MKTG 3350
Companies predict how many purchases a single customer might make from the company over the length of the relationship with that consumer, a measurement called the _____.
Customer Lifetime Value
The number of purchases a person could make from a firm during the course of their relationship is called the _____.
Customer Lifetime Value
A company typically bases a buyer persona on _____.
Customer Research
Which of the following refers to the relative benefit that a customer believes he or she gets from a product or service compared to the cost of obtaining it?
Customer Value
A marketing manager attempting to segment a market using two demographic characteristics is likely to fail because ______.
Customer behavior cannot be explained using such narrow segmenting criteria
The CRM process relies on a ______ for information.
Customer database
Joe's Heating and Air Conditioning Corp. is conducting research that focuses on the entire process of purchasing a home heating system from the initial need for a new furnace, to how the customer learned product information and selected an installer. What type of qualitative data is the company using?
Customer journey map
Positioning maps are based on ______ to develop a "product space" picture of the market.
Customer perception
When a company decides to reposition a product, it is doing so in response to _____.
Customers who do not view the product in the desired way
What is syndicated data?
Data collected by a firm and sold to marketing managers
A regional population ______ typically creates stronger competition among firms in the area.
Decline
In pure competition, where competitors offer similar products, over time, profit margins generally _____.
Decline
Jones Company sells its motors in the United States. Now, it has the opportunity to sell in China. This means the cost per motor will _____.
Decrease
What is generally the most challenging step of the five-step approach to marketing research?
Defining the problem
The term "Mass Marketer" is used to _____.
Describe large firms that aim at specific groups
A segmenting dimension that influences a customer's decision to purchase a specific brand or product is also known as a(n) _____ dimension.
Determining
As noted in the text, when the Chicago South Loop Hotel offered free parking to encourage customers to choose its hotel over others, it was relying on a ______ dimension to attract customers.
Determining
In a product market, segmenting dimensions that influence a customer's decision to purchase a specific product are called ______ dimensions.
Determining
Which of the following is a way in which marketing managers narrow down research objectives?
Develop a list of questions that includes all possible problem areas.
A company is attempting to achieve market _____ when it works to increase sales by selling its current products in new markets
Development
Specifying a target market and the corresponding marketing mix are the two elements that comprise the _____.
Development of a marketing strategy
A firm can better address customers' needs and create a competitive advantage by ______.
Differentiating the marketing mix
The marketing manager reminded the team that they had to come up with something that would set them apart from their competitor. In other words, their marketing mix needed _____.
Differentiation
When a marketing mix has an element that sets it apart from those of the competition, it is said to have _____.
Differentiation
The Chicago South Loop Hotel wants to address customers' concern abut parking costs by offering free parking. This is an example of a determining _____.
Dimension
Customers and competitors are within the _____ market environment and must be considered during marketing strategy planning.
Direct
The _____ market environment includes customers, the company, and competitors.
Direct
Which form of market environment includes customers, the company, and competitors?
Direct
Because producers find it easier and less costly to make only a few goods or services, consumers prefer to choose among many, this creates a ___________.
Discrepancy of assortment
Buyers often have second thoughts and wonder if they made the right choice. The technical term for this is _____.
Dissonance
The broad possibilities available in the market strategy planning process include market development, market penetration, product development and _____.
Diversification
When a company begins working in a brand new market or with new products, it is engaged in _____.
Diversification
Working in a new line of business, such as a new product or market, is known as _____.
Diversification and Differentiation
Which of the following are characteristics of a good brand name?
Does not go out of date Brief and simple Easy to recognize and recall
Which of the following statements about the Four P's is true?
Each of the Four P's contributes to a whole marketing strategy
Macro-economic factors that influence consumer spending, including rates of inflation and economic growth, are part of the ______ environment.
Economic
The _____ environment changes more rapidly than the cultural and social environment.
Economic
The collapse of the U.S. housing market in 2008 was an example of a rapid change in the ______ environment.
Economic
The system by which a society is organized to produce goods and services and distribute them to members of society is called a(n) _____ system.
Economic
People who thoroughly research and compare products in order to make the most satisfying purchases are called ______.
Economic buyers
A company's customer _____ is what the company can expect to earn from its current and potential customers during a particular period.
Equity
Marketing unhealthy snack foods to kids is considered a(n) ______ issue that may arise during the segmenting process.
Ethical
A television ad portraying an inanimate doll dancing on its own, leading children to expect the doll to be able to dance, could be a(n) ______.
Ethical issue
Inaccurate customer beliefs that arise from a marketer's efforts raise questions about the marketer's ______>
Ethics
Marketing _____ are the moral standards for making marketing decisions and actions.
Ethics
Attitudes and beliefs can lead people to look forward to a result known as a(n) ______.
Expectation
Marketing managers can use which of the following in order to acquire information about a market?
Experiments Interviews Questionnaires Observations
The management team at Serena's Spices isn't sure if their products will be well received in the European market. What is the most logical and economical way for the company to respond to this potential risk?
Export their products to grocery suppliers in the European market.
Jon wants to buy a new vacuum cleaner. He has talked to his sister about which model she uses and has gone online to compare different brands. He visited his local home center to test different vacuums before deciding which one he would purchase. Jon is using _____ problem solving as he makes this purchase.
Extensive
In terms of ethics, most business people take into account _____ when making decisions.
Fairness and Honesty
True or False: A good mission statement should provide a detailed road map for the future instead of focusing on a small number of objectives.
False
True or False: All marketing managers today have made it to the final stage in the marketing evolution --- The marketing company era.
False
True or False: Marketing managers find breakthrough opportunities or competitive advantage by using their strengths to take on competitors with similar strengths.
False
True or False: Marketing today consists of just selling and buying
False
True or false: A consumer's point of view toward something does not have an effect on learning.
False
True or false: Consumers always apply rational processes in their buying decisions.
False
True or false: It is usually safer for marketers to try to satisfy many customers fairly well.
False
True or false: The United States makes up nearly 50% of the total world population
False
True or false: The ability to satisfy an economic need is independent of how much money a consumer has available.
False
True or false: The determining dimension helps marketers to understand the "core benefits" required by consumers in a product-market.
False
True or false: The smaller the sample size, the greater the accuracy of estimates from a random sample.
False
True or false: Within a broad product-market, there is only one way to develop market-oriented strategies.
False
rue or false: Generic markets focus primarily on product type.
False
rue or false: Teenagers spend almost $100 billion a year on goods and services.
False (It's almost $200 billion)
True or false: In the "battle of the brands," intermediaries have no advantages over manufacturer brands.
False. Intermediaries may have several advantages, including better access to reliable and low-cost supply sources and preferred shelf position.
The ability to meet economic needs most largely depends on ______.
Family Income
Carol was going to buy a specific brand of facial soap. She really respects her sister's opinion of personal care items. After talking to her sister, she decides to purchase a different brand. This shows the impact of _____ on consumer behavior.
Family members
Which of the following statements about family members and consumer behavior is true?
Family members influence many aspects of consumer behavior
In order to provide consumers with sufficient information, the ______ Act demands that the packaging of consumer goods use language that is easy to understand.
Federal Fair Packaging and Labeling
The United States, Canada, and Mexico have an agreement in which there are no restrictions on imports and exports between the three countries. This is an example of _____.
Free Trade
Infant formula and diapers provide _____ benefits and satisfy a customer need.
Functional
The most significant difference between gross domestic product (GDP) and gross national income (GNI) is that ______.
GNI excludes income earned by foreigners
The people born between 1965 to 1977 are referred to as ______.
Generation X
The people born from 1978 to 1994, who are sometimes called Millennials, are referred to as ______.
Generation Y
The people born after 1995 are referred to as ______.
Generation Z
Which of the following groups are considered "digital natives"?
Generation Z
A(n) _____ market consists of customers with broadly similar needs and many different options for satisfying them.
Generic
Beverage enthusiasts might purchase a wine club membership, buy an espresso machine, or book a trip to Japan to tour green tea plantations. This is an example of a(n) ______ market.
Generic
Exercise enthusiasts are a broadly defined market who might purchase an exercise bike, health club membership, or workout apparel to satisfy their needs. This is an an example of what kind of market?
Generic
What type of market is one in which potential customers have similar, but not identical, needs and are offered various and diverse ways to satisfy those needs?
Generic
When a marketing manager thinks about the needs customers want satisfied, rather than how one product beats another, this marketing manager is looking more broadly at the ______ market.
Generic
A market description that does not include any product-type terms is a(n) ______.
Generic Market Description
Jenna's company exports tea to various markets around the world. In the past six months, the company has focused on developing new flavors and was surprised to learn that a competitor gained market share by expanding into four new foreign countries. Which part of a product-market did Jenna's company fail to take into account?
Geographic Area
Which of the following are considered "products"?
Goods Services
In a command economy, the production and distribution of goods and services is planned and set by _____.
Government Officials
The total value of all of the goods and services produced within a country in a given year is known as ______.
Gross Domestic Product
Which of the following measures the total market value of all goods and services provided in a country's economy in a year excluding income earned by foreigners?
Gross national income
Without _____ data, marketing managers may make the same errors as their predecessors.
Hard
Rather than look at the sales and income generated from the last product introduction in the spring, Millie decided to introduce the new product because she had a good feeling it would do well in the market. Six months later, Millie couldn't believe how low the sales were for the product. What should Millie have used to make a better decision?
Hard data
The legal environment of the United States assumes that competition between numerous small businesses ______ the economy.
Helps
When customers in different segments differ in their response to marketing mix variables, the segments are ______.
Heterogeneous
Customers in different market segments are considered ______ when there are significant differences between their segmenting dimensions and responses to marketing mix variables.
Heterogenous
What is a disadvantage of personal interview surveys?
