MKT 320 EXAM 1

The authors of your text define conversion rate as __________.

the total number of customers who leave the store (or exit a website) having made a purchase, divided by the total number of shoppers who enter the store (or access the website)

Inside the corporate offices of a well-known store chain, marketing executives Carly Farley and Cecil Diesel are having a spirited discussion. Specifically, they are debating whether they should tailor the marketing mix of their new product to appeal to the "Achievers" market segment or the "Innovators" segment, or whether they should develop a separate marketing mix for each of those segments. From their use of labels like "Achievers" and "Innovators" to describe their target market, we can determine that Carly and Cecil's company has bought into the __________ segmentation typology.

VALS

Gwendolyn Gwynn-Dolin was interested in buying a digital camera, so she went on Best Buy's Web site to learn about the available brands and features, as well as to read product reviews and customer ratings. As she gathered information at the site, the Nikon Coolpix B500 emerged as her clear favorite. The next day, while Gwen was inside a Target store buying household supplies and toiletries, she also bought a Coolpix. The label __________ is used to describe Gwen's shopping behavior.

channel migration

The s in s-retailing stands for __________. An example would be when __________.

social; Jay Walker clicks the buy button on a picture on Instagram

The authors of your textbook describe a buying process that begins with __________ and ends with __________.

need recognition; postpurchase evaluation

A marketer who is currently working on Post Transaction tasks is trying to answer the question __________ or is making decisions based on the answer to that question.

"If 1 through 6 have gone right, how do we maximize customer loyalty?"

The authors of the textbook classify __________ as a limited-assortment supermarket.

ALDI

Even though Dalton Walton is 23 years old and "tech savvy," he prefers to buy most items at a bricks-and-mortar store rather than shopping through other retail channels, such as catalogs or the Internet. According to the authors of your text, what might be the reason why Dalton would rather take the time to drive to the mall or a standalone store, park his car, and spend time walking through the store in search of an item?

All of the above

Even though Michelle LaBelle is 22 years old and "tech savvy," she prefers to buy most items at a brick-and-mortar store rather than shopping through other retail channels, such as catalogs or the Internet. According to the authors of your text, what might be the reason why Michelle would rather take the time to drive to the mall or a standalone store, park her car, and spend time walking through the store in search of an item?

All of the above

Regarding retail channels, with which of the following statements would the authors of your textbook likely agree?

At present, the retail channel with the highest growth rate is the mobile channel.

Shirley Turley owns Ballistic Bazaar (a gun shop and shooting range). Shirley decides she can segment her market into three distinct groups: those who want a weapon for home protection those who want a weapon for seasonal hunting of varmints collectors who enjoy owning a wide variety of firearms for their intrinsic and aesthetic value Thus, she segments her market into those who are seeking safety for their household and/or family, those who are seeking recreation, and those who are seeking the satisfaction of ownership in and of itself. Which label most closely resembles the dimension that Shirley is using to segment her market?

Benefit Segmentation

_______________ is the process of grouping consumers into market segments based on what they want the product to do for them.

Benefit Segmentation

Gwendolyn Gwynn-Dolin was interested in buying a digital camera, so she went on Best Buy's Web site to learn about the available brands and features, as well as to read product reviews and customer ratings. As she gathered information at the site, the Nikon Coolpix B500 emerged as her clear favorite. The next day, while Gwen was inside a Target store buying household supplies and toiletries, she also bought a Coolpix. The label __________ is used to describe Gwen's shopping behavior.

Channel Migration

Which of the following describes a consumer who is using an internal source of information during the information search step of the buying process?

Cierra Barrera "takes mental inventory" of what she has learned from her past shopping and purchase experiences.

Decision makers at a department store chain know from market research that their average customer comes from a household of $60,000 annual income, 33% of their customers have children at home, 51% of their customers have a college education, and the median age of their customers is 42. These statistics are an example of __________ information that a retailer might use for market segmentation.

Demographic

All other things being equal, retailers can expect a consumer's most important reference group to be his or her __________.

Family

According to the authors of your textbook, we can consider Walmart, Target, and Kmart (if it continues to exist) to be __________.

Full-line discount stores

Jared Sherrod prefers Nike athletic shoes over any other brand. He does not, however, have a strong preference for any particular retailer, or even for any category of retailer. His next pair of Nikes may be purchased at Finish Line, Shoe Carnival, Foot Locker, JCPenney . . . one never knows. And, since Jared wears his Nikes as an all-around sneaker rather than for playing a particular sport, his next pair may be running shoes, basketball shoes, cross trainers - whatever happens to be convenient to purchase when it's time to buy. Jared's purchase behavior, when it comes to athletic shoes, most closely resembles __________.

Habitual Decision Making

Tucker Rucker has little to no preference for a brand of tires. He says, "Goodyear, Bridgestone, Toyo, Michelin, Uniroyal, Dunlop, BF Goodrich, Cooper, Hankook, Yokohama, Mastercraft, Cooper, General - they're all about the same. Round, black, and made of rubber." Tucker will go only one place to buy tires for his Ford F-150 truck and for the family Taurus: Walmart Auto Care Center. If one of the vehicles needs tires, Tucker goes to Walmart. Once he's there, he'll try to keep the process short and simple by buying whatever the sales associate recommends, unless he considers the price to be outrageously out of line. Based on the authors' explanation of "types of buying decisions," Tucker's tire shopping behavior most closely resembles __________.

