MKTG smartbook review

Which of the following are included in the ideas for sustainable packaging?

Using returnable packaging Added recycled materials to packaging Using 3D printing

How do marketers begin the process of developing or changing a product?

Using the core customer value to determine customer interests

Qualitative

__________research, such as a focus group, attempts to begin to understand phenomena of interest with broad, open-ended questions.

What service do online focus group firms offer?

a secure site on which companies can listen to and interact with focus groups.

Which of the following is NOT one of the categories of consumer products that buyers use for their personal use?

associated products

The mental link customers make between a brand and its key product attributes is known as brand Blank______.

association

One consumer research exercise asks consumers to say the first things that occur to them when they hear a brand name. For example, for the brand "Coca-Cola," someone might respond, "Red and white cans, sweet, carbonated." These are examples of brand Blank______.

associations

Where should demographic questions appear in a questionnaire?

at the end

The third step of the market segmentation process is to evaluate segment, blank, which is based on such criteria as its profitability, responsiveness, and reachability.

attractiveness

Marketers can assess the level of brand Blank______ by measuring the extent to which consumers in a market are familiar with a brand, know what it stands for, and have an opinion about it.

awareness

If a brand has a high degree of brand ,______________ it means that most consumers are familiar with the brand and what it stands for even if they do not use the brand.

awareness or recognition

Place these three steps marketers follow to develop or change a product into the correct order, with the first step at the top and the last step at the bottom.

1. Using core customer value to determine what customers are seeking. 2. Making an actual physical product 3. Adding associated services

Direct investment requires a firm to maintain Blank______ ownership of its facilities, offices, and plants in a foreign country.

100 percent

Which two of the following are franchises? (Choose every correct answer.)

A McDonald's restaurant A Holiday Inn motel

Which of the following statements about the Russian economy are true

A growing well-educated middle-class has a strong demand for products. The country's prospects as a consumer market are overall promising. The economy has repeatedly risen and fallen since the fall of the Soviet Union.

What does a brand need in order to be somewhat protected from competition from other firms and price competition?

A loyal customer base An established track record in the market

Which of the following is an example of a brand extension?

Acme chips and Acme dips

A strong brand protects firms from which of the following?

An existing competitor lowering prices New products offering similar features or benefits

What must occur for the perceived value of a cheaper product to be high?

Customers must believe the quality of the cheaper product is about the same as that of a premium product.

Place the stages of the marketing research process in the correct order, with the FIRST step at the TOP.

Defining objectives and needs Designing the research Collecting the data Analyzing data and developing insights Developing and implementing an action plan

Place the steps in the segmentation, targeting, and positioning process in their conventional order, with the first step at the top.

Establish Strategy or Objectives Use Segmentation Methods Evaluate Segment attractiveness Select target market Identify and develop positioning strategy

Which of the following steps are part of the segmentation, targeting, and positioning process?

Evaluating segment attractiveness Selecting target market Establish strategy or objectives

Qualitative research relies on experiments and surveys

False

True or false: A questionnaire is a research technique that attempts to analyze consumer sentiments based on their social media activity.

False

Which U.S. government agency is tasked with protecting the privacy of American consumers?

Federal Trade Commission

When Frito-Lay decided to introduce a salsa product line, it used the existing Tostitos brand (under which it sells taco chips). What advantages did this strategy provide Frito-Lay?

Frito-Lay could spend less on developing consumer brand awareness. Frito-Lay could introduce the product to the market more quickly. The Tostitos brand already had brand associations that helped to sell salsa.

What is a major economic factor that a firm conducting an economic analysis of a country market must take into account?

General economic environment

Brand awareness is MOST likely to influence purchasing decisions for which type of product?

Goods purchased frequently or habitually

Which of the following metrics measures a country's economic output?

Gross Domestic Product (GDP)

What are factors that are currently NEGATIVELY affecting the Russian economy? (Choose every correct answer.)

International sanctions on Russia in response to its interference in foreign democratic elections An aging population and low birthrate that are leading to a shrinking population Widespread corruption that creates ethical dilemmas for foreign companies that might otherwise want to operate in the country

When establishing its overall segmentation strategy or objectives, what must the firm keep in mind?