High cost
A successful segmenter can develop a customer base that is willing to pay _____ prices because the company provides products that precisely match the needs of the market.
Higher
The largest ethnic group in the United States is ______.
Hispanics
Not everyone turns an opportunity into a successful strategy. You need to have a logical process to avoid _____ or _____ marketing situations
Hit; Miss
What is the best way to describe a targeted market segment?
Homogeneous
What are the two classifications of shopping products?
Homogeneous; heterogeneous
Fairness and _____ are core ethical values.
Honesty
Kara needs more toothpaste and knows she can buy some at the grocery store, the discount store, or the health and beauty store. Which stage of consumer problem solving is Kara using?
Identify alternatives
Garrett knows what the company plans to do for its marketing efforts and now needs to find a way to put those plans into operation. What phase of the marketing plan is Garrett working on?
Implementation
Marketing plans are put into action during _____.
Implementation
Which of the following are true of the battle between manufacturer and dealer brands?
In the past, dealer brands were far less popular than manufacturer brands. Dealer brands account for almost 30% of purchases in U.S. grocery stores.
Customer value _____ when customers perceive more benefits or lower costs
Increases
Social media does which of the following?
Increases the influence of opinion leaders
The ______ dimension of a strategic planning grid helps managers determine whether a product-market plan is a good idea.
Industry Attractiveness
In most markets, competition fosters _____.
Innovation
The building and land used by a company are which type of business product?
Installations
The _____ rate is the cost associated with borrowing money.
Interest
Retailers and wholesalers are two kinds of _____, marketing specialists who play a role in trade rather than production.
Intermediaries
Which of the following is a market specialist whose role in the exchange process is to focus on trade?
Intermediary
It is important for companies to remember that selecting a target market and developing a market mix are _____ activities and must be done _____.
Interrelated; Together
Why does the marketing strategy process start broad before narrowing?
It gives firms a chance to identify opportunities they might miss if the process starts too narrow
Which two of the following describe a marketing program?
It includes more than one marketing strategy and implements several marketing strategies at once
Which of the following accurately describes macro-marketing?
It is a social process
A good situation analysis offers which of the following benefits to marketing managers?
It is comparatively quick. It gives useful information. It may eliminate the need to collect more data.
What is the primary disadvantage of the production-oriented marketing approach?
It leads to missed opportunities by ignoring customers
Which of the following best defines brand familiarity?
It refers to the extent to which customers recall and accept a company's brand.
Which of the following are benefits of reducing the number of research objectives at the start of the marketing research process?
It saves money. It saves time.
Why is 'fixed response' the typical format of a survey questionnaire?
It simplifies data analysis.
Which of these companies is being affected by literacy?
Kimball's Kroutons added pictures of ingredients to its packaging being sold in Ethiopia for consumers who could not read a list of ingredients.
Consumer behavior is usually ______.
Learned
Consumer _____ may result from things marketers do or from other stimuli.
Learning
The adoption process and the decision process are similar, but in the adoption process _____ is more clear.
Learning
When experiences change the way we think, it is referred to as ______.
Learning
______ is a change in a person's thought process caused by prior experience.
Learning
In the United States, business that try to ______ competition are thought to act against the public interest.
Limit
Trisha has used dandruff shampoo before, but when she gets to the store, she isn't sure which brand of dandruff shampoo to buy. After studying various labels, she picks up a bottle and heads to the checkout. This is an example of _____ problem solving.
Limited
When consumers have some previous experience with a product and are willing to put some effort into the purchase, they are likely to use ______ problem solving to make a buying decision.
Limited
In Parul's condominium community, it is illegal to sell magazines door-to-door. This is an example of a _____ law.
Local
Artificial intelligence refers to ______.
Machines that operate like humans
Which of the following research methods would be the most suitable for acquiring detailed private information, including past history, about people's purchase habits?
Mail or online survey
Which of the following market situations features similar but not identical products, requiring marketing managers to differentiate their offerings by adjusting other elements of the marketing mix?
Monopolistic Competition
Which competitive market situation describes on organization having total control over a product-market?
Monopoly
When the economy is strong, consumers are _____ likely to borrow money to purchase a home or go on a vacation.
More
An important requirement in the marketing strategy planning process is _____.
Narrowing down the list of opportunities to those most likely to succeed
China's resistance to foreign firms is an example of ______.
Nationalism
Protecting the interest of one's country before everything else, also known as ______, can strongly affect marketing efforts for multinational firms.
Nationalism
_____ are the basic forces that motivate a person to do something.
Needs
Darren's company uses predictive analytics and finds that most tennis players replace the strings in their racquet every six months. They make sure to keep string in stock so customers will find it on the shelf when they shop. What was the purpose of the predictive analysis in this situation?
Needs awareness
Which of the following are levels of brand familiarity?
Nonrecognition Insistence Recognition Rejection Preference
A company's _____ help guide present decisions and create a path to follow for future development.
Objectives
Company _____ should guide all aspects of business and are used by marketing managers as they search for and evaluate opportunities.
Objectives
Price is concerned with which of the following?
Objectives; Flexibility; Level over product life cycle; Geographic terms; Discounts; Allowances
The pending impact of driverless cars will allow ______ to drive longer.
Older people
The four basic marketing situations include monopoly, pure competition, monopolistic competition, and _____.
Oligopoly
Customers can perceive differences based on _____.
Only one important element of marketing mix
Which of the following is not in the circular model that leads to building superior customer relationships?
Only the marketing department should satisfy customers
A person who influences others is known as a(n) ______.
Opinion leader
Fernando is an avid photo hobbyist. When it comes time for any of his friends or family members to buy a new camera, they turn to Fernando. For cameras, Fernando is a(n) ______.
Opinion leader
A successful marketing strategy pairs _____.
Opportunities with a company's resources and goals.
Which of the following is not part of a complete product-market definition?
Organization Type
People of what age range are considered senior citizens in the United States? Over 65
Over 65
A weakness of positioning analysis is that it can ______.
Overlook customer-related dimensions like needs and attitudes
What aspect of a product makes it easy to identify on the store shelf?
Packaging
Which of the following is responsible for a product's promotion, protection, and enhancement?
Packaging
A company that is working to increase customer purchases of its current products in its current market is trying to achieve market _____.
Penetration
Many companies find attractive opportunities close to markets they already know. They are focused on market _____.
Penetration
Carnival Cruises is drastically discounting cabins on its next Caribbean cruise because all the cabins are not currently sold. This discounting is most likely due to which factor of services?
Perishability
When Marcus meets Lily and talks to her about the advantages of the service offered by his company, he is engaging in _____.
Personal Selling
Which of the following involves face-to-face conversation in which sellers deliver information about a product to a potential customer?
Personal Selling
A major grocery store chain offers free apples at interstate rest areas during Labor Day weekend to drivers who are traveling. This is an example of how a firm might satisfy ______ needs of consumers.
Physiological
If the makers of GreenLeaf Tea provide free bottles of the drink at the Boston Marathon for those participating in the race, the company is fulfilling a _____ need.
Physiological
Rest is a _____ need; power is a _____ need.
Physiological; Psychological
What is the purpose of a S.W.O.T. analysis?
Picks out a firm's weak and strong points, as well as any potential opportunities and threats
A product needs to get to the customer when and where they need it. This is considered to represent the _____ _____ _____ function of the 4 Ps.
Place
Which of the Four P's is focused on all the decisions needed to get the right product to the target market via retail stores or online stores?
Place
Some businesses avoid using new technology because they don't understand it, while other companies immediately use every new technology without assessing its value. Both of these approaches can steer a company into a ______ way of thinking.
Production-oriented
The most significant factor in determining whether to segment or combine markets is ______.
Profit
Ultimately, a firm should consider ______ to determine whether to segment or combine.
Profits
The marketing manager for Dunkin' Donuts paid for television and magazine advertising to announce improvements in its coffee. The advertising is an example of which variable in the marketing mix?
Promotion
Which of the following is focused on informing people about the features of a product?
Promotion
Which of the following are part of the "marketing mix"?
Promotion and Product
In the U.S. marketplace, vigorous competition is expected to ______ careful consumers.
Protect
The Center for Science in the Public Interest is a _____ interest group that provides an additional market-driven economy.
Public
At a garage sale, Roland bought a pair of used sneakers that he thought he could wear while fishing. The next day he bought another pair of running shoes at a local Runner's World store. These examples show how a(n) _______ influences buying behavior.
Purchase situation
An example of a ______ dimension of a customer wishing to purchase a vehicle would be their ability to drive.
Qualifying
Segmenting dimensions that help marketing managers decide whether to include a customer type in a product-market are called ______ dimensions.
Qualifying
The "core benefits" required by all consumers in a product-market are identified by the ______ dimensions.
Qualifying
What type of segmenting dimensions involves whether a customer can be considered part of a product-market?
Qualifying
What are the two basic methods for obtaining customer information?
Questioning Observing
What issues can negatively impact the validity of market research?
Questions that are written poorly Inaccurate responses from respondents
The consumer decision process starts with ______.
Recognizing an unmet need
When consumers know that they are unhappy about a purchase, this is called post-purchase ______.
Regret
Routinized response behavior is employed when a consumer ______.
Regularly purchases the product
During the learning process, when a response leads to satisfaction or a reduction in a drive, ______ is said to be taking place.
Reinforcement
Which stage of the learning process can lead to the development of a habit?
Reinforcement
The process of using a customer database to refine marketing efforts is known as customer _____ management.
Relationship
How common are monopoly situations in market-directed economies?
Relatively Rare
Cultural differences that may complicate the segmenting process include which of the following?
Religion; Race; Customs
What are the three categories of supplies?
