MKT 3300 Exam 1

In behavioral learning, ________ is a stimulus or symbol perceived by consumers.

A Cue

Enduring characteristics within a person or in his or her relationship with others are referred to as ______.

A Key Trait

SWOT: A recent Congressional initiative mandated that the U.S. Department of Transportation (USDOT) establish a national traffic information collection system. Company X , who provides traffic reports for local radio stations, has no employees who are technologically capable of using the USDOT system. The marketing manager would most likely incorporate this knowledge into its SWOT analysis as

All

Born between 1946 and 1964. They are currently retiring or nearing retirement age. The wealthiest generation in U.S. history. Some consumer packaged goods firms have reformulated their products to address concerns about salt, sugar, and saturated fat.

Baby boomers

Several years ago, Black & Decker purchased General Electric's small appliances product line. Black & Decker purchased the line because it needed the cash generated from a product line that had a dominant market share in the slow-growth small appliance industry. GE's small appliances product line is MOST LIKELY a __________ for Black & Decker.

Cash Cow

Research that involves trying to determine the extent to which the change in one factor changes another one is referred to as

Causal Research

Procter & Gamble supports disadvantaged youth and provided relief after disasters strike when its customers purchase selected company products. A Toyota dealership in British Columbia, Canada, donated $50 to the Make-A-Wish Foundation of Canada for each Toyota purchased during a particular month. Both of these are examples of _______ marketing.

Cause

Kraft produces Lunchables, a prepackaged meal usually consisting of several crackers, small slices of meat, and small slices of cheese. Other items in the product line contain small bottles of Chiquita Strawberry Banana Fruit smoothie, Capri-Sun juice, or Kool-Aid. The box is bright yellow and the quantity of food contained within it is small. What do you think is the target market for Kraft Lunchables?

Children, on the go mothers

Several years ago, the Honda Motor Company unveiled the hybrid version of the Honda Civic. While the hybrid vehicles are very fuel efficient, they are also very expensive to purchase. Hybrid vehicles sales have increased over 570 percent with a compound annual growth rate of 88.6%. Sales of the Civic eventually surpassed those of the Toyota Prius, making it the number one hybrid car in the U.S. For years, Honda has experienced tremendous success with their Accords—in fact, these Honda cars are the top-selling automobiles in the U.S. Where would the Honda Civic (hybrid version) and the Honda Accord fall in the BCG business portfolio analysis matrix?

Civic: star, accord: cash cow

Stephan was excited about his newly purchased laptop. It had all the features he wanted and was really fast with a great display for his gaming. In addition, the $1,200 price tag was reasonable. The same day he took it out of the box, he saw an online special for a similar computer, on sale for only $1,000. Suddenly he began to doubt his purchase decision and worried that maybe he hadn't gotten such a good deal. Stephan was most likely experiencing.

Cognitive Dissonance.

Independent agencies provide ratings of many products. A typical report on smartphones includes brands such as Apple, HTC, LG, Motorola, and Samsung. These brands are referred to as the ________ when consumers use these smartphone ratings to evaluate the products.

Consideration Set

An example of a public source of information consulted during an external search would include.

Consumer Reports magazine

The marketing mix refers to the marketing manager's _____ factors — p___, p___, p___, and p___—that can be used to solve a marketing problem.

Controlled factors, price, product, promotion, place

According to Mark Zuckerberg, founder and CEO of Facebook, "We have a saying: 'Move fast and break things.' The idea is that if you never break anything, you're probably not moving fast enough." Moving fast to build more things and learn faster is one of Facebook's.

Core Values

The philosophical reason for an organization's existence is referred to as organization's foundation, which can be broken into three key elements.

Core Values, Mission, Organizational Culture

Age, Income, Occupation and Ethnicity are called _____ characteristics of the population

Demographic

Research that involves trying to find the frequency that something occurs or the extent of a relationship between two factors is referred to as

Descriptive Research

To serve both buyers and sellers, marketing seeks to _____ and _____ the needs and wants of prospective customers.