Its current situation Its mission and objectives

hen marketers combine segmentation methods, which approaches do they typically use to design a product or service?

Lifestyles Benefits

Branding enables a firm to do which of the following?

Make consumers aware of available products Differentiate its product offerings

Which of the following have a direct impact on pricing in the global marketplace?

National rules governing the competitive marketplace Tariffs and antidumping laws

Which are goals of descriptive marketing analytics tools?

Organizing and tabulating available data Presenting data in reports, tables, and charts.

When a firm enters into a joint venture agreement with a local firm, the two investors will then share which of the following?

Ownership of the firm Any profit gained Control of business operations

What are the common forms of royalty payments in brand licensing?

Payments based on the value of licensed merchandise sales Up-front, lump-sum licensing fees

What are the four broad categories into which marketing analytics tools and methods can be classified?

Prescriptive Active Predictive Descriptive

Examples of communication media that firms use to create brand awareness include which of the following?

Publicity Advertising

What are the two basic types of brand ownership strategies?

Retailer/store brands Manufacturer brands

What analytical method does a firm typically employ to assess the target market and its own competencies?

SWOT analysis

Which of the following are some details used to evaluate the general economic environment?

The GDP The trade deficit or surplus

Which characteristics of big data present challenges in carrying out market analytics on big data in data warehouses?

The data come from many different sources The data exist in a variety of types and sizes The data consist of billions of pieces of customer information.

How does brand licensing work?

The licensee pays a royalty to the licensor in exchange for being able to use the licensor's brand.

Which of the following factors will most significantly influence the price of a product on the global marketplace?

The local pricing structures of individual markets

Manufacturer brands such as Kraft and Nike are owned and managed by whom?

The manufacturer

What marketing opportunities does a firm have when customer needs are unmet?

The opportunity to augment existing products or services The opportunity to create new products or services

When researchers define the objectives and needs of their project, what are they trying to establish?

The problem that needs to be solved.

The source domains of marketing analytics methods include psychology, sociology, econometrics, and linguistics.

True

True or False: Brands are sold either under a common/family name or as an individual brand.

True

True or False: Lifestyles are a component of psychographic segmentation that describes how an individual lives his or her life to achieve goals.

True

True or false: A global marketing mix is more complicated than a domestic marketing mix.

True

Observation can be described as Blank______ through personal viewing or by means of a video camera.

examining purchase and consumption behavior.

A firm that is considering changing the colors used on its packaging wants to determine the effect of different color schemes on sales. To do so, the firm places three different packages in stores in three different markets. What type of research is this?

experimental

A country with a trade surplus Blank______.

exports more goods than it imports.

The use of an existing brand name in a different product line is called brand Blank______.

extension

Apple sells the majority of products under its Apple name brand. This is known as a(n) Blank______ brand.

family

Kellogg's sells a variety of products under its Kellogg's name brand then identifies groups of products with a secondary name such as Raisin Bran or Froot Loops, each in several sizes and versions. In the given scenario, Kellogg's is a(n) Blank______ brand.

family

Because a brand name is already well established, a firm can spend Blank______ resources to develop consumer brand awareness when introducing a brand extension.

fewer

Which of the following is NOT a quantitative research method?

focus groups

Segmentation that uses a combination of geographic, demographic, and lifestyle characteristics to classify consumers who may patronize stores close to their neighborhood is called Blank______ segmentation.

geodemographic

Grouping a market by country, region (northeast, southeast), or areas within a region is known as segmentation.

geographic

McDonald's promotes coffee in cold, rainy Seattle and seasonal seafood meals, including lobster and crab, in select markets like New England. This is an example of Blank______ segmentation.

geographic

Market differences across regions, states, or neighborhoods create opportunities for

geographic segmentation

A strategic alliance is a type of Blank______ firms use to expand into the foreign market.

global entry strategy

In the twenty-first century, goods, services, capital, people, information, and ideas often flow across international borders in a process known as .

globalization

When a firm decides to standardize its products globally but use different promotional campaigns, this strategy is referred to as ______. (Please read the question carefully!)

glocalization

Prices are often different in the global marketplace than they are in the home country because a firm's products may NOT Blank______.

have the same positioning as they do in the home country

A trade deficit means that a country Blank______.

imports more goods than it exports

What is a qualitative research technique in which trained researchers ask questions to a few selected participants individually, record the answers, and then ask additional questions if needed for clarification?

in-depth interview

As firms build databases that contain customer Blank______, marketing researchers must be careful not to abuse this collection, which may contain sensitive personal details.

information

Secondary data can be found from both external and _________data sources.

internal

Self-concept

is the image people ideally have of themselves.

