concisely present the timeline for the steps leading to the final decision

An individual purchases a product for the purpose of making a value decision. They are in the ________Blank stage of the consumer product adoption process.

trial

Companies sometimes pick a one-market strategy. This marketing approach is called ________Blank.

undifferentiated target marketing

A CFO wasn't sure about the benefit of using Big Data, and she couldn't justify the expense for collecting and storing it. In this case, she was concerned about the ________Blank of Big Data.

value

________Blank relates to the amount of data produced, which is generally measured in bytes, given the digital media in which data is most commonly stored.

volume

When a retail chain sells winter coats, it sends them to different stores at different times of the year. Which approach to geographic segmentation in the United States does this scenario exemplify?

by climate

While developing a segmentation approach, the brand manager of a soft drinks manufacturing company says that a specific segment has sufficient size. He means that the market ________Blank.

can provide a positive return on investment

Once a product has been developed and is on the market, the company can extend the product by

creating additions to existing product lines.

Combining all the products and product lines offered by a company is called the product

group

When people are concerned about the outcome of a process, they will spend more time acquiring information about product options and become more emotionally connected to the process and the decision by engaging in

high-involvement learning

At about 17 percent of the U.S. population, ________Blank remain the largest minority group.

hispanic/latinos

Kanye likes the new marketing dashboard because it helps him make fact-based, logical decisions about allocation of marketing resources to achieve desired organizational results. Because Kanye's company encourages this, his company could be described as a(n) ________Blank organization.

quantitative behavior

Materials, repairs, and operational (MRO) supplies and services are generally purchased through a

straight rebuy

Reordering products that are used on a consistent basis is called a(n)

straight rebuy

_____Blank choices tend to be more holistic than emotional choices, using summary impressions rather than specific attributes to evaluate the options and affect even important purchases such as a car or house.

attitude-based

A company wants to create an association between two stimuli: marketing information and purchase decisions. The company is relying on

classical condition

In the context of product characteristics, companies translate the essential benefit into physical, tangible elements known as the ________Blank product.

core

Many organizations are too small to have the resources for a national sales force to help discover new product ideas. As a consequence, they often use ________Blank as a link between the customer and company.

distributors

In the context of positioning errors, when the claims made for the product or brand are not regarded as credible by consumers, it is called ___

doubyful positioning

Offering credit cards to high school seniors is an example of ________Blank segmentation.

educational

The primary difference between selling to the profit-oriented market and the nonprofit market is that nonprofits

have a limited number of resources compared to their for-profit counterparts.

The product life cycle (PLC) defines the life of a product in four basic stages, which include

introduction, growth, maturity, and decline

In the CRM process cycle, ________Blank is the process of analyzing the customer information acquired through various customer touchpoints.

knowledge discovery

Among the five groups of adopters, product avoiders who want to evade adoption as long as possible are known as

laggards

In addition to culture, the text discusses three factors that are particularly relevant in consumer behavior. They are

language, values, and nonverbal communication

The introduction phase of the product life cycle for an industry is usually characterized by

no profit

Once market segments have been defined and analyzed and target markets have been selected for development, the firm must turn its attention to creating, communicating, delivering, and exchanging offerings that have value to the target markets. This process is known as ________Blank.

positioning

When Dave and Bryon remodeled their kitchen, their contractor told them to pick out a refrigerator, dishwasher, and oven. These are examples of ________Blank goods.

shopping

_______Blank is a ranking of individuals into harmonized groups based on demographic characteristics such as age, education, income, and occupati

social class

When Finn applied for a mortgage, he completed an application online with all his personal information. Finn gave the mortgage company ________Blank data that could be used to populate a relational database or spreadsheet.

structured

Thea was so upset about how she was treated when she went on the Eiffel Tower tour that she recorded a video rant and posted it on YouTube. This is an example of ________Blank data.

unstructured