MKTG FINAL EXAM PREP

Henry Ford's statement, "Customers can have any color they want so long as it's black," typified the ________ era of marketing.

production-orientation

For products like pencils, which provide the same benefit for all consumers, marketers should probably use a(n) ____________ strategy.

undifferentiated targeting

Darnell is reviewing an accumulation of collected data. He wants to be sure that this data has been collected from trustworthy sites. On which of the five Vs of big data should Darnell focus?

veracity

In a SWOT analysis, increasing gasoline prices would represent a potential ______ for manufacturers of gasoline cars.

weakness

Knowing what customers expect is essential for success. Retailers need to know which manufacturers their customers prefer, while manufacturers need to know

where their target customers expect to find their products

Mila is a travel agent. Whenever she sells an expensive vacation package, she encourages the customer to buy travel insurance, which provides reimbursement in case of trip cancellation due to illness or another emergency. Selma is trying to reduce her customers' _______ risk.

Financial

When considering income as a demographic variable affecting marketing efforts, marketers need to recognize that

Income in the US has become more unevenly distributed

The Wheel of Social Media Engagement includes the following five effects as drivers of social media: _______, connected, network, dynamic, and timeliness

Information

Some companies want to get their products into as many outlets as possible, understanding that the more exposure a product gets, the more it will sell. If this belief is consistent with the company's overall strategy, it will choose ____________ distribution.

Intensive

Taylor Swift has decided to do a SWOT analysis to help her decide what the next album "era" will be. She is now focusing on the external environment part of the SWOT. The external environment includes

Opportunities and threats

Cross-price elasticity is the

Percentage change in quantity demanded of Product A compared to the percentage change in price of Product B

Many teenagers have clothes they purchased in the past that they "would not be caught dead in" today. When they occasionally see those clothes in the back of their closet, these teenagers probably feel

Postpurchase cognitive dissonance

_________ entails a sense of purpose for a firm that is higher than simply making a profit by selling products and services.

conscious marketing

Claire is watching a movie on her Netflix app after a long hard day of being a lawyer. Which need is Claire satisfying?

"me time"

If you're a manufacturer and you want to showcase your product in a store that has a narrow but deep selection of merchandise and where expert sales associates can assist customers with their selections, you'd be most likely to choose

A specialty store

Suppose that Volkswagen is preparing an RFP for a hands-free phone connection for a new car model. All of the following would be included in the RFP except

A vendor analysis

The final stage in the business-to-business buying process is to

Assess vendor performance

One of the reasons service failures need to be addressed quickly is to

Avoid negative word of mouth from upset customers

Why would a firm spend over $2 million for a 30-second ad on TV during the Super Bowl?

Because the Super Bowl offers an opportunity to create significant brand awareness

If a few of Xbox's customers are asked to try out a new video game that has not yet been released to the market, this is an example of

Beta testing

The purchase information from each individual store is typically aggregated by the retailer as a whole, which creates an order for new merchandise and sends it to the manufacturer. This is an example of information flowing from the

Buyer to the manufacturer

When her company's dry goods deliveries were late for the third time, Maria withheld payment from her supplier until it was back on schedule. This is an example of

Coercive power

Tesla represents a(n) _______ because it manufacturers its own cars in Fremont, CA, and it operates its own retail stores in high-foot-traffic locations such as malls and shopping streets.

Corporate vertical market system

If a firm declared that it wanted to develop a strategic relationship, but was unwilling to commit funds or any effort to make it succeed, there would be an obvious lack of

Credible commitments

Managers of Wendy's fast-food restaurants keep track of prices at competitors such as McDonald's, Burger Kind, and Arby's, knowing that a decrease in the prices at these other fast-food restaurants will

Decrease demand for Wendy's products

Ironically, while the leaders of Enron Corporation were manipulating the company's finances for their personal benefit, the company was a major donor to Houston area charities. Enron had unethical business practices but was also

Demonstrating Corporate social responsibilty

__________ attributes are product or service features that are important to buyers that are used to differentiate among choices.

