MKT 340 Mid-term Review

According to the video on Maslow's Hierarchy of Needs, very high-priced designer clothes featuring a recognizable logo would be most appropriate for satisfying which need?

--

Chapter 3 begins with a summary of how this marketer has adapted to a fast-changing marketing environment.

--

This is now the largest of the generational groups, recently moving into first place ahead of millennials.

--

This micro-environmental group helps companies promote, sell, and distribute their products.

--

Using the product/market expansion grid (Ansoff Model), McDonald's adding a "Beyond Meat" version of a popular burger is an example of which of the following?

--

Total U.S. sales of carbonated soft drinks for the year were $140 billion. Coca-Cola's carbonated soft drink sales for that year were $56 billion. What was Coca-Cola's market share of the carbonated soft drink market?

40%

This American psychologist created the Hierarchy of Needs.

Abraham Maslow

According to your text, this company best represents where the world is now headed.

Amazon

In the lecture video, I cited this product as an example of one that did all the right things in terms of influencing a positive rate of adoption.

Apple iPhone

Chapter 5 starts with a recap of this company that's working to change consumer attitudes and behaviors.

Beyond Meat

"Linking Brands, Consumers, and Causes" defines what?

Cause-Related Marketing

A sampling plan requires four decisions.

False

According to the text, Best Buy was affected more negatively by COVID-19 than most other retailers due to their heavy reliance on retail outlets versus online shopping.

False

Changing tastes in food, clothing, furniture, and recreation are seldom age-related.

False

In developing your Marketing Information Ecosystem (MIE), you should recognize that all the data you can accumulate and analyze is important and not be overly concerned with the costs involved in assembling and analyzing data.

False

In the BCG Growth-Share Matrix, relative market share is calculated by dividing your company's sales by total industry sales.

False

Marketers are guilty of marketing myopia when they focus more on the benefits buyers receive from a product versus the product's features.

False

Millennials are the first generational group that's entirely been born and grown up during the existence of the internet.

False

The actual value of the benefits a customer receives is usually more important than that customer's perceived value of those benefits.

False

The majority of the largest and most successful marketers, particularly those who operate globally, pursue an undifferentiated approach to segmentation.

False

When conducting a SWOT analysis, Threats and Opportunities are internal to the organization.

False

This government agency is primarily tasked with enforcing rules regulation unfair business practices.

Federal Trade Commission

This is the second largest (after White Americans) ethnic sub-culture in the United States.

Hispanic Americans

This is the largest non-white ethnic group in the United States.

Hispanic-American

According to your text, this featured company's mission is "Creating a Better Everyday Life for the Many People."

IKEA

The text identifies this firm as the number one market research and data analytics company in the United States.

Nielsen

Steve Jobs states that this company performed one of the greatest jobs of marketing ever seen.

Nike

The Chapter Preview starts with a summary of which marketer?

Starbucks

The text cites this company as a prime example of corporations practicing sustainability.

The North Face

About 9 percent of all U.S. residents move each year.

True

Advertising is effective for both internal and external information search.

True

Almost all major purchases result it some degree of cognitive dissonance.

True

Based on what you learned about writing a marketing plan, you'd expect a research report to begin with an executive summary.

True

CRM systems help marketing organizations better understand their customers and can help identify their best customers.

True

Declining birthrates are changing the age structure of the U.S. population and it is rapidly getting older.

True

Environmental forces affect both Business-to-Consumer (B2C) and Business-to-Business (B2B) marketers.

True

If segmentation is performed properly, each segment will have its own unique marketing mix.

True

Increasing share of market and share of customer are different things and either or both are involved in capturing value from customers.

True

It is better to try to fit products into existing patterns (consumer beliefs and attitudes) than to attempt to change them.

True

It's possible to have too large a focus group when conducting primary research.

True

Marketing ROI can be difficult to measure.

True

Most human behavior is learned.

True

One environmental force can affect another.

True

Online market survey research is best suited to quantitative versus qualitative research.

True

The key question that must be answered in a company's mission statement is "What business are we in?".

True

The text posits that mobile marketing is the fastest-rowing digital marketing platform.

True

The two primary theories of motivation come from Freud and Maslow.

True

Wants are needs shaped by culture and personality.

True

When looking at the 'costs' of a product or service (what the consumer gives up to obtain the related benefits), marketers should consider both the monetary cost and the time and effort the consumer puts into the purchase.

True

While technological advances such as Artificial Intelligence (AI), Additive Manufacturing (AM), and Robotics will replace a large number of human jobs, history shows that they'll generate a large number of new types of jobs.

