MKTG 380 Cumulative Final Review

Based on the Young & Rubicam's BrandAsset Valuator model, _____ is a dimension of brand personality that refers to a brand's ability to stand apart from competitors.

Differention

Technological changes and the increased use of Wi-Fi has enabled companies such as Netflix to create a large consumer following and changed consumer's viewing habits. Netflix has emerged as an entertainment company offering original content that's not available on cable or satellite networks. Netflix is a _____ competitor to cable and satellite companies

Direct

Market segmentation plays a very important role in developing a marketing strategy. Select the best definition of market segmentation from the choices below.

Dividing the total available market into smaller, similar groups

Dine&View Movie Theaters has decided to close its east side location. It had been consistently understaffed, resulting in poor dining and viewing experiences for many customers. Recognizing that its resources were too limited to operate three locations, it will move employees from the east side location to the two remaining locations. Dine&View was likely asking:

"In what markets should we compete?"

Which of the following is an example of person marketing?

A mall being inaugurated by a popular commercial actor.

Which of the following is true of a strategic business unit?

A strategic unit has its own managers, resources, objectives, and competitors

Which of the following is a combination of person, cause, and organization marketing?

Angelina Jolie's role as a UN Goodwill Ambassador for refugees.

According to Maslow's hierarchy, an art enthusiast joining an art appreciation society would be satisfying which level of her consumer needs?

Belongingness

_____ is the process of searching through computerized information files to detect patterns that guide decision making.

Data mining

A popular clothing brand in Switzerland decided to launch a new line of home furniture under the same brand name. This strategy being used by the company to launch its new offerings is called _____.

Brand extension

Nivea works for Bonbon, a fair-trade chocolate company based in California. In addition to being recognized for the delicious, low fat treats the company manufactures, Bonbon is also known for fair labor practices at its factories. When interviewed, 83% of the company's loyal customers said when they couldn't find Bonbon products for purchase in local stores, they ordered them online rather than buy substitute products. Which type of brand loyalty is illustrated here?

Brand insistence

In your regular goods and services consumption activities, you purchase products from the wholesaler for resale and for use in your store's daily operations. You also purchase products that you will feature in the gift baskets you make. On the basis of this information, which of the following best describes the market component you are part of?

Business

The lumber that a carpenter purchases to make a table for a customer can be classified as a(n):

Business product

Candace has been using the same shampoo brand for decades. When she finally dyes her hair, however, her hairdresser informs her that she will need to find a new shampoo that can help maintain her new color, prevent breakage, and condition her hair. Before going to the beauty supply store, Candace calls a few friends for recommendations and conducts web-based research on shampoos that address her specific needs. What can one infer about purchase decisions?​

Buying shampoo can be a high-involvement purchase decision.

Sally Myers, head of marketing at Sally's Salon, serviced six new customers over the past two weeks. Through a feedback form, Sally learned that all of them had acted upon the opinions of their friends and family members. What Sally encountered is an example of

Buzz marketing

Some Florida drivers have license plates that say "Save the Manatee's". This is an example of _____ marketing.

Cause

There are a number of strategies that you can use to position your company's technology product in the mind of the consumer. You decide to focus your advertising campaign on the perception that your product is the best compared to others in the marketplace. Which of the common categories for product positioning are you using to develop your marketing campaign?

Competitive

Which of the following is true of convenience products?

Consumers generally tend to purchase convenience products immediately and with minimal effort.

Mateo recently graduated from high school and it's always been assumed that he would go to college after graduation. His family believe education is important to success in life and know that Mateo will be able to achieve success with a combination of hard work, persistence, and knowledge. Mateo has been influenced by

Culture

Your boss believes strongly in the potential of special software that has been developed to search for patterns in computerized data files. This software is used primarily for ____.

Data mining

YOU Inc., a radio cassette manufacturer, sold its business due to poor market shares. According to the BCG Matrix, the firm sold its business because the business had become a _____ as seen in its poor prospects and performance

Dog

Marketing raises a number of ethical questions about the how, when, what, where, and who of marketing implications on individuals and society at large. Ethics are of concern in every aspect of marketing. Your company offers cash rewards to consumers in return for them giving you information that you could use in your own marketing or that you could sell to direct marketers. Which category of ethics does this scenario represent?

Ethics in promotion

Which of the following is most likely to be a logical starting point in identifying the marketing problem?

Evaluating the firm's target market and marketing mix elements

Tabitha is interested in purchasing new head phones and has set a budget of up to $350. She's narrowed her choice to Bose, Beats by Dr. Dre and Exeo Psyko. These three brands are known as her _____ set:

Evoked

A major state university has noticed a decline in students selecting philosophy as a major and is interested in learning more about this issue. They hire a marketing research student as an intern who conducts informal interviews with faculty in the philosophy department as well as freshman students living in residence halls to gain insight into this phenomenon. What type of research is the intern engaging in?