Determinant

How can a company find its way out of a market characterized by pure competition?

Differentiate the product in some way, even by packaging, so customers will see it as distinct

Having no intermediaries between the buyer and seller is a defining characteristic of a(n) _________ marketing channel.

Direct

A ___________ is a facility for the receipt, storage, and redistribution of goods to company stores.

Distribution center

When travelers are bumped from overbooked flights, they are frequently offered vouchers good for future travel. The dollar value of the voucher is the airline's estimate of

Distributive fairness

According to one definition, CSR can be described as context-specific actions and policies, taking stakeholders' expectations into account, to achieve what is referred to as the triple bottom line. The trip bottom like includes ________ performance.

Economic, social, and environmental

In Candy Crush Saga, you get five lives to play in the game. When you lose a life, it takes 30 minutes in real-time to get that life back, or you can spend $0.99 to get all five lives back. Candy Crush Saga is an example of what type of app pricing model?

Freemium app

Full-line discount, category specialist, and specialty stores are all types of __________ retailers.

General merchandise

_________ is also referred to as "digital natives" because they were born into a world that was already full of electronic gadgets and digital technologies.

Generation Z

A recent innovation by Amazon, the Vendor Flex program, seeks to lower overall transportation costs but also creates new forms of channel conflict with competitors. As a partner in the Vendor Flex program, P&G agreed to allow Amazon to build fulfillment centers within P&G's own warehouses, thus helping to eliminate some of the costs of transporting P&G's products to Amazon's fulfillment centers. Believing that the program was giving its competitor Amazon an unfair advantage, Target reacted vigorously, moving all P&G products from prominent end-cap positions in its stores to less prestigious and less visible locations. Target also stopped using P&G as its primary source of advice for planning merchandising strategies within each category. The conflict between Amazon and Target is an example of ________ channel conflict.

Horizontal

One key feature of the value of a strong brand is that

It can protect the firm from competition

How might Starbucks ensure that it behaves in a socially responsible way toward members of its supply chain?

It can purchase coffee beans from suppliers who pay coffee growers a fair price

Using the BCG portfolio analysis, a "dog" should be phased out unless

It complements or boosts the sales of another product

Successful firms focus their efforts on satisfying customer needs that

Match their core competencies

When Walmart considers reordering items for its stores, its buyers are instructed to negotiate price concessions, quality improvements, and/or added options. In this situation, Walmart buyers are engaged in a(n) _______ situation.

Modified rebuy

Claire has been using an imported brand of shampoo for several years, but she could no longer find it anywhere. As she was considering what kind of shampoo to try, she was surprised to see ads for P&G's Head & Shoulders being promoted as a glamorous health-oriented product. She had always thought of Head & Shoulders as an antidandruff shampoo. The new ads suggest that Head & Shoulders has most likely been

Rebranded

Many Hollywood movie stars were among the first to buy electric hybrid vehicles. These stars often become ______ influencing other consumers' behavior.

Reference groups

In Boston, foot-long sandwiches are called "grinders," while in many other parts of the country they are called "subs." This is an example of the impact of

Regional culture

Frank lives according to his own rules, unconcerned about designer labels, brand names, and luxury items. Frank is at which level of Maslow's Hierarchy of Needs?

Self-actualization

Which test asks the question, "Would I like to be on the receiving end of this action and all its potential consequences?"