True

This one of the 4As is the equivalent of place in the 4Ps of the marketing mix.

accessibility

Recording research results for comparison against results from future research describes what?

benchmarking

In the BCG Growth/Share Matrix, this quadrant consists of SBUs that have a high relative market share of a market that's stagnant.

cash cow

McDonald's notices that after a long period of steady growth, drive-thru breakfast sales have peaked and are showing no additional growth. They hypothesize that this is because of wait times in their drive-thru lanes. What type of research would be appropriate for confirming or disproving this hypothesis?

causal research

This type of buying behavior is characterized by high involvement and perceived significant differences among brands.

complex buying behavior

According to Steve Jobs, these should never change.

core values

Value = Benefits minus __________________.

costs

This is the most basic cause of a person's wants and behavior.

culture

Your text identifies this as the most important of the micro-environmental forces.

customers

This macro-environmental force relates to an aging U.S. population and its impact on some marketers.

demographic

This segmentation variable relates to selecting a target market based on factors like gender, age, or income.

demographic

Relating the BCG Growth-Share Matrix to shaping your future portfolio, 'divest' would be applicable to an SBU in which quadrant?

dog

Inflation is a reflection of which environmental force?

economic

This form of research involves observing consumers in their natural environments to determine how they behave.

ethnographic research

At this step in the Buyer Decision Process differentiation is of particular importance.

evaluation of alternatives

The foundation of marketing is based on _____________________.

exchanges

Customer satisfaction comes from a product's perceived performance relative to a buyer's _________________.

expectations

This form of research helps define the problem and suggests a hypothesis.

exploratory

Your text identifies this number of steps in the marketing process.

five

In this type of primary research, group interactions bring out deeper feelings and thoughts.

focus groups

A person's buying choices are influenced by how many major psychological factors?

four

How many steps are there in the marketing research process?

four

In the first _________ steps of the marketing process, the company creates value for target customers.

four

Walmart using their scanner data to see which products are often bought in conjunction with one another (such as toothpaste and mouthwash) is an example of which source of marketing information?

internal database

This adopter group is skeptical; they adopt an innovation only after a majority of people have tried it.

late mainstream adopters

Using the product/market expansion grid (Ansoff Model), McDonald's adding Uber Eats delivery is an example of which of the following?

market development

"Consumers who respond in a similar way to a given set of marketing efforts" defines what?

market segment

Most organizations, particularly the larger and better known marketers, follow which approach to targeting?

multi-segment

A pandemic - such as COVID-19 - is an example of which environmental force?

natural

A _________ becomes a motive when it's aroused to a sufficient level of intensity.

need

In terms of the major AIO dimensions, responding negatively to a certain celebrity endorser would be most closely related to which one of the three?

opinions

Age and life-stage changes are related to which factors that influence Buyer's Characteristics?

personal factors

Once you have segmented a market and decided how to differentiate your product, you should next _______________ around that difference.

position

Observational research is an example of which type of research?

primary research

According to the "Market Research Methods" video, asking consumers to rate their satisfaction on a numeric scale of 1 to 10 exemplifies which type of research?

quantitative

According to the extra video on the BCG Growth-Share Matrix, typically a new product starts as what?

question mark

According to the You Tube video for this chapter, this is NOT one of the three areas that make up consumer behavior toward products.

research

You're conducting primary research for UNCW about how all students feel about a certain issue. If you only survey CSB students, what issue would be most concerning to you in terms of the the validity of your findings?

results might be biased

This is a fraction of the population selected for market research to represent the population as a whole.

sample

A marketer using census data to determine the demographics of a particular market is an example of which type of research?

secondary research

Two people are watching the Super Bowl together and both are paying particular attention to the commercials. A commercial appears for cryptocurrency trading and gives compelling evidence of how you can quickly make significant returns. One person responds "what bunk" while the other immediately goes online to sign-up. This exemplifies what perceptual process?

selective distortion

Of the four major factors that influence consumer buyer behavior, reference groups are part of which one?

social factors

"Developing and maintaining a profitable strategic fit between the organization's goals and capabilities and its changing marketing opportunities" defines what?

strategic planning

These micro-environmental forces relates to the value delivery network described in Chapter 2.

suppliers and intermediaries

This environmental force necessitates constant development of new products by some firms and the entry of new competitors into markets.

technological

The video "Primary Market Research Explained" uses an example of a small group of stores testing a new product's sales prior to nationwide launch as what?

test marketing

The selling concept is typically practiced with which types of goods?

unsought

A company's supply chain can be used to create what? (Your text gives Subway as an example.)

value delivery network

This is the set of values a marketer promises to deliver.

value proposition

According to Steve Jobs, marketing is all about what?

values