Exploratory

The regulatory agency that can require advertisers to provide additional information about products in their advertisements is the _____.

FTC

Mitch is a marketing consultant and works with an attorney to provide insight about how potential jurors view his cases. Mitch typically assembles a small group of 8-12 individuals from the county and presents relevant information about the legal case. He then guides them in a discussion to learn about their opinions. The group sessions are typically recorded and last about 2 hours. What type of research method best characterizes this research?

Focus group

Indigo Ltd. wanted to increase its customers by applying the marketing concept. Which of the following would be an appropriate way to apply this approach?

Focus on meeting the needs of the consumers

Noel Pvt. Ltd. combines metal, rubber, and other components in the production of appliances. In doing so, the company creates _____ utility.

Form

Which of the following statements is true of tactical planning?

It is the basis for operational planning.

Marketers are keenly aware that good marketing alone is not enough to win the hearts and minds of consumers anymore. Now, marketers must market in a socially responsible manner or risk alienating consumers in ways that can be irreparable. Which one of the following statements is true regarding social responsibility?

Government legislation can mandate socially responsible actions

Which of the following usually indicates a strong economy?

Growth in services such as banking and restaurants

Philippe exhibited extended problem solving when he spent a large amount of time researching and comparing various criteria for a certain product or service. Which scenario in the choices below best describes the extended problem solving that Philippe used?

He pored over college catalogs and visited various campuses before choosing the one his son would attend.

News reports from Zimbabwe indicate that a small pack of locally produced coffee beans costs approximately 1 billion Zimbabwean dollars, an amount that would have bought 60 new cars less than ten years ago in the same country. It can be surmised that Zimbabwe is experiencing extremely high levels of _____, which has spiraled out of control in the past ten years.

Inflation

Bubbles, a major player in the beverage industry, is currently negotiating the purchase of a purification plant and a bottling unit. This is an important investment for Bubbles and the products have been designed specifically for them. Which of the following types of products is being purchased by Bubbles?

Installations

Which of the following statements is true regarding a monopoly?

It is enjoyed by an organization that is the sole supplier of a good or service

Who is going to destroy this final?

You

Dayer's, a popular ice-cream brand, added new flavors to its existing line of ice creams to attract kids. This is an example of _____.

Line extension

Which of the following products is aimed at satisfying the esteem needs of people?

Luxury automobile

Erica is a marketing researcher involved in improving retail store layouts. She would like to know the order in which various types of products are purchased by customers. She also wants to find out what type of assistance is required by the customers while purchasing products. The best method for Erica to collect this data would be by:

Observation

Grayson is majoring in marketing and going through the professional sales program. While he has never played golf, he wants to learn how since he heard "more business gets done on the golf course than in the office." Grayson does not know much about the game, but has asked his friend Drake for some advice. Drake is on the university's golf team and a trendsetter in using new golf equipment. Drake enjoys sharing his knowledge experiences about golf equipment with others, who respect his judgment and often follow his advice. As far as golf equipment goes, Drake can be considered a(n):

Opinion leader

A university sells customized sweatshirts, pullovers, and jerseys to its students and staff. This is an example of _____.

Organization marketing

Banks have recently begun to install ATMs in supermarkets to address customers' wants for instant cash when they go shopping. What type of utility are banks creating for customers?

Place

State bureaus of tourism and conventions typically engage in _____ marketing.

Place

In a(n) _____, firms evaluate their products and divisions to determine the strongest and weakest.

Portfolio Analysis

The Kirkland brand is owned by Costco, and the products can only be purchased at Costco stores. Costco contracts with manufacturers to produce and package products under the Kirkland name. Kirkland can be regarded as a(n):

Private brand

In Australia, consumer spending in the past few months has seen an upward trend, and buyers are willing to spend more on premium brands. From this pattern, we can say that Australia is in the _____ stage of the business cycle.

Prosperity

Promotional schemes like frequent shopper programs provide incentives to loyal buyers. Considering Porter's Five Forces model, such offers will:

Reduce the threat of new entrants

Many hotel chains offer free stays and other perks to repeat customers. This is an example of

Relationship marketing

Helene made sure that her company car was equipped with OnStar in case she ever has car trouble or gets lost while traveling between appointments. OnStar is a service which can connect the car occupants with a personal service attendant to provide assistance. Which level of Maslow's hierarchy of needs is Helene addressing?

Safety needs

The fluctuation in exchange rates results in

a nation's currency becoming more or less valuable compared with those of other nations.