Discover and Satisfy

The money that remains after paying for taxes and necessities is referred to as __________ income.

Discretionary Income

The money a consumer has left after paying taxes to use for necessities such as food, shelter, clothing, and transportation is referred to as __________ income.

Disposable Income

A reference group that a person wishes to maintain distance from because of differences in values or behaviors is referred to as ________ group.

Dissociative

Oil prices have an impact on transportation costs for many types of products. Should oil prices change, the price consumers pay for products often is adjusted accordingly. Changing oil prices would be an example of a(n) __________ force.

Economic

______ is the clandestine collection of trade secrets or proprietary information about a company's competitors and includes illegal trespassing, theft, fraud, misrepresentation, wiretapping, the search of a competitor's trash, and violations of written and implicit employment agreements with noncompete clauses.

Economic espionage

The trade of things of value between buyer and seller so that each is better off after the trade.

Exchange

Research that provides ideas about a vague problem is referred to as

Exploratory Research

which one is NOT an economic indicator? Inflation/Deflation/Unemployment/GDP/ Barriers to entry

GDP

50 million people Born between 1965 and 1976. Described as self-reliant, supportive of racial diversity, and better educated than previous generations. Is becoming the largest cohort in terms of business travel.

Generation X

Born between 1977 and 1994. Exerts influence on music, sports, computers, video games. Is interested in distinctive, memorable, and personal experiences. Feels passionate about the environment and is optimism about the future.

Generation Y

The total amount of money made in one year by a person, household, or family unit is referred to as __________ income.

Gross Income

BCG: Question Mark

High growth rate Earning: Low Cash Flow: negative Strategy: Invest? Sell?

BCG: Star

High growth rate Earning: low, stable, growing Cash Flow: neutral Strategy: invest for growth

In an inflationary economy, the cost to produce and buy products and services _____ as prices _____.

Increases; Increase

What is a focus group? What is it good for?

Informal sessions of 6-10 past, present, prospective customers. Companies can see what customers think and how they compare with competitors.

Generally, the U.S. population is becoming (smaller/larger), (younger/older), and (more/less) diverse.

Larger, Older, More

Law versus Ethics. Society's values and standards that are enforceable in the courts are referred to as ______ However, moral principles and values that govern the actions and decisions of an individual or group are referred to as _______.

Law, ethics

What type of scale is the following? "Indicate your degree of agreement with the following statement: Marketing is an interesting subject" by checking one of the responses below. ( ) Strongly Agree( ) Agree( ) Disagree( ) Strongly Disagree

Likert Scale

BCG: Cash Cow

Low growth rate Earning: High Cash Flow: High Strategy: invest to maintain

BCG: Dog

Low growth rate Earning: low Cash Flow: neutral/negative Strategy: Divest

In the VALS framework, consumers motivated by self-expression desire social or physical activity, variety, and risk. One segment of the two self-expression-motivated groups, known as ________, express themselves and experience the world by working on it—growing vegetables or fixing a car.

Makers

Diversification Analysis: Part of the growth strategy for Yum! Brands, the parent company of KFC, Pizza Hut, and Taco Bell, is expansion of its fast food businesses into new markets, such as China, Russia, and India.

Market Development

Diversification Analysis: If sales revenues of Starbucks VIA Ready Brew instant coffee to U.S. consumers increased as a result of a slight price increase of $0.25 per pack.

Market Penetration

In the Boston Consulting Group (BCG) model for analysis of a firm's strategic business units, or SBUs, the vertical axis reflects ______ and horizontal axis reflects ______.

Market growth rate, relative market share

Younger members of Generation Y born since 1994.

Millennium

"HowAboutWe is the fastest, easiest, most fun way to go on awesome dates" is the m____ s____ for the online dating service that focuses on setting up actual activities as dates for its users.

Mission Statement

Lots of sellers, unique products but substitutable, pricing is important.

Monopolistic Competition

Only one seller, unique and substitutable product, unimportant market mix.