The Golden-Rule test

The greater discrepancy between a consumer's needy state and the desired state, the greater

The consumers need recognition will be

In the consumer decision process, we decide how much time and effort to expend searching for information based partly on

The degree of perceived risk associated with the product or service being considered

Mila operates on a pretty tight budget. She is a price-conscious shopper and usually buys store or generic brands to save money. Recently, however, Mila was given a pretty substantial raise. As such, she has altered her shopping patterns and now regularly buys more expensive, name-brand goods. This is an example of

The income effect

Zara is Sharaya's favorite clothing retailer. Zara is headquartered in Spain, with stores located in many countries. Zara has developed a "quick response" system that allows store merchandise to be adjusted rapidly to fit change customer preferences. Every aspect of Zara's operation is optimized for this system, making it difficult for competitors like The Gap to duplicate. Zara has established

a sustainable competitive advantage

Bethany's Bakery is trying to determine what price to charge for its cookies, so Bethany places a low price on them and raises it each week, keeping track of how many she sells. Then she determines what her cost was for the cookies and determines which price was the most profitable. What form of research was Bethany conducting?

an experiement

The term _______ refers to the enormous amount of information that firms now have access to but cannot handle using conventional data management and data mining software.

big data

When Disney flooded retail stores with products based on its movie Frozen, such as plush toys, dolls, clothes, and stickers, this illustrated

brand licensing

The process of value ______, in which customer collaborate in product design, often provides additional value to the firm's customers.

cocreation

Although he has never owned a Jaguar, Elias thinks they are poorly made and have many mechanical problems. For Jaguar to sell Elias a car, the company would need to change the _______ component of Elias's attitude.

cognitive

George Mason's ski team is buying new equipment. The team's coach has invited all team members to make recommendations, after which he will select the successful vendor. The skiing team's buying center has a(n) _________ organizational culture.

consultative

During the _____ phase of the strategic marketing planning process, marketers utilize systems to check whether each conscious marketing issue raised in earlier phases were addressed.

control

This type of blog typically provides the highest level of digital marketing control for companies

corporate blog

A local art gallery keeps information on its customers regarding their preferences for certain artists as well as the style of art that interests them. The gallery uses this information to inform the customer when new products arrive from their favorite artists and targets them with special promotions. In this way, the gallery is using _____ to build loyalty among its customers.

customer relationship marketing

Supermarkets collect information about individual customers through the use of their loyalty cards, and then analyze the data to look for patterns in purchases. This is an example of

data mining

Georgetown's 1789 restaurant is known as a premier restaurant in DC. With its elegant dining area, extensive wine list, top quality service standards, and gourmet chef, residents and tourists flock to the restaurant. Recently, Sharaya invited her friends to dinner at 1789 to celebrate her upcoming birthday, but the servers kept messing up the orders and even gave one gluten-free friend, pasta instead of rice. 1789 was experiencing a(n) ___________ gap in service quality. [note: this is not a real story. 1789 is a bomb restaurant.]

delivery

Psychographics is the segmentation method that delves into how consumers

describe themselves

Adidas Group owns Reebok, Rockport, and Taylor Made brands. Adidas uses the different brands to pursue a(n) ________ strategy.

differentiated

Macroenvironmental factors include culture, demographics, social trends, and the _________.

economic situation

Using technology and _____________ are two ways a delivery gap can be reduced in size.

empowering employees

In is not unusual to see firms offering free product samples in grocery stores to let customers try the product before buying it. Similarly, in today's world of digital marketing, one can read a chapter of a book before buying it or watch YouTube videos on different ways to use a product. All of these scenarios are aimed at which aspect of the 4E framework?

experience

___________ research is a type of quantitative research that manipulated variables to help determine cause and effect

experimental

Global expansion often begins with

exporting

Changes in tariffs and quotas are

government actions that reduce competition from international firms.

Which of the following is a social trend marketers are focusing on lately?

health and wellness

One important purpose of a brand is to

increase consumer recognition and awareness of product offerings.