Walmart is evaluating its performance records of the previous years that are stored in its database. In addition to this, the company is also evaluating its previous year invoices. This evaluation process carried out by firms is called _____.

Sales analysis

A company produces a high-quality product, with a maximum monthly output of 10,000 units. Production levels are constant, and the company relies on its marketing department to find customers for its output. This approach is consistent with which era in marketing history?

Sales era

Penelope is using data collected and published by a trade association in her marketing research study. The data used by Penelope can be regarded as _____.

Secondary data

You work for a printing company and have been asked to conduct research on customer reading preferences. You want to answer the following questions: (1) Do readers prefer to read electronic books? (2) Do they prefer to read paper-based books? or (3) Do they not have a preference? You decide that to start off the process, you are going to peruse a series of secondary sources, including published articles, magazine articles, and documents you have purchased from a syndicated service. Based on what you know about collecting data, you know that there are several benefits of using secondary data. You are not as clear, however, about the disadvantages. Which of the following is a drawback of using secondary data?

Secondary data may have been collected for unrelated purposes and may be irrelevant to your needs

Jordan's girlfriend, Kerstyn, asked him to attend her sister's wedding with her. Kerstyn had never met Jordan's family and wanted to make a good first impression, so she spent a lot of time searching for a dress for the wedding. While she found one that she thought looked nice, when she tried it on she thought "this just isn't me!" We can say the dress didn't fit with Kerstyn's:

Self concept

A market in which there are more buyers for fewer goods and services is known as a

Seller's market

Christopher is a hair stylist who owns Curlz, the best salon in Los Angeles. The clients swear by Christopher, and brides and bridesmaids flock to him for all weddings in LA. Christopher's name has become synonymous with the service at Curlz. Which of the following characteristics of services best explains this association?

Services are inseparable from the service providers.

Matthew was grocery shopping with his girlfriend Alexandra for the first time. Matthew is on a tight budget and typically buys private label products such as breakfast cereal, paper towels, and laundry detergent to save money. However, he was uncomfortable purchasing the private label brands when Alexandra was with him, so he ended up with Rice Krispies cereal, Bounty paper towels, and Tide detergent. Matthew's purchases in this case were mostly driven by what type of factor?

Situational factors

ADA Inc. stopped its production of oral care goods after determining apparel production to be its new primary objective. This is a direct result of the _____ planning process at ADA Inc.

Strategic

A certain social networking corporation has the highest number of users in the social networking industry. This is an example of the firm's:

Strength

A SWOT analysis is designed to reveal, among other things, a firm's core competencies, which reflect its:

Strengths

Assume you want to increase the number of customers by applying the marketing concept. Which of the following strategies would be most consistent with this approach?

Target market

McBurgers plans to introduce a new line of fish sandwiches to 15 stores in eastern United States for a six-month period. If the product and promotional efforts behind it are successful, the company may launch them nationwide. What type of research is being conducted to determine potential success?

Test marketing

Since the latter part of the 19th century, the U.S. government has played an activist role in the financial markets and the market for goods and services. The emphasis of their role has varied over this time as different issues and dynamics were at the forefront of business and economic trends. The first phase of the U.S. government's active regulatory role, in the early part of the 20th century, can be best described as which of the following?

The antimonopoly phase

Celwyn works for a cosmetics company known for its anti-animal testing policies. Recently, however, a reputable newspaper reported that the company had tested their newest line of blush on rabbits. Which of the following statements is most likely true about the company?

The company's esteem will decrease as a result of this news report.

A company has introduced a new product in the market. The company distributes free samples of this product to people so that they can try it. This product is at the _____ stage of brand loyalty.

brand recognition

Hart's, a large discount store with locations across the United States would like to add pharmacies to their stores. Marketers at the company would like to research if consumers would be receptive to the pharmacies if Hart's were to add them. They begin their research by looking at the company's internal data. What problem might marketers from Hart's encounter with the internal data?

The internal data will be too limited in scope to provide a full picture of Hart's research questions.

Which of the following is a basic requirement for effective market segmentation?

The market segment must present measurable purchasing power and size.

A junior member of your marketing department has recommended demographic segmentation for your fast food brand. In a memo, he wrote: "We should be marketing to females who are white, low-income, unmarried, and have four or more children." You express at least one strong concern about this recommendation. What concern(s) do you express?

The recommendation could lead to stereotyping and market alienation.

The leaping jaguar symbol, featured on cars of a particular brand, is a part of the brand's:

Trade dress

You have just completed an extensive marketing research project designed to determine the potential of a new service your company is considering launching. Using surveys, polling, face-to-face interviews, and mail-in questionnaires, you have determined that the consumers who are most inclined to use this new service live in densely populated urban areas within certain zip codes. What approach to market segmentation should you use?