Repair Operating Maintenance
What are some benefits of distributing questionnaires via mail or e-mail?
Respondents may be more forthcoming with private details. Respondents can answer anonymously. Respondents can answer questions on their own time.
What is the term for the percentage of people contacted who complete a questionnaire?
Response rate
When determining customer lifetime value, the _____ rate refers to the percentage of customers who stay with the company in comparison to the total number of customers
Retention
Which of the following is an example of marketing metrics?
Revenue
Which of the following products are examples of tangible goods?
Rolling Stone magazines Ford F150 trucks Wrangler jeans
Greg is the first in line whenever the new smartphone is introduced because he always buys the newest phone on the market. This is an example of _____.
Routinized response behavior
Fifty years ago, about two-thirds of the world's population lived in _____ areas.
Rural
Purchasing a life insurance policy fulfills a ______ need within consumer behavior.
Safety
A market ______ is a group of customers with similar needs who will have a similar response to a marketing mix.
Segment
Which of the following steps is commonly added to the segmentation process by international firms?
Segment by country or region
Marketers that develop a different marketing mix for each homogeneous market segment are known as ______.
Segmenters
After a computer clusters groups of people together, marketers look for ______.
Segmenting dimensions that apply to everyone in the cluster
The single target market approach involves ______.
Selecting one homogeneous market segment as a target market
When we notice only information that interests us we are using which selective process?
Selective Exposure
Connor is interested in buying a new car. During a recent road trip, he notices billboards that have car advertisements, but ignores all other billboard ads. He is using a process known as ______.
Selective exposure
When people accept only information that agrees with their previously learned attitudes and beliefs, they are using a process known as ______.
Selective perception
In the United States, people over the age of 65 (regardless of the year they were born) are called ______.
Senior Citizens
The Johnson Family restaurant, which specializes in Cajun cooking, wants to open a restaurant in another state. According to the continuum of environmental sensitivity, this type of product is considered environmentally ______.
Sensitive
Which of the following is not a type of separation that marketing can help overcome?
Separation in Innovation
Developing a _____ can help a manager identify and define the markets in which the firm wants to compete.
Set of specific qualitative and quantitative screening criteria
Which of the following is not a role that government and governing agencies perform in a market-directed economy?
Setting output levels for producers
Which of the following would be a convenience product for most consumers?
Shampoo
Once families have children, their spending ______.
Shifts to focus more on education and medical care
Which of the following are names of consumer product classes?
Shopping Convenience Unsought Specialty
Marketing Managers _____.
Should seek attractive opportunities
Positioning issues are especially important to marketers when competitors appear to be very ______.
Similar
Market segmentation is different from the naming process in that it focuses on ______ rather than ______ in customer needs.
Similarities; Differences
In the _____ _____, any extra food or other goods that families produced was traded to local distributors.
Simple Trade
The _____ _____ era was characterized by families or other small groups that might sell or trade to local distributors any extra goods that they might produce.
Simple Trade
Which of the following is an example of change in the economic environment that can affect a company's marketing strategy?
The collapse of the US housing market in 2008
Spectacular Salad is a small company that sells ready-to-eat salads. Its first marketing campaign promised that spectacular salads were "more delicious than candy" and that consumers would want to eat them all the time. Most consumers did not find truth in these claims. Which of the following best explains Spectacular Salad's mistake?
The company made the mistake of overpromising
Which of the following are benefits to conducting a personal interview survey?
The interviewer can explain complicated directions. It can take place at locations where people shop.
Which of the following is often the best way for a marketing manager to observe and understand a customer's experience?
The marketing manager should become a customer.
Which of the following refers to the fact that there may be conflict between what is beneficial to specific companies and society as a whole?
The micro-macro dilemma
Within a generic market, sellers must focus on _____.
The needs of customers
Which one of the following is the most important factor in determining an appropriate marketing mix?
The needs of the target market
Some companies explicitly consider a _____, which measures an organization's economic, social, and environmental outcomes as a measure of long-term success.
Triple Bottom Line
True or False: An effective marketing strategy matches opportunities to the firm's resources and objectives
True
True or False: For some goods and services, the cost of marketing accounts for about half of what the consumer pays for them.
True
True or False: Some firms find that it costs them less to retain a customer than trying to acquire a new one.
True
True or False: When customers make online purchases, a company has access to data that can be used for marketing analytics.
True
True or false: A major drawback of using questionnaires to conduct quantitative research is the low response rate.
True
True or false: A service is typically done in person once the customer has agreed to pay for it.
True
True or false: A situation analysis allows both the marketing manager and researcher to agree upon and understand what the problem area is.
True
True or false: Almost every society has some social class structure.
True
True or false: Better protective packaging can reduce costs by cutting down on breakage, spillage, and theft.
True
True or false: Companies that track customer behavior through an app might use the data to introduce a new product feature.
True
True or false: Ethnic groups deserve special attention when analyzing markets.
True
True or false: It is more difficult to evaluate opportunities in international markets due to the wide range of environmental variables.
True
True or false: Marketing managers in small companies can learn a lot simply by listening to what the customers have to say.
True
True or false: People within the same cultural grouping tend to be more similar in outlook and behavior.
True
True or false: Qualitative research provides the advantage of depth in question responses.
True
True or false: The first step in effective market segmentation should be to name a broad product-market of interest to the firm.
True
True or false: The technology associated with driverless cars may allow older adults to live on their own and slow the demand for nursing home care.
True
rue or false: An MIS makes it easier for marketing managers to find information.
True
rue or false: If people begin using a brand name to generally describe the type of product, the owner of the brand name will lose all rights to it.
True
rue or false: When demand for a brand is strong enough that the market price can be high, there is a favorable market for successful branding.
True
Jillian and her husband knew they would buy another Toyota vehicle because all of the cars they owned were Toyota and they had always been happy with their cars. The confidence Jillian and her husband show in Toyota is an example of _____.
Trust
The level of confidence consumers have in a brand is known as _____.
Trust
One characteristic of the buying behavior of singles and young couples is that they are more likely to ______.
Try new products and brands
Population growth in the United States has slowed down and income is leveling off, making this a(n) _____ market for high end jewelry companies. (favorable/unfavorable)
Unfavorable
The process of buying, selling, shipping, storing, financing, and risk-taking are components within the _______ functions of marketing.
Universal
Which of the following is not a business product class?
Unsought
_____ refers to the extent to which data measure what they are intended to measure.
Validity
Customer _____ refers to the relative benefit that a customer believes he or she gets from a product or service compared to the cost of obtaining it.
Value
If a customer perceives a product to have more features and higher quality, then the customer perceives the product to have more _____.
Value
Tyler's company collects customer data in many ways, from the number of clicks on their website to the hundreds of retweets of their marketing messages, as well as, focus groups. This is an example of which of the Four Vs?
Variety
Which of the Four Vs refers to the numerous ways a company can collect data?
Variety
Kelly is a marketing manager and during her last discussion with the IT department, she said she would like to identify when a customer showed interest in an online product and send a coupon or discount offer to that customer within 20 seconds of their view. Which of the Four Vs does Kelly want to implement?
Velocity
Maria decided not to use the data found in the report because she couldn't verify the source. Which of the Four Vs helped Maria make this decision?
Veracity
Which of the Four Vs denotes the quality of the data?
Veracity
When a seller engages in personal selling, the seller uses _____ to tell a potential customer about a product or service.
Verbal Communication
When you are shopping at the grocery store, you may choose a particular brand of orange juice because that is what you grew up drinking. Choosing that brand of juice is an example of satisfying a ______.
Want
Predictive analytics help marketing managers determine _____.
a customer's future needs
An informal study of what information is already available in the problem area is called
a situation analysis.
Capital items that last for only a short period and are used in production or administrative tasks are known as ______.
accessories
The _____ process is the steps individuals go through on the way to accepting or rejecting a new idea.
adoption
Market research firms or specialists are sometimes called in by companies to _____.
aid in the research process.
A data warehouse can be described as _____.
an electronic library
A marketing manager at a major coffee house would like the bold roast coffee to receive highest marks from the survey she is conducting. The results indicate that the milder coffee is actually preferred, but she decides to withhold this information. Her decision is an example of ______.
an unethical action
A brand can be a company ______, so it is important to make sure that the brand name does not become public property.
asset
There are some apps on the market that contain computer-generated images and sound which are placed into the user's physical words. These apps use ______ (AR) technology.
augmented reality
When using observation to collect data, it is important for the researcher to ______.
avoid influencing the subject's behavior
Private and manufacturer brands compete for customer business in a struggle known as the ______.
battle of the brands
The Four Vs are used to understand the dimensions of _____.
big data
Short, simple and suggestive of the benefits describe a good ______.
brand name
he use of particular names, words, or symbols to identify a product is referred to as ______.
branding
A customer journey map reveals the _______ for a product.
buying process
A key to making marketing research and an MIS that is useful in marketing strategy planning is _____.
careful communication and coordination with research experts
Brady Chips sells different computer chips that are used in all kinds of electrical products produced by various companies. For the manufacturers that buy from Brady, the computer chips are ______.
component parts
Expense items that are considered ______ are processed and integrated into a finished product.
components
A(n) ____ interval is the range on either side of an estimate that is likely to contain the true value for the whole population.
confidence
Products that are intended to be purchased and used by the end user are called _____ products.
consumer
The Federal Fair Packaging and Labeling Act has a direct effect on the labeling of _____.
consumer goods
A(n) _____ is a group of customers who provide information on a continuing basis.
consumer panel
Jessica is a member of a group of consumers who do research for ACNielsen. Group members have ID cards and when they make a purchase, this card is scanned and purchase information goes directly to ACNielsen. These group members are part of a _____.
consumer panel
Good marketing research requires ______ to be sure that the research focuses on real problems.
cooperation between researchers and marketing managers
Defining the problem ensures that the research is ______.
correctly targeted not wasted effort
International opportunities may be hard to judge, but they can depend on _____ sensitivity.
cultural
Which of the following statements about marketing functions are true?