The price elasticity of demand for a specific brand of deodorant is -0.9. The market for this product is considered

inelastic

When considering global marketing opportunities in Bangladesh, Trey asked the question, "how will we get our products there?" Thomas is concerned about ______ capabilities in Bangladesh.

infastructure

Firms that hire (or encourage) well-known names to promote brand messages to their networks of followers are using

influencer marketing

At George Mason University, Professor Jones and another marketing professor realize they need a specific type of software to be able to do their research. Recognizing this need, the two professors go to the head of the marketing department to ask for the Business School to purchase the software. These two faculty members are the ________ in the buying center.

initiators

The marketing of services differs from product marketing because services are

inseperable

During the ________ stage of the product life cycle, sales are low, and profits are small or negative.

introduction

A major disadvantage of primary data collection is

it requires more sophisticated training and experience to design the study and collect data.

Which of the following brand strategies is being used when the local ice cream shop decides to add a new flavor to its menu?

line extension

When Porsche filmed an advertisement in which its vehicles ran over the Great Wall of China, Chinese consumers were left more confused than intrigued. To address or avoid such issues, one important cultural classification scheme that firms can use is Hofstede's cultural dimensions concept. Hofstede proposes that cultures differ on all of the following dimensions except

materialism

A(n) _______ is a need or want strong enough to cause a person to seek satisfaction

motive

If Addison Rae posts on Instagram about her ITEM beauty products at Sephora, the post has the potential to instantly reach all 40 million of her followers. What effect of social media engagement is this an example of?

network effect

When consumers are unable to articulate their experiences, _______ becomes particularly useful is understanding consumers' preferences.

observation

Which of the following segmentation methods is being used when M&M's offers special wedding-themed packaging for customized M&M's (imprinted with the names of the bride and groom)?

occasion segmentation

Limited problem solving usually relies on

past experience more than on external information.

Karan purchased a number of books from Amazon.com and he learned to trust the recommendations made to him. More than once he was pleasantly surprised at the books and authors that he discovered this way. In this case, Amazon.com was creating value for Karan through

personalized offerings

________ represents all activities necessary to get the product to the right customer when that customer wants it.

place

Which element of the marketing mix is most relevant to the activity "capturing value"?

price

In omnichannel retailing, what visible element must often be adjusted because of competition faced in different channels? [hint: In class, Sharaya mentioned that Barnes & Noble does this in order to compete with Amazon]

pricing

A ___________ package is the one a consumer uses. A __________ package is used by retailers to display and sell the product.

primary; secondary

For a segmentation strategy to be successful, the customers in the segment must react similarly and positively to the firm's offering. In other words, the market segment must be

responsive

When Alyssa decided to buy a new computer, she considered all the brands she could recall seeing advertised and those her friends have. The products she recalled represent Alyssa's _________ set.

retrieval

Beverage companies often use television commercials with images of young people laughing and enjoying themselves on a beach or in a club. These images are designed to appeal to consumers' ________, because they are appealing to the image that people have of themselves and what they would like to be like.

self-concept

Which service gap is the Ritz-Carlton Hotel trying to address when it takes time and spends up to $1700 to train a new employee?

standards gap

Danielle was looking for a venue wedding reception. She visited The Line DC in Adams Morgan, DC, and fell in love with the rooftop view, the old Neoclassical church architecture, and the luxurious and trendy design. Which of the following service quality building blocks caused Danielle to select The Line DC as her venue?

tangibles

In most countries, ________ is (are) among the largest purchasers of goods and services

the central government

Rihanna's Fenty Beauty line created a new, organic-based makeup line. Rihanna wants to hire Cassie Thorpe, a renowned makeup artist, to demonstrate the use of the new makeup line in her blog. Rihanna knows that Cassie's followers will be highly interested in the new product line. Which factor is Rihanna considering when thinking of using Cassie as an influencer?

the relevance of Cassie's experience

One product strategy used by retailers to differentiate themselves from competitors is

the use of private-label brands

Roberto is reviewing secondary data his company collected about seasonal variations in consumer spending because he is thinking about developing a new product line. The advantages of using these data include

they can be quickly accessed at a relatively low cost

Which of the following reasons are valid for creating a positioning map?

you can easily show where the company is positioned and how large the market is