Monopoly

A few large sellers, similar product, promotion is key.

Oligopoly

Remember the Sporting News Baseball Yearbook example. What marketing program strategy does a firm use to sell a single product or service to multiple market segments?

One product and multiple market segments

Compare online surveys and individual interviews in terms of cost, anonymity and biased results.

Online Surveys: least expensive, Complete anonymity, no interviewer. Individual Interviews: most expensive, no anonymity, possible bias.

A sample of consumers or stores from which researchers take a series of measurements is referred to as a(n)_____.

Panel

The ability to buy a soda from a vending machine demonstrates which element of the marketing mix?

Place

To attend a winter concert presented by the community chorus, every person had to donate one unwrapped toy at the concert hall door. This statement is most closely related to the _________ element of the marketing mix.

Price

Which element of the marketing mix is demonstrated when Mars, Inc. has a sale on M&MS® brand candies?

Price

_____ data are facts and figures that are newly collected for the project.

Primary

What is mass customization? Give an example.

Produces a product when there's an order. Adjust it. Dell

Diversification Analysis: Ben & Jerry's sold a line of new "Get the Dough Out of Politics" T-shirts targeted to college students in the U.S.

Product Development

Diversification Analysis: Starbucks announced that it would release a new single-serve Verismo high-pressure brewing machines sale in its U.S. outlets.

Product Development

The ________ element of the marketing mix is demonstrated when a company places an ad in the Yellow Pages

Promotion

The element of the marketing mix that describes a means of communication between the seller and buyer is known as ________.

Promotion

Lots of sellers, similar products, distribution is important.

Pure Competition

In its business portfolio analysis, an organization's SBUs often start as "__________" and eventually become "__________."

Question Marks, Dogs

SBUs with a low share of high-growth markets that may require large cash injections of cash just to maintain market share are referred to as _____.

Question mark

A time of declining economic activity when businesses decrease production, unemployment rises, and many consumers have less money to spend is referred to as ______.

Recession

In the VALS framework, two segments stand apart based on their abundance or lack of psychological, physical, and material ____.

Resources

______ refers to a subsidiary, division, or unit of an organization that markets a set of related offerings to a clearly defined group of customers.

SBU (Strategic Business Unit)

The process of selecting representative elements from a population is referred to as ______.

Sampling

______ data are facts and figures that have already been recorded before the project at hand.

Secondary

Aggregating prospective buyers into groups that have common needs and will respond similarly to a marketing action is referred to as _______.

Segmentation

MySpace.com is a social network that is targeted primarily to people under the age of 25 years old. In 2005, when MySpace was the leading social network, News Corp, owner of The Wall Street Journal and Fox News, bought the firm for $580 million. Since then, its membership has declined precipitously due to changing consumer preferences. As a result, News Corp. sold MySpace to a group of investors for a paltry $38 million in mid-2011. This is an example of how __________ forces impact the marketing environment.

Social

Publishers were surprised by the dramatic success of the book Fifty Shades of Grey and believe that it will likely generate a fresh cycle of female-targeted romances packaged for the mainstream reader. This is an example of a(n) __________ force impacting the marketing environment.

Social

The set of environmental forces that consists of the demographic characteristics of the population and its values is referred to as

Social Forces

What are 5 environmental forces that affect an organization?

Social, Economical, Technological, Competitive, Regulatory

Solarcom is a 30-year-old information technology company that owns several subsidiaries. One of its subsidiaries is Atlantix Global Systems, which is one of the leading wholesalers for refurbished computer equipment that has a large share of an industry that is growing worldwide. According to the BCG business portfolio analysis framework, Atlantix Global would MOST LIKELY be classified as a ____.

Star

Drawing conclusions about a population from a sample taken from that population is referred to as _______.