1. All universal functions of marketing must be performed well or the macro-marketing system will be harmed. 2. The universal functions may be shared across multiple organizations
What types of firms typically hire market research firms or research specialists to help them with market research?
1. An increasing number of not-for-profit organizations 2. Large, for-profit companies
Which of the following are examples of how the purchase situation influences buying?
1. Anne has only a few minutes between classes to buy lunch. 2. Bob buys a Mother's Day gift. 3. Terry bids on a painting at a charity auction.
Which of the following are true about the price area of marketing mix?
1. As part of Price, marketing managers estimate how customers will react to change in prices 2. Price includes an evaluation of delivery cost 3. Price includes decisions about discounts
Place the components of the model that leads to building superior customer relationships in the order they are performed, starting with "offer superior customer value" at the top.
1. Attracts more customers 2. Satisfies its customers 3. Keeps its customers 4. Increases sales 5. Builds profitable customer relationships
Which of the following are general categories of segmenting dimensions in consumer markets?
1. Behavioral 2. Geographic 3. Demographic
Which of the following are reasons it can be difficult to understand consumer behavior?
1. Behaviors vary by situation. 2. Behaviors vary from person to person. 3. Behaviors vary depending on product.
Which of the following tools help marketers focus on a specific target market and provide superior value?
1. CRM 2. Cluster analysis 3. Segmentation
What three states contain more than half of all Hispanics living in the United States?
1. California 2. Florida 3. Texas
Place is concerned with which of the following in the marketing mix?
1. Channel Type 2. Product Storage
Marketing helps address what kinds of discrepancies between consumers and producers?
1. Consumers want to buy in small quantities, whereas producers want to make and sell in large quantities 2. Consumers want a broad assortment, whereas producers want a narrow assortment
When consumers are looking to satisfy their economic needs, they are likely to focus on which of the following?
1. Convenience 2. Best Value 3. Lowest price
Businesses and individual managers are subject to both _____ and _____ laws.
1. Criminal 2. Civil
Which of the following aspects should a company evaluate in order to determine its strengths and weaknesses?
1. Current Products 2. Market Demands 3. Employee Knowledge 4. Production capability and Flexibility
A company has _____ when the target market prefers the company's marketing mix over a competitor's mix.
A competitive advantage
A marketing plan is _____.
A document that describes a marketing strategy and various steps and elements involved in carrying out the strategy.
When a company is working to achieve market penetration, it is attempting to increase sales of its _____ products in its _____ markets.
Current; Present
Sometimes the best way to observe a customer is for the marketing manager to become a _____.
Customer
When Parul went to the store to buy cough medicine, she found Robitussin brand cough medicine and another brand in a plain package that was selling for $4 less than the Robitussin. The lower-priced cough medicine is an example of a _____.
generic product
Customers want to review the quality and suitability of ______ shopping products because they see them as being different.
heterogeneous
An online shopper is most likely to read reviews, study product features, and compare different models when shopping for a(n) ______.
heterogeneous shopping product
When shopping for ______ shopping products, people are primarily concerned with price because they see the products as being fundamentally the same.
homogeneous
Many services are delivered by individual service providers with varying levels of experience and expertise. This can lead to service quality that is ______.
inconsistent
The sales of installations tend to _____ during periods of company growth.
increase
The Lanham Act of 1946 was enacted to _____.
indicate what brand names and trademarks could be protected
A product brand name that is used only for that product is called a(n) ______ brand.
individual
Procter & Gamble offers Tide brand laundry detergent in different sizes and types, such as Coldwater Liquid, High Efficiency Liquid, and Bleach Liquid versions. Each size and type is an example of a(n) ______ product.
individual
Great Grains manufactures and sells a variety of baked goods under its Baked Better brand name. When the company developed a new line of cookies, it chose to brand them as Chewy. For Chewy, Great Grains is using a(n) ______.
individual brand
Because a company must buy the supplies it needs in order to produce its products, the industry demand for business products is considered fairly ______.
inelastic
t is the job of a specialist in the ____ department to make sure the technical aspects of an MIS are correct.
information technology
Secondary data found on the Internet
is sometimes inaccurate.
When marketing managers are able to answer questions like "How did our competitor enter that market?" and "Why did our Twitter account blow-up after that tweet?," the company has changed data into _____.
knowledge
When it first began distributing root beer to grocery stores, Reggie's Root Beer Supply only sold original flavor root beer. In the last three years, the company has extended the product and now distributes vanilla root beer and caramel root beer to stores. By increasing the number of products in the root beer line, the company is focusing on product line _____.
length
The degree of _____ of a population can determine the way information is delivered.
literacy
When an unauthorized company counterfeits a product of another company, it will cause the original owner of the counterfeited item to _____.
lose sales
Routinized response behavior happens with _____ involvement purchases.
low
In pure competition, customers see the different available products as close substitutes. Many marketing managers compete by ______.
lowering prices and sacrificing profits
When shopping for a homogeneous shopping product, consumers typically search for the _____.
lowest price
In the problem-solving step, managers use the research results to ______.
make marketing decisions
Producer-made brands are referred to as ______ brands.
manufacturer
A group of customers with shared characteristics who are expected to have a similar response to a marketing mix is known as a
market segment.
A _____ displays up-to-the-minute marketing data in an easy-to-read format.
marketing dashboard
A customer service manager at a car rental company can check in every afternoon to see which car rental location is renting the most cars that day by using a
marketing dashboard.
The data from a ______ system can be used to guide the marketing strategy planning process.
marketing information
Because market researchers must be sure that they are focusing on actual problems, cooperation with ______ is critical to good marketing research.
marketing managers
The marketing _____ is a statement of relationships among the marketing variables.
model
Compared to other buying groups, Asian Americans are _____ likely to shop online.
more
The U.S. is becoming a _______ society, which brings opportunities and challenges for marketers.
multicultural
The _____ target market approach requires choosing two or more marketing segments and applying a different marketing mix to each.
multiple
Manufacturer brands are sometimes called ____ brands because they are promoted all across the country.
national
Gross domestic product is a widely used measure of _____.
national income
The basic forces that motivate a person to do something are called ______.
needs
The basic forces that motivate people to do something are called ______, while those that are "learned" during a person's life are called _____.
needs; wants
Lisle has never heard of Refinery29.com. This is an example of brand ______.
nonrecognition
Roy's Toy Store uses video in the toy aisles to watch how parents and kids interact while shopping for toys. This is an example of the _____ method of collecting data.
observation
Of the 19 million Asian Americans living in the United States, nearly _____ live in California.
one-third
It would be typical for a focus group to use _____ questions.
open-ended
A statistical _____ is an easy-to-use computer program that analyzes data.
package
The segmentation process begins with the idea that ______.
people with certain shared characteristics can be grouped together into a single product-market
Christian will only buy UnderArmour products because he thinks all other brands are uncool. This is an example of selective ______.
perception
In marketing research, a(n) _____ is the total group that marketing managers are interested in.
population
How customers think about brands in a market, also known as ______, affects how marketing managers adjust the marketing mix.
positioning
Carla Mason usually buys Wheaties breakfast cereal because she likes the taste, though she sometimes buys other cereals when they are on sale. For Carla, Wheaties has achieved brand ______.
preference
When members of a brand's target market typically select that brand instead of other comparable options, it is called brand ______.
preference
A common marketing research problem is collecting ______ unnecessarily when there is plenty of free or inexpensive information available on the topic that may be helpful.
primary data
Questioning and observing are the two basic methods of obtaining ______.
primary data
Focused and dedicated services that aid in a firm's operation are called ______ services.
professional
Kendra is shopping at the new organic food store. She wants to buy her favorite organic granola, but is disappointed to find another brand on the store shelf. From a marketing point-of-view, the granola on the shelf lacks _____ because it doesn't meet Kendra's needs.
quality
Within the context of marketing, the power of a product to fulfill a customer's requirements is called its _____.
quality
In more complex service delivery situations, like running a cruise ship, it is hard to keep _____ consistent.
quality, service, or standards
A marketing researcher at a soda company conducted a survey to determine the number of respondents who have tried their new diet soda. He calculates a percentage for respondents who have tried the product and figures an average score for how satisfied they were. The researcher is conducting ______.
quantitative research
Research that seeks structured responses that can be summarized in numbers, such as percentages, averages, or other statistics, is referred to as ______.
quantitative research
Country Hill Products, Inc. has a subsidiary that grows soybeans and field corn. In addition, the firm has a subsidiary that mines for coal and precious metals. All of the company's products are examples of ______.
raw materials
Unprocessed expense items that receive little handling before progressing to the next production stage are ______.
raw materials
Macro-Marketing
refers to the social process that is concerned with matching supply and demand and meeting the needs of society by doing so
Situation analysis is especially important so that both the marketing manager and the _____ understand the problem area.
researcher
When determining customer lifetime value, the _____ rate refers to the percentage of customers who stay with the company in comparison to the total number of customers.
retention
Needs related to protection and physical well-being are called ______ needs.
safety
Since it is rarely possible for marketing managers to acquire information about every member of a population, they instead acquire information from a representative ______.
sample
The product offered by Southwest Airlines achieves the highest level of ______ when the customer's entire flight experience—from departure to arrival—meets the customer's needs.
satisfaction
Most customers consider an item a "product" when it _____.
satisfies the customers need
The marketing research process is based on the _____. mission statement
scientific method
After analyzing environmental trends and the firm's resources and objectives, marketing managers should develop ______ to narrow down the number of strategic choices.
screening criteria
A company's MIS is a good source for _____ data.
secondary
Business-to-business markets, with very large customers, can treat customer firms individually as " _____ of one" .
segments
The multiple target market approach involves ______.
selecting multiple target markets and applying unique marketing mixes to each
Marketers must be careful when using sentiment analysis because this information is usually ______.
selective
Tools that measure _____ _____ can quickly generate a lot of information, and many are free. Yet, much of this information is selective.
sentiment analysis
When competitors offer physical goods, a company may differentiate its offering by adding a _____ valued by its target market.
service
Dental Providers of America, Inc. provides dental services across the country and has dental offices in most major cities. The company has to have multiple locations because ______.
services are conducted in person
Products that a customer is willing to spend time and effort comparing to similar products are called _____ products.
shopping
Mary is shopping for a football jersey in her favorite colors. At the same time, her husband Frank is shopping for a football jersey from his college alma mater. For Mary, the jersey is a(n) ______ product, for Frank, the jersey is a(n) ______ product.
shopping; specialty
In addition to informing the marketing manager of what information is existing and accessible regarding a problem area, a _____ also highlights additional information that must be acquired.
situation analysis
For a marketing manager, calling people who are knowledgeable in the designated problem area and performing Internet searches may constitute the research required to conduct a useful
situation analysis.