Habitual decision making

When gasoline stations, convenience stores, and supermarkets all sell milk, bread, and motor oil, this is an example of which kind of competition?

Intertype

When two discount department stores such as JCPenney and Kohl's compete for the same customer, what type of competition is occurring?

Intratype

The retail mix consists of merchandise management, pricing, communication mix, store design and display, customer service, and __________.

Location

The retail mix consists of pricing, communication mix, store design and display, location, customer service, and __________.

Merchandise Management

A decision regarding customer relationship management (CRM) belongs in the __________ category.

Post Transaction

The Seven Categories of Marketing Activities, in their proper sequence, are market delineation, __________, product adjustment, distribution, communication, the purchase transaction, and post transaction.

Purchase Motivation

The authors of the textbook classify __________ as a limited-assortment supermarket.

Save-A-Lot

A Marathon gas station in Memphis (located at the intersection of Poplar Avenue and Ridgeway Road) has an on-site sushi chef and sells about 300 boxes of sushi a day. This is an example of __________.

Scrambled merchandising

According to the authors of your textbook, we can consider Dillard's and Macy's to be __________.

Second Tier Department Stores

Which of the following examples best illustrates a hedonic need?

Sophie Brophy buys herself a new pair of shoes to cheer herself up at the end of a bad day.

According to the authors of your textbook, we can consider Victoria's Secret, GameStop, and Sephora to be __________.

Specialty Stores

Hypermarkets originated in France in the mid-20th century, and are common in Europe and in some South American countries. Shoppers in the United States, on the other hand, have not responded well to the hypermarket concept. Therefore, true hypermarkets are rare in the U.S. American consumers seem be more comfortable with a retail format that is similar in some ways to, say a Carrefour hypermarket, but which offers more nonfood items. This American "equivalent" of a hypermarket is called a(n) __________, and __________ is an example of one.

Supercenter; Target Supercenter; Fred Meyer

The __________ system classifies all U.S. neighborhoods into 67 segments based on demographics and socioeconomic characteristics. To get this proprietary analysis of the population surrounding a prospective retail site, a retailer would need to buy it from _________. A retailer might use this information if it wished to take a __________approach to market segmentation.

Tapestry™ Segmentation; Esri; geodemographic

A marketer who is currently working on Product Adjustment tasks is trying to answer the question __________ or is making decisions based on the answer to that question.

What

Beverly Everly takes her lunch to work every day, and a sandwich is always part of her lunch. Bev's favorite part of a sandwich is the cheese, and she enjoys just about any cheese that has a bold flavor. Bev is loyal to the Sargento® brand of sliced cheese, which she buys at her neighborhood supermarket. In the past, Bev has bought—and enjoyed—Sargento® Chipotle Cheddar slices, Sargento® Jarlsberg Swiss slices, Sargento® Pepper Jack slices, Sargento® Muenster slices, Sargento® Extra-Sharp Cheddar slices, Sargento® Aged Swiss slices, and Sargento® Vermont White Cheddar. Each of these Sargento® cheeses is almost always available at Bev's neighborhood supermarket, as are the more "ordinary" kinds (such as Sargento® Mild Cheddar, Sargento® Monterrey Jack, Sargento® Provolone). Today, Bev is unable to shop at her neighborhood supermarket because of recent storm damage to the store. Instead, she is shopping at a competing supermarket a few miles from her home. When she arrives at the cheese section, Bev is dismayed to see that this store carries only five kinds of Sargento® slices: Swiss, Mild Cheddar, Monterey Jack, Medium Cheddar, and a Cheddar-Mozzarella blend—and none of these appeal to her adventuresome taste buds. Compared to Bev's neighborhood supermarket, the store where she is shopping today appears to offer __________.

a more shallow assortment of merchandise

According to the authors of your textbook, if you use a desktop or laptop computer to shop, you are shopping in the ________ channel. On the other hand, if you use a smartphone or a tablet, that is called __________.

electronic; mobile channel

According to the authors of your textbook, if you use a desktop or laptop computer to shop, you are shopping in the ________ channel. On the other hand, if you use a smartphone or a tablet, that is called __________.

electronic; mobile commerce or m-commerce

One of the four criteria for deciding whether a retail segment is a viable target market is "identifiability." An identifiable segment:

is a segment whose population is of known or knowable size, social characteristics, and demographic features.

One of the four criteria for deciding whether a retail segment is a viable target market is "actionable." An actionable segment:

is made up of customers whose needs are significantly different from those of customers in other segments - and the retailer knows how to satisfy these needs.

One of the four criteria for deciding whether a retail segment is a viable target market is "reachability." A reachable segment:

is one to which the retailer can effectively target promotions and other elements of the retail mix.

A(n) __________ retailer uses more than one channel to sell and deliver merchandise and services to customers. A(n) __________ retailer coordinates multichannel retail activities in a way that provides seamless and synchronized customer experience.

multichannel; omnichannel

In the five-stage buying process, as it is presented by the authors of your textbook, a customer enters the __________ stage because of an unsatisfied need.

need recognition

According to the authors of your textbook, people go shopping because of __________ needs.

utilitarian and hedonic