Use geographic variables to segment the market

Which of the following conditions would lead a company's marketers to find a new market, change prices, or compete in other ways to maintain an advantage?

When the threat of substitute products is high

Which of the following is the earliest method used for gathering marketing information?

Written testimonials received from purchasers of a firm's products

Enterprise Rental Cars is able to secure favorable prices from major automobile manufacturers such as Ford and Chevrolet for their rental fleets due to the large number of vehicles they purchase each year. This is an example of _____, one of Porter's Five Forces related to marketplace competition.

buyer power

Phoebe was asked to bring a can of food for the local food bank as the admission for a certain ceremony. This is an example of _____.

cause marketing

Consumers sometimes experience feelings of uncertainty after a major purchase. This postpurchase anxiety results from an imbalance among the person's knowledge, beliefs, or attitudes. For example, you may have had these feelings when you first went away to college. Was this the best school for me? Is this where I belong? This postpurchase anxiety is known as:

cognitive dissonance

Palmer Inc. recently changed its promotional strategies for marketing the products. The marketing team at Palmer has been asked to evaluate the target market and the marketing mix elements to find ways to improve the effectiveness of the marketing strategies. Since the firm already knows the purpose of its research, the next step in the marketing research process is to:

conduct exploratory research

Because of competitive pressures, some firms have used packaging and labeling practices that are questionable, misleading, deceptive, and unethical. This is an example of issues related to

ethics in product strategy

Many characteristics were likely important when you chose which college or university to attend. For instance, students often consider the distance from home, programs of study offered, reputation of the school, success of the athletic teams, and cost of attendance. These different elements represent common:

evaluative criteria

Segmentation by benefits sought is a product-related segmentation approach that:

focuses on the attributes that people seek in a product.

Kate believes the reason the sales of one of her company's products has fallen is due to a price increase. She cites sales from the previous year to the same customers as evidence of declining sales. Kate is:

formulating a hypothesis

During the search step of the consumer decision process, the consumer:

gathers information about the attainment of a desired state of affairs.

Compared to undifferentiated marketing, the firm that practices differentiated marketing may generally expect:

greater promotional costs.

Recently, a top economist to the Federal Reserve bank predicted that market conditions would be favorable with low levels of inflation and low unemployment rates. Which of the following might be a response by marketers to this economic forecast?

increasing promotional efforts

Undifferentiated marketing is also called _____.

mass marketing

In times of prosperity, marketers respond to consumer buying behavior by:

offering new products, increasing their promotional efforts, and expanding distribution

Widespread adoption of wireless networks and in-home Internet use has led to an increased availability of "smart" products for the home such as thermostats, lighting, security, systems and smoke detectors. Which environmental factor is most related to the new smart home products?

technological

An example of a firm's strength discovered by a SWOT analysis might be:

ownership of valuable patents.

The tagline used by Blue Jet cleaners, "Pay for Performance," is an example of a positioning strategy that is based on _____.

price/quality

It is crucial for marketers to focus their marketing strategies on opinion leaders in a group as opinion leaders:

represent the trendsetters who purchase products before others in the group and then influence the buying decisions of other group members

A consumer goods company segments its markets on the basis of purchase patterns of their customers. The company groups its consumers who regularly buy their product into heavy, moderate, and light users, and nonusers. This segmentation approach is an example of _____.

segmentation by usage rates

When Tom decided to buy a washing machine, he had very little knowledge of competing products in the market. He did research on the Internet, talked to his friends, and compared features of different models. Finally, he decided to buy an LG top load, semi-automatic washing machine. This is an example of buying a(n) _____.

shopping product

A positioning map:

shows how consumers view a product relative to competitive products.

Consumers who are part of the Millennial generation rely on social media and the influence of peers when making decisions about purchasing products and brands compared to Baby Boom generation consumers who might prefer to read reviews by sources such as Consumer Reports. This distinction is important to marketers and part of the ______ environment.

social-cultural

According to the BCG market share/market growth matrix, the revenues earned from cash cows should be used to finance the growth of

stars and question marks

As chief executive of Stalwart Shipfitting Company, a diversified producer of marine supplies and equipment, John needs a method for spotting promising product lines that warrant commitment of additional resources, as well as those that should be removed from the firm's product portfolio. A good choice for this firm at this stage would be to use:

strategic business units.

An event management company decided to use radio advertising in order to promote an upcoming music festival. The executives of the company suggested various activities that could be used for the radio campaign. These activities are a part of the company's _____.

tactical planning efforts

A product is said to have achieved brand preference when:

the consumer sees or recognizes the product and chooses it over its competitors

The determination of whether pencils are consumer products or business products is based on:

the purpose for which the pencils are purchased.