A group of people seen as having similar or equal status make up a ______.
social class
Marketing research that is based on the scientific method requires a company's ideas to be
tested prior to implementation.
A marketer who is analyzing demographic trends might study _____.
the age of the population
What are the two parts of a marketing strategy?
1. Marketing Mix 2. Target Market
Which of the following are true with respect to exchange in marketing?
1. Marketing involves a willingness of at least two parties to engage in exchange 2. Sellers offer to exchange something that meets a need
Which of the following are true with respect to marketing and production?
1. Marketing starts with the potential needs of customers 2. Marketing investigates what the future needs of customers might be
Which four of the following are basic marketing/competitive situations a company might face?
1. Monopolistic Competition 2. Oligarchy 3. Monopoly 4. Pure Competition
The correct order and steps in the consumer decision process are _____.
1. Need awareness 2. Problem solving 3. Purchase decision 4. Experience after the purchase
Which of the following are examples of the Promotion element of the marketing mix?
1. Nike creates a short video about soccer cleats that it posts to Youtube 2. Vail Ski Resort runs advertising in California newspapers
Which of the following are true statements about the marketing concept and nonprofit organizations?
1. Nonprofit organizations should have an agreed-upon measure of long-run success 2. Nonprofits face competition for the resources and support they need
Choose the statements about differentiation that are true.
1. Offering a lower price than the competition - while being similar on the other three Ps - would be a source of differentiation 2. True differentiation occurs when customers see the firm's offering as being better with regard to all four Ps 3. Differentiation can only occur if one or more of the four Ps is done better than the competition
Which of the following might be revealed by clustering techniques?
1. Past buying behavior 2. Demographic characteristics 3. Attitudes toward the product
What are three components of the promotion element?
1. Personal Selling 2. Mass Selling 3. Sales Promotion
What are the specific steps in the marketing management process?
1. Planning marketing activities 2. Directing implementation of marketing activities 3. Controlling marketing plans
Order the steps of the marketing management process starting with the first step and ending with the last.
1. Planning marketing activities 2. Guiding the implementation of marketing plans 3. Controlling marketing plans
Marketing ideas are used to promote which of the following?
1. Political parties 2. Entrepreneurs 3. Charities
The Four P's of marketing are:
1. Product 2. Price 3. Place 4. Promotion
Which of the following statements about a product are true?
1. Product can involve a physical good 2. Product can involve a blend of physical good and service
Which of the following statements about mass selling is true?
1. Publicity is one form of mass selling 2. Advertising is one form of mass selling 3. Mass selling can involve media that includes magazines and the Internet
Order the five levels of brand familiarity, from the lowest level of brand familiarity (listed at the top) to the highest level of familiarity (at the bottom).
1. Rejection 2. Nonrecognition 3. Recognition 4. Preference 5. Insistence
Which of the following describe a market-directed macro-marketing system?
1. Relies on the universal marketing functions 2. Overcomes discrepancies of assortment and quanitity
Which of the following are types of separation that marketing helps overcome?
1. Separation in Time 2. Separation of Information 3. Separation of Values 4. Separation of Ownership 5. Spatial Separation
In advanced economies, challenges to producer-consumer exchange include which of the following?
1. Separation in Time 2. Separation of Ownership
Product is concerned with which of the following in the marketing mix?
1. Service 2. Branding 3. Installation
Which of the following are aspects of a culture?
1. Shared attitudes 2. Homogeneous set of people 3. Shared beliefs
Place the five stages of marketing evolution in the proper order from earliest to latest (with the earliest stage at the top).
1. Simple Trade Era 2. The Production Era 3. The Sales Era 4. The Marketing Department Era 5. The Marketing Company Era
Which of the following are the result of advances in e-commerce, transportation, and communications?
1. Small firms can operate internationally at little expense 2. Firms can more easily reach international customers
What three things are measured when considering a company's triple bottom line?
1. Social Outcomes 2. Economic Results 3. Environmental Impact
Under English and U.S. common law systems, a seller is required to do which three of these things?
1. Stand behind the firm's product 2. Tell the truth 3. Uphold contracts
What are three emotional needs that a customer in an advanced economy might want to satisfy?
1. Status 2. Excitement 3. Appearance
A S.W.O.T. analysis helps a company figure out which four of the following?
1. Strengths 2. Weaknesses 3. Opportunities 4. Threats
A mission statement should do which of the following?
1. Supply guidelines for managers 2. Focus on a few key goals
Which of the following are true with respect to target marketing?
1. Target marketing fulfills the selected group's needs better than mass marketing 2. Target marketing can mean big profits and big markets
Which of the following are ethical issues that may arise when selecting segmenting dimensions?
1. Targeting the disadvantaged with expensive goods 2. Marketing unhealthy foods to kids 3. Marketing infant formula to less-developed countries
By 2019, how much buying power is predicted to reside in the African American community?
$1.4 trillion
Trina's Baker had 600 customers last year and this year, 400 of those customers still patronize the bakery. What is the retention rate at Trina's Bakery?
(400/600) 66%
Which of the following might be considered benefits to a person going on vacation to Hawaii?
1. A complimentary drink in the hotel lobby 2. Free transportation to and from the airport 3. A nice swimming pool
Which of the following is true about competition and customer value?
1. A firm that creates customer value that is superior to its competition is likely to retain customers 2. A firm offering better values than its competition is likely to acquire new customers.
In the case of individual sellers facing price competition, demand might be fairly _____ (elastic/inelastic).
elastic
Identify how having teenagers in a family impacts consumer spending habits.
1. Teenagers have education needs 2. Teenagers eat more
What are the four broad areas of opportunity a company can pursue in the marketing strategy planning process?
1. Market Penetration 2. Market Development 3. Product Development 4. Diversification
Which of the following are true of market segmentation?
1. A major reason for market segmentation is to help a manager truly understand customers 2. Managers use segmentation to help them figure out which groups of customers to serve
Which of the following are examples of products?
1. A television 2. A car 3. A diet soft drink 4. A DVD movie
What are the company's three potential paths for growth based on the customer equity approach?
1. Acquiring new customers 2. Retaining current customers 3. Enhancing the customer value by increasing purchases
Which of the following reflect how a company adopting a production orientation would operate?
1. Advertising emphasizes product features 2. Customer service is required only to handle and reduce customer complaints 3. The company sells whatever product offering it is able to produce
Which of the following regions in the United States are currently experiencing the highest rates of population growth?
1. The Southeast 2. The West
What is the best way for marketing managers to identify the correct problem and not its symptoms?
By doing research
Which of the following are qualities of "good" market segments?
1. Customers in different market segments have significant differences in characteristics and responses to marketing mix variables 2. The market segment is broad enough to be profitable for the firm 3. The dimensions used to define the marketing segment help identify potential customers and effective marketing mix variables 4. Customers within a market segment have similar characteristics and responses to marketing mix variables
Samson Inc. faced tough competition in the U.S. motorcraft market. What steps might the company take to improve the bottom line?
1. Cut costs 2. Expand overseas
List the five steps in the marketing research process in order, beginning with the first step at the top of the list.
1. Define the problem 2. Analyze the problem 3. Get problem specific information 4. Interpret information 5. solve problem
A successful product-market definition will ______.
1. Define the scope of the market in which the firm will compete 2. Help to focus and sharpen a firm's marketing strategy
Which of the following are general categories of segmenting dimensions in consumer markets
1. Demographic 2. Geographic 3. Behavioral
The two goals of marketing are to _________.
1. Determine future production needs 2. Build an ongoing relationship with the customer
Marketing helps overcome which of the following discrepancies?
1. Discrepancies of Quantity 2. Discrepancies of Assortment
Which three of the following are considered elements of the economic environment?
1. Economic Growth Rates 2. Inflation Rates 3. National Income
Which of the following variables contribute to the cultural and social environment?
1. Education level 2. Clothing styles 3. Language 4. Religious beliefs
Which of the following are activities of government in a market-directed economy?
1. Ensuring producers deliver a level of quality they promise 2. Enforcing contracts 3. Creating regulations to govern trade
Identify the shifts that occur in spending when children arrive in a young family.
1. Focus on education and medical spending 2. More spending on credit 3. Less saving of income
Which of the following are examples of marketing strengths that might be enjoyed by the Coca Cola company?
1. Good relationship with retailers 2. Recognizable branding 3. Experienced Sales Force
Which of the following are marketing processes used by combiners?