Statistical inference

______ refers to an organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.

Strategy

Diversification & Analysis: New market, New product

Strategy: Diversification

Diversification & Analysis: Current market, Current product

Strategy: Market Penetration

Diversification & Analysis: New market, Current product

Strategy: Market development

Diversification & Analysis: Current market, New product

Strategy: Product development

SWOT: Procter & Gamble (P&G) is a consumer packaged goods company where innovation is a key competitive advantage. This allows the firm to develop new products like Crest Whitestrips that consumers crave. P&G also uses its marketing expertise to develop unique product placements on television shows that highlight its brands. A SWOT analysis for P&G would indicate that the innovation that takes place within the firm is

Strength

The acronym "SWOT" in the term "SWOT analysis" stands for

Strength, Weakness, Opportunities, Threats

A _____ refers to one or more specific groups of potential consumers toward which an organization directs its marketing program

Target Market

Cloud computing, such as Apple's iCloud, enables businesses and consumers to share one's data or use a firm's software application like Microsoft Office directly from that firm's or a third party's server over the Internet or wirelessly rather than having that data file or program reside on a personal computer. This is an example of a change in the __________ marketing environment.

Technology

Which of the following is a reason that marketing to Hispanics has proven to be a challenge?

The Hispanic subculture is diverse

A local college of business offers an outstanding graduate business school education program. Marissa pays the tuition to attend and earns her MBA with a concentration in marketing management. Upon graduating, she is offered a high paying, fulfilling position. Was this a marketing exchange? Explain.

Yes, because paying tuition was exchanged for knowledge that directly led to Marissa's high-paying, fulfilling new job.

The American Red Cross created a series of advertisements to encourage people to donate blood. After viewing an ad, Amanda went to the local Red Cross office and donated a pint of her blood. Amanda returned home feeling happy that she had performed a good deed. Did an exchange occur in a marketing sense? If yes, what was exchanged?

Yes, blood for self-actualization

Large organizations are extremely complex, and usually consist of three organizational levels whose strategies are linked to marketing. What are those 3 levels?

corporate, business unit, and functional

Marketing refers to

creating, communicating, delivering, and exchanging offerings that benefit its customers, the organization, its stakeholders, and society at large

GI Designs, a copper furniture manufacturer, increased the price on its copper tabletops by 20 percent for three months to see what the effect would be on its sales. In this three-month experiment, the change in sales is the (dependent/independent?) variable and price is the (dependent/independent?) variable.

dependent, independent

When Procter & Gamble acquired the Old Spice brand, it decided to reposition the brand by using different television and print advertising to see whether sales would increase. The level of sales is (dependent/independent?) variable and the new advertising message is the (dependent/independent?) variable in this experiment.

dependent, independent

In setting research objectives, marketers have to be clear on the purpose of research they are about to do that leads to marketing actions. The three main types of marketing research include _______ research, _______ research, and __________ research.

descriptive research, causal research, exploratory research

People with both the _____ and _____ to buy a specific offering are referred to as market

desire, ability

Diversification Analysis: If Ben & Jerry's starts selling children's clothing in Brazil to try to capitalize on its brand name.

diversification

Diversification Analysis: If Ben & Jerry's starts selling Bonnaroo Buzz Fair Trade-sourced super premium ice cream in Brazil for the first time.

market development

Marketing discovers consumer needs by

marketing research

A student would like to buy cross-over SUV from a local dealer, but she thinks the payments will be too high. Marketing does not occur in this situation because _______.

one of the involved parties does not have the ability to satisfy its needs

If a consumer tries a new coffee drink at Starbuck and hates it, which variable of behavioral learning has been ineffective?

reinforcement

Several market research companies pay households and businesses to record all their purchases using a paper or electronic diary, which allows for an economical way to collect consistent data over time. These data are referred to as _____.

secondary data- external data from syndicated panel

What are two important advantages and two important disadvantages of secondary data?

time saving, and low cost

The Terrafugia Transition is a 19-foot, two-seater road-drivable, light-sport aircraft with an anticipated price of $279,000. What are some examples of prospective customers for this flying car?

wealth, space, time and resources. Commute