1. Grouping similar customers across multiple submarkets into a single target market 2. Developing a marketing mix that appeals fairly well to customers across multiple submarkets
Ethnic groups in the United States are experiencing which of the following?
1. Growth in population 2. Growth in buying power
Which of the following are potential benefits to using the segmenter approach?
1. Higher profits 2. Reduced competition 3. Greater sales
What are the two main reasons for the increase in population within ethnic groups in the United States
1. Immigration 2. Higher birth rates
The major product benefits described in a positioning statement should be ______.
1. Important to the target market 2. Unique to the brand
Which of the following are examples of economic needs?
1. Improvement of earnings 2. Economy of purchase 3. Dependability of use 4. Efficiency in operation
What are the four basic problem-solving steps a consumer may go through to satisfy a need?
1. Information Search 2. Identify alternatives 3. Set criteria 4. Evaluate alternatives
What are three elements of a research proposal?
1. Information about cost 2. What data will be collected 3. How they will be collected 4. Who will analyze them and how 5. How long the process will take The type of data that will be acquired Cost of data collection The way the data will be acquired
In a weak economy, consumers feel ______.
1. Insecure in their jobs 2. Less likely to spend money
Industrial products are at the _____ end of the continuum of environmental sensitivity, while consumer products that are targeted toward a specific cultural variable are at the _____ end of the continuum of environmental sensitivity.
1. Insensitive 2. Sensitive
Which of the following would likely be considered costs, as opposed to benefits, to people purchasing a new car?
1. Interest charges to finance the car 2. Waiting three weeks for delivery 3. The price they pay
Which two of the following statements about international markets are true?
1. It can be challenging to anticipate potential business risks. 2. It is often difficult to gain a full understanding of the market environment variables.
Which of the following are true about personal selling?
1. It involves spoken communication 2. It can occur over the telephone
Which three of the following statements are true about a market-directed macro-marketing system?
1. It overcomes discrepancies and separation between producers and consumers 2. The universal functions of marketing enhance its effectiveness 3. It efficiently and effectively connects heterogeneous supply and heterogeneous demand
Which of the following are potential concerns about international opportunities?
1. Laws can be different in other countries 2. Cultural differences can create problems 3. Some countries have instability because of political or social issues
Which of the following are examples of social needs?
1. Love 2. Friendship 3. Esteem
The universal functions of marketing include which of the following?
1. Market Information 2. Storing 3. Selling 4. Transport 5. Buying 6. Standardizing and Grading 7. Financing 8. Risk Taking
Criticisms of marketing include _____.
1. Marketers over-promise the service 2. Marketing exploits the poor 3. The quality of the product is unsafe and poor
Which of the following are true about the specific qualitative and quantitative screening criteria marketing managers develop?
1. The firm's objectives and available resources help determine the appropriate criteria to use 2. These criteria are useful in figuring out the markets in which a firm wants to complete
Which of the following statements about the marketing strategy planning process are true?
1. The marketing strategy process starts broadly and then narrows down 2. A marketing strategy begins with an evaluation of customers, competition, and company
Which of the following statements about marketing strategy are true?
1. The needs of the target market should drive decisions on the marketing mix 2. Strategies include identifying both a target market and a marketing mix
Which two of the following factors are part of the competitive environment for a fast food chain?
1. The number of restaurants in the market 2. The types of restaurants in the market
Which three of the following reflect how a restaurant adopting a marketing orientation would operate?
1. The restaurant makes what customers are interested in ordering 2. Customer needs determine how the restaurant operates 3. Restaurant management tries to identify unmet customer needs
There are state and city laws regulating _____.
1. The setting of prices 2. Starting up a business
Which of the following factors do marketing managers consider when evaluating the industry attractiveness dimension of a product-market plan?
1. The types and amount of competition in the industry 2. The potential environmental impact of the plan 3. Market size and rate of growth
Which of the following statements about Generation Y are true?
1. They are health conscious 2. They are relatively comfortable with technology
Which of the following statements is true of smaller firms?
1. They can have the advantage of flexibility 2. They can be disadvantaged because of the cost of producing smaller units is higher
Which of the following do production-oriented managers do?
1. They focus on the products they sell 2. They miss opportunities by ignoring the market
A group of people can be considered a market if ______.
1. They have similar needs 2. They are willing to exchange something of value to satisfy their needs
For which of the following reasons would a company want a fresh start in another country?
1. Thin profit margins 2. Slow sales growth 3. Tough competition
Which of the following are part of the role of a macro-marketing system?
1. To match heterogenous supply to heterogenous demand 2. To help ensure that the society's objectives are met 3. To get products to consumers at the right time, place, and price
Which of the following activities are part of the basic approach to competitor analysis?
1. Understand how your marketing mix compares to your competitors' offerings and strategy. 2. Evaluate the strengths and weaknesses of your target market and marketing mix. 3. Identify existing and potential competitors.
Which of the following makes an international market attractive?
1. Unfavorable trends at home 2. Favorable trends in other countries
Economic buyers are consumers who ______.
1. Want the greatest satisfaction for time and money 2. Logically compare choices
If online shoe retailer Zappos offers superior customer value, what is the sequence of benefits Zappos can hope to obtain?
1. Zappos attracts more customers 2. Zappos satisfies its customers 3. Zappos keeps more of its customers 4. Zappos increases sales to its present customers 5. Zappos builds profitable customer relationships
How many steps are there in the market segmentation process?
2
In the late 1990s, 36% of contacted households completed a phone survey. Today, about _____ of households participate.
9%
Which of the following is the best example of an individual product?
A 6-oz. tube of Crest Pro-Health Toothpaste, Clean Cinnamon
The purpose of ________ is to match supply and demand among the producers and consumers of society as a whole.
A Macro-Marketing system
Which of the following statements regarding marketing managers and potential competitors is true?
A Marketing Manager should research and seek out information about competitors
Which of the following helps customers identify a trusted product in the store without needing to evaluate it and similar products every time they go shopping?
A brand name
Since broad product-markets can have many submarkets, target marketers have ______.
A choice among many possible target markets
In international marketing, ______ differences such as language and customs can complicate segmentation efforts.
Cultural
What is a popular type of qualitative marketing research that involves group interaction to encourage participants to share their thoughts?
A focus group interview
Management officials at Grace's Granola Corp. were found guilty of using low-cost artificial ingredients while claiming to use completely natural ingredients. This was considered a criminal offense. What type of legal action could a judge impose on these managers?
A jail sentence
Susan is a first-time home buyer. She wants to keep her monthly mortgage payments as low as possible. Which of the following would work in her favor?
A low interest rate
The owner of a web-based business might want to check to see how many customers are currently visiting her online store or placing orders. What tool allows her to see this activity on the computer in real time?
A marketing dashboard
Psychographics is the study of _____.
A person's day-to-day pattern of living
In the marketing research process, what specifies which information will be obtained and how it will be obtained?
A research proposal
______ is an automated process of analyzing and categorizing social media to determine how many positive, negative, and neutral online comments a brand receives.
A sentiment analysis
The experimental method in market research is also referred to as ______.
A/B testing
Carrie walks into her kitchen every morning and speaks to a device on her counter, "Alexa, what's the weather today?" The device she is interacting with is based on what technology?
AI
Which of these statements regarding population trends is accurate?
About 80% of U.S. Residents live in urban areas
When considering starting a new business, which of the following can be a financial strength?
Access to capital
Which of the following is most crucial for entering an attractive market?
Access to capital
Psychographics analyze a person's day-to-day patterns of living expressed in terms of AIOs, which stands for ______.
Activities, Interests, Opinions
When consumers have no experience with a new idea, they go through steps in the _____ process in order to accept or reject the idea.
Adoption
What is true for firms considering international opportunities?
Advances in transportation make it cheaper to ship around the world
Non personal communication of a product that is paid for by an identified sponsor is known as _____.
Advertisement
When sellers use paid, non personal communication to engage in mass selling and identify themselves as the sponsors of that communication, they are using _____.
Advertising
Which of the following is true concerning the importance of the Four P's?
All are equally important
An Aeron desk chair in a professor's office is an example of what type of business product?
An accessory
The various ways in which people live, including their motivations and behaviors, are part of the ______ environment.
Cultural and Social
What academic discipline is ethnographic research based on?
Anthropology
Target marketing classifies a marketing mix as _____.
Appealing to a selected group of people
In the situation of a consumer purchasing a new automobile, each of the following could be a qualifying dimension except ______.
Appearance
Discrepancies of _______ occurs because producers want to focus on making a narrow range of goods and services, whereas consumers prefer more variety
Assortment
A person's views towards things that reflect a like or dislike are called ______.
Attitude
Which of the following is a consequence of the perishable quality of services?
Balancing supply and demand can be challenging.
To use technology in the best possible way, marketing managers must ______.
Begin with customer needs
A person's opinion that is not necessarily action-oriented is called a(n) ______.
Belief
Charlie thinks the new soda tastes like cough medicine. This is an example of a(n) _____.
Belief
With the advent of cloud storage and other online storage tools, Micah's company is now able to save all the data it collects from internal sources, external sources, and marketing research studies. The company wasn't able to store all of this with its former database management system. What phenomenon is Micah's company experiencing?
Big data
The relevant market that a firm has for finding opportunities should be _____ the firm's present product-market.
Bigger than
Which of these companies is performing a sentiment analysis?
Bob's Burgers reviewed the number of positive and negative tweets about its new sandwich.
Which of the following occurs when a person is completely unfamiliar with a brand?
Brand nonrecognition
To achieve effective market segmentation, markets should first disaggregate the needs of customers. This means the company should _____.
Break apart all possible needs into some generic markets
Companies rely on _____ opportunities to develop marketing strategies that are difficult to replicate and have the potential to make the company a lot of money for a long time.
Breakthrough
Which of the following helps companies create marketing strategies that are difficult to replicate and have long-term profit potential?
Breakthrough opportunities
Terms such as generic market and product-market are examples of ______ market definitions that can be useful to firms searching for opportunities.
Broad
Greg told the management team that the ideal consumer for the product is a 27-36 year old working mother living in the Midwest. This fictional description of a customer is called a(n) _____.
Buyer Persona
Which of the following is an example of a low-involvement purchase for most people?
Buying a loaf of bread
In non-profit organizations, the marketing concept _____.
Can be a challenge because support may not come directly from satisfied "customers".
Which of these questions could be used in qualitative research?
Can you describe your recent 50-mile bike ride?
A major difference between the economic environment and the cultural and social environment is that the economic environment ______.
Changes rapidly
Margo's company plans to reposition the high-end trail bike it introduced last year. This will involve _____.
Changing customers perceptions
Grouping customers with similar segmenting dimensions into a single homogeneous segment is known as ______.
Clustering
Trying to increase the size of their markets by putting two or more segments together is a typical practice performed by ______.
Combiners
In a _____ economy, the government decides the details of what is produced by whom and where goods will be distributed.
Command Economy
Managers should set marketing objectives within the framework of larger _____.
Company Objectives
When marketing managers analyze similar businesses and their strategies, they are considering the _____ environment.
Competitive
In competitive analysis, marketing managers attempt to identify those firms whose products and marketing mix are the most similar, these firms are known as ______.
Competitive Rivals
Marketing managers focus their competitive analysis on ______, firms that offer similar products and marketing mixes.
Competitive Rivals
The Apple iPhone meets a target market's needs for a simple-to-use and versatile smartphone. By differentiating the iPhone and meeting its target market's needs better than its competition, Apple has built a ______.
Competitive advantage
Aliza is the marketing manager at SinoSure Foods, an Asian food company. She has been going to stores to check out new products on the shelves by the SinoSure goods. She is actively seeking out information about current and potential _____.
Competitors
The first step in competitor analysis is to identify potential ______.
Competitors
Which three of the following need to be considered when deciding whether or not to offer a warranty?
Competitors' offerings Customer needs The legal environment
Modern clustering techniques benefit from the use of ______.
Computers
The _____ _____ _____ Act set up the Consumer Protection Commission.
Consumer Product Safety
Which of the following groups is responsible for establishing and enforcing safety standards in the United States?
Consumer Product Safety Commission
Which of the following are intended to be purchased and used by the final end user?
Consumer products
What are three benefits of conducting a telephone survey?
Consumer responses can be recorded Interviewer can ask follow-up questions Fast turnaround
Which of these researchers is using the experimental method to collect information?
Corinne provided each participant with two plates. Each plate held a slice of pizza. The plates were labeled "A" and "B."
In many businesses, the _____ of producing and selling each unit decreases as the number of units produced increases.
Cost
_____ make unauthorized copies of products
Counterfeiters
A(n) _____ consists of potential customers with similar needs who are willing to exchange something of value with sellers in order to receive a good or service.
Market
In a(n) _____ -directed economy, the macro economy is the result of the multitude of individual decisions made by consumers.
Market
Explicitly stating that a firm will market to business customers rather than unaffiliated consumers is an important aspect of a manager's ______ since this clearly establishes the markets in which the firm will compete.
Market Definition
Which of the following is a company engaged in when it attempts to increase sales of its current products by offering them in new markets?
Market Development
Since most firms find attractive opportunities for their products fairly close to existing markets, what opportunity do marketing strategies typically pursue first?
Market Penetration
A group of customers with shared characteristics who are expected to have a similar response to a marketing mix is known as a _____.
Market Segment
To identify and understand different subgroups in the target market, marketing managers rely on _____.
Market Segmentation
Home Depot has a great relationship with building contractors. This is an example of a(n) _____ strength.
Marketing
The marketing department of Henri's company is taking the next two weeks to measure and analyze their current marketing performance. The company will use the results of this analysis to adjust any areas and improve their current effectiveness. What is Henri's company engaging in?
Marketing Analytics
In the _____ era of marketing, all the operations of a firm are guided by marketing concepts.
Marketing Company
In which era of marketing are all the activities of a company defined in terms of marketing based on both short-term and long-term plans?
Marketing Company Era
The _____ is based on the idea that everything a company does should be based on satisfying the company's customers while still making a profit.
Marketing Concept
Which of the following refers to the idea that a company should focus entirely on satisfying customers and do so profitably?
Marketing Concept
The _____ _____ era describes the stage when a single department or firm takes over the firm's marketing activities in an effort to improve marketing activities.
Marketing Department
Which of the following is the marketing era in which a company creates a single department to assume command of all of the company's marketing activities?
Marketing Department Era
Which of the following are the moral standards for marketing activities?
Marketing Ethics
The numeric data that marketing managers use to evaluate how well a marketing program performed based on intended goals are called _____.
Marketing Metrics
A(n) _____ _____ is a written document that identifies a marketing strategy and spells out the various elements that are necessary for fulfilling that strategy
Marketing Plan
An organization's _____ combines multiple marketing plans into a single, large plan.
Marketing Program
Which of the following statements about the marketing functions from a micro viewpoint is true?
Marketing functions can be shared among firms in various ways
Jacob is reviewing a report that shows him the sales and costs anticipated with the three different promotional efforts his company plans to use for the new product. From this, he selects the marketing mix appropriate for the product. What type of report is Jacob using to make his decision?
Marketing model
Firms need a hierarchy of objectives, moving from company objectives to _____.
Marketing objectives
Which of the following is not a criticism of marketing?
Marketing reduces discrepancies of assortment
_____ marketers, such as Target, aim at large, clearly defined markets.
Mass
When a seller shares information about a product with a large audience, she is doing what?
Mass Selling
In regards to positioning maps, consumer perceptions ______ product characteristics.
May be different from
The _____ - _____ dilemma refers to the fact that what benefits specific companies and their customers may not benefit all of society.
Micro-Macro
An organization's _____ statement describes the organization's basic purpose for existing.
Mission
Which of the following documents describes a firm's basic purpose?
Mission Statement
In _____ competition, several firms offer marketing mixes that at least some customers see as different. In this situation, marketing manages try to differentiate their offerings by adjusting other aspects of the marketing mix.
Monopolistic
The market for breakfast cereals includes many brands and marketing mixes that some customers see as different despite their similarities in terms of ingredients and branding. The breakfast cereal market can be described as ______.
Monopolistic Competition
As the text explains, which video game is an example of augmented reality?
Pokemon Go
Regional economic groupings such as the North American Free Trade Agreement are likely to promote similar ______ environments among member countries.
Political
A(n) _____ statement provides an exact picture of the firm's product offerings, target market, and differentiation strategy.
Positioning
In a market where customers consider competitors to be very similar, it is important to understand _____ , which refers to how customers feel or think about various brands.
Positioning
In order to focus a marketing mix, marketing managers might describe the firm's target market, product offerings, and differentiation strategy in a ______ statement.
Positioning
The way in which customers think about brands in a market is called ______.
Positioning
Andrea moved to a new apartment in the city and chose a nearby nail salon for a manicure. She ended up disappointed with the quality of the manicure and disliked the salon's ambiance, so she decided never to go to that salon again. What led to Andrea's decision?
Post-purchase regret
When targeted customers _____, the company is said to have a competitive advantage.
Prefer a company's marketing mix over that of a competitor
What are some advantages intermediaries enjoy in the battle of the brands?
Preferred shelf positioning Better access to low-cost, reliable supply sources
Tom's drugstore buys toothpaste for $1 and decides to mark it up to $1.50. This strategy decision falls into the _____ area of the marketing mix.
Price
_____ in the marketplace are a rough measure of how society values particular goods and services.
Prices
______ data is information specifically collected to solve a current problem.
Primary
Once consumers identify a need, they often engage next in a ______ process that focuses on how to best meet that need.
Problem-solving
Why is effective marketing difficult in an advanced economy?
Producers and consumers are commonly separated from each other in several ways.
A group of potential customers with similar requirements who are choosing between a number of closely related products are part of a ______-market.
Product
A(n) ______-market consists of customers with very similar needs and sellers offering a number of closely related ways of satisfying those needs.
Product
Denny's adds two new meals to its menu. This is an example of which marketing mix area?
Product
Positioning analysis is a ______-oriented approach.
Product
A firm engaged in _____ _____ is offering its current markets a new product or an improved version of a current product.
Product Development
When a company offers a new product or an improved version of a current product in its present marker, it is engaged in _____.
Product Development
Which of the following is used to describe the total amount of individual products in a product line? Brand identity
Product line length
Market segmentation requires that the marketing manager decide which ______ might be useful for marketing mix planning.
Product-marketing dimensions
Market segmentation requires that the marketing manager decide which ______ might be useful for marketing mix planning. product-market dimensions
Product-marketing dimensions
In the _____ era, individual producers need to make only a few types of products because there are few if any other sources for the products.
Production
The _____ era is a time when companies focus on production of a few specific products perhaps in response to a lack of these products in the existing markets.
Production
The term "_________" refers specifically to manufacturing goods or performing services.
Production
Which of the following is not considered a possible segmenting dimension for consumer markets?
Production facilities
Customer equity is _____.
The amount of money a company can expect to earn from customers during a given time.
Selecting one homogeneous market segment as the firm's target market is called the _____ target market approach.
Single
As a marketer, it is usually safer to try to satisfy the needs of a ______.
Small group of customers very well
Generation X is ______ in number than the baby boom generation.
Smaller
Which type of consumer behavior need involves the consumer's interaction with others?
Social
_____ _____ can amplify the voices of opinion leaders.
Social Media
What is the final step of the research process?
Solving the problem
Consumers use rational decision-making processes ______.
Some of the time
_____ management planning involves the creation of a plan to guide the actions of an entire company.
Strategic
What managerial process involves cultivating and keeping a relationship that matches an organization's resources with its marketing opportunities?
Strategic Management Planning
The marketing _____ should be evaluated against the company's objectives.
Strategies
Adding an additional step to the marketing segmentation process for international markets aids in identifying regional or national ______ that are fairly similar.
Submarkets
As Rhonda wandered through the state fair, she could not help but smell the kettle-cooked popcorn—and she soon bought some. This is an example of how buying behavior is influenced by ______.
Surroundings
Which type of marketing focuses the marketing mix on appealing to a particular group?
Target Marketing
The use of scientific advancements to help convert resources into goods and services is also known as ______.
Technology
When an auto manufacturer applies scientific advancements to improve the gas mileage of its vehicles and increase sales, it is taking advantage of ______.
Technology
Extensive problem solving would likely be used to purchase a product ______.
That is completely new
Which of these companies is demonstrating monopolistic competition by trying to differentiate its product because it is similar to products offered by other companies?
The Cinemark movie theater chain enters a promotional deal with Starbucks where customers earn a free coffee when they attend a matinee.
In a market-directed economy, the macro-level decisions of the economic system are _____.
The sum of individual decisions by producers and consumers
Which of the following statements is true about the fairness and effectiveness of a macro-economic system?
The system should be evaluated against a society's objectives
Benefits highlighted in a positioning statement should be those most important to ______.
The target market
Business product classes are based on which of the following?
The way buyers will use the products The way buyers think about the products
What are the consumer product classes based on?
The way people think about products
A highly-personalized marketing approach considers each customer to be ______.
Their own individual segment
Which one of the following is a characteristic of a fixed response questionnaire?
They are easy to analyze.
With regard to the target market, which of the following must marketing-oriented managers do?
They must focus on specific target markets.
Which of the following are true of professional services?
They support a firm's operations. They are typically expense items.
An hour before a dinner with a big client, Jesse remembers he doesn't own a tie. He races to the nearest department store and quickly purchases one. In this case, Jesse's purchase was largely influenced by ______.
Time
Consumers make different purchase decisions when they are in a hurry. This is an example of _____ influencing a purchase situation.
Time
In a market-directed economy, which of the following describes the role of price of goods and services?
To act as a rough measure of value
What is the purpose of branding?
To identify a product
Which of the following is the intended goal of focusing on a specific target market?
To offer superior value to the target market
Which of the following is a basic function of an economic system?
To produce goods and services from the limited resources available to society
_____ customers' behavior may provide companies with ideas for new products, added features or additional services.
Tracking, Following, or Analyzing
What are potential sources of secondary data?
Trade associations Library
Which of these customers is experiencing dissonance?
When Sara arrived home and tried on the dress, she wasn't sure it was right for the wedding she was going to.
Which of the following conditions help enable successful branding?
When customer need is great enough to make the branding effort profitable When customers can easily identify a product by brand or trademark When it is easy to maintain product quality that is the best value for the price
Conrad's company wants to understand the reason customers are choosing their competitors products over their products. Which type of question does Conrad need to answer?
Why
Traditionally, marketers in the U.S. have considered the _____ as the primary purchasing agent for the family.
Wife
Until recently, most marketers in the United States considered the ______ as the family purchasing agent.
Wife
"Big _____" is the name given to data sets that are too large and complex to work with typical database management tools.
data
A computer program that makes it easier for a marketing manager to get and use information and turn the information into knowledge to make informed marketing strategy decisions is called a(n)
decision support system (DSS).
As the marketing manager at a very successful sports equipment company, Joe must make decisions about pricing and advertising. He often uses a computer program that provides suggestions about price levels and advertising media choices. This computer program is most likely a(n)
decision support system (DSS).
The demand for wood pulp depends partly on the demand for books. In this case, the demand for wood pulp is a(n) ______ demand.
derived
When the demand for a business product results from the demand for a final consumer product, it is called ______ demand.
derived
All four of the hardware stores in Trevor's community sell gas grills, but Hank's Hardware is the only store that delivers and installs the grills at no-charge. For this reason, Trevor buys his new grill at Hank's Hardware. By adding these services, the hardware store has _____ its offerings.
differentiated
Apple has developed innovative protective packaging for its iPad2 tablet computer. This has led to fewer iPads being damaged in shipping which, in turn, will lower ______ costs.
distribution
Leila has repeatedly had a good experience with Overland brand tires and buys them every time she needs a new set of tires for her car. Leila is buying Overland tires primarily because they have ______.
earned her trust
Customers in other countries are interested in products a firm offers. This can improve a company's _____.
economies of scale
Jose and Marta are both purchasing new televisions. Jose is hosting a Super Bowl party this afternoon and needs to replace the television that broke late last night, while Marta wants to carefully examine the different models available to find the one that is of the highest quality and best suits her needs, regardless of price. For Jose the television is a(n) ______ product, but for Marta it is a(n) ______ product.
emergency; heterogeneous shopping
How much a brand is worth in terms of its market strength is known as brand _______.
equity
When Mallory asked her son what cell phone he would like for his 18th birthday, he replied, "An Apple iPhone of course." The familiarity of the Apple iPhone name proves its overall strength in the market. In other words, this phone has strong brand ______.
equity
Sason has packaged their aspirin medication so that it is similar to the packaging of Bayer aspirin. This could be considered an ______ dilemma.
ethical
Some customers complain that Frito-Lay's new potato chip packaging hides the fact that they are buying fewer chips for the same price. This type of issue requires marketing managers to make ______ choices regarding the packaging.
ethical
In marketing, research that investigates the actions of consumers in their natural habitat is called ______.
ethnographic research
A product is a(n) ______ item when its complete cost is treated as a business cost during the year it is bought.
expense
The total cost of a(n) _____ item is considered a business expense in the year it's purchased.
expense
The Lanham Act of 1946 ______.
explains how to protect marks describes what marks are protected
An MIS should collect _____ information from the marketplace and from competitors.
external
Some automobile manufacturers install digital sensors to track fuel and engine activity on automobiles sold to the public. This is an example of _____ data.
external
How well a brand is recognized and accepted by people is called brand ______.
familiarity
A(n) B_____ brand exists when a marketer applies one brand name to multiple products, for example if a company sold paper towels, dishwashing liquid, and snack crackers under the same brand name.
family
When multiple products are marketed under a single brand name, it is called a brand ______.
family
Segmenters often ______ their marketing mixes for each target market.
fine-tune
The general behavioral principles that marketing managers can use to better understand a specific target market are called _____.
frameworks
A product that does not have a brand name and is instead identified by its contents and the firm that made the product is called a ____ product.
generic
Risks involved in international opportunities include a lack of knowledge of a country's culture, learning foreign regulations, and _____ unrest.
social/ political
There is a larger percentage of African Americans in the _____ states than in the ____ states.
southern; northern
Products that customers will make an extra effort to find because they really want them are called ______ products.
specialty
Melissa will not buy any tea except "Highlander"—an expensive white tea brand that few stores carry. She used to buy it only when she visited her mother who lived 100 miles away in a big city. She finally convinced her local grocery store to carry Highlander brand. For Melissa, this tea is a(n) ______.
specialty product
A(n) _____ package is an easy-to-use computer program that analyzes data.
statistical
Treena told the management team that she didn't think the market segment was big enough and the company would lose profits if they decided to target the segment. Which criteria for a "good" market segment is Treena using to make her decision?
substantial
Expense items that qualify as ______ are not included in a final product.
supplies
The most common ethical issue in marketing research concerns marketing managers who ______.
suppress particular results of market research
At an ice skating rink, Dawn noticed that everyone was warming up with hot chocolate. She went to buy one for herself. This is an example of how _____ can affect buying behavior.
surroundings
Recent television commercials for Chevrolet show customers discussing J.D. Powers rankings and awards for the company. The information from J.D. Powers is an example of _____.
syndicated research
A good is a(n) ______ item because it can be seen and touched.
tangible
Marketing research is most successful when driven by _____ because it requires testing prior to making a final marketing decision.
the scientific method
A pitfall for marketing managers engaged in Step 1 of the marketing research process is ______.
thinking that a symptom is the problem
An ideal product-market description should include ______ customer dimensions plus one product type description.
three
When the collecting primary of secondary data, research takes _____ and money.
time
During the planning meeting, the marketing manager told the team they needed to promote the new line of low-sodium snack chips because consumers didn't even know they existed and wouldn't know to pick them up when they shopped. These snack chips are an example of a(n) _____ product.
unsought
Products that people are unaware of or do not yet want are called ______ products.
unsought
As one of the Four Vs, _____ is the speed at which data are generated and processed.
velocity
When a marketing manager finds an Internet source that appears useful, the manager should plan to
verify that the source is reputable.
The first "V" in the Four Vs is ____ which identifies the quantity of data generated and stored
volume
The first "V" in the Four Vs is ____ which identifies the quantity of data generated and stored.
volume
Companies use a data ______ to store all of their databases so they are available when needed.
warehouse
The promises a seller makes about a product are called a ______.
warranty
The questions that a marketer should ask in order to identify customer similarities and differences include ______.
who; what; why
haron reminded the marketing team that trying to sell the sherpa-style coats in St. Louis hadn't worked before because that area of the country had short bursts of cold weather. Sharon recommended that the company only sell the coats in climates with at least three months of arctic temperatures. This demonstrates how available data has been transformed into _____.
wisdom