Neuromarketing

is the process of examining people's brain patterns to see their responses to specific products or services in order to develop marketing strategies

What does the value proposition do for marketers?

it communicated the customer benefits provided by a product or service.

What are the advantages of secondary research?

it saves time in data collection because it is readily available if reduces the cost of data collection

Which statements are true about marketing analytics

it serves to improve business decision making it uses advanced technologies and models to analyze gathered data it helps firms appropriate customer-related decisions

A firm's product line depth is the number of Blank______ within a product line, as opposed to the number of product lines a firm has.

items

The component of the product package that provides the information consumers need to make their purchase decisions and for proper consumption of the product is known as the Blank______.

label

Exporting is an entry strategy that requires the Blank______ financial risk and allows a(n) Blank______ return to the firm.

least; limited

When entering their first foreign markets, firms typically take a(n) Blank______ approach.

less risky

The component of segmentation that is determined by how we live our lives to achieve goals is called

lifestyle

The use of the same brand name within the same product line is called a(n) Blank______.

line extension

A product mix typically consists of product Blank______ or groups of associated items.

lines

In light of the high costs associated with finding new customers who feel that a brand can meet their relevant needs and are willing to exclude competitors, today's companies are using Blank______ segmentation and investing in initiatives to retain their most profitable customers.

loyalty

Product lines are a part of a product Blank______.

mix

The complete set of all products and product lines offered by a firm is called its product assortment, or product _______

mix

The product Blank______ is the complete set of all products and services offered by a firm.

mix

Because each segmentation method has its unique advantages and disadvantages, most firms often employ Blank______ methods.

multiple

Manufacturer brands such as Nike and Coca-Cola are also known as Blank______ brands.

national

Gross national income consists of GDP plus Blank______, without including any payments made to those who do not live in the country but who contribute to the domestic economy.

net income earned from investments abroad

A clothing company that offers a special line of maternity clothing for women to wear specifically during pregnancy engages in which form of segmentation?

occasion

Ellie's Deli offers good sandwiches and fast service to its lunchtime customers from a nearby university. It also delivers the same sandwiches packaged with side dishes as part of its catering services. This is an example of Blank______ segmentation.

occasion

From the customer's perspective, the relationship between a product's or service's benefits and costs is called Blank______.

perceived value

Geico Insurance uses characters like the gecko and humorous associations with Blank______ emotions to reinforce the brand.

positive

Marketing analytics tools that rely on historically available data to forecast something, such as a firm's product sales in the next year, are called ________ analytics tools.

predictive

A __________ is something that a customer values and that can be sought or sold voluntarily

product

Which of the following is NOT a market segmentation approach?

product

Marketing managers can choose between three possible global Blank______, which range from selling the same product to introducing an entirely new product.

product strategies

In the second step of the marketing research process, what factor determines the type of data needed?

project objectives

For most products, the label is used for Blank______

promotion and branding

While some segmentation methods rely on external descriptions and factors to break down the market, Blank______ segmentation relies on consumers' descriptions of themselves.

psychographic

Once a firm has gained insights from doing qualitative research, it is likely to engage in Blank______ research, which are structured responses that can statistically be tested.

quantitative

Which of the following is an accurate definition of the term data?

raw numbers with no intrinsic meaning

Multiple Choice Question Brand repositioning is also known as Blank______.

rebranding

A brand, such as T-Mobile, can build awareness through Blank______ exposure to the brand's logo, symbols, and slogans.

repeated

The last phase of the marketing research process is presenting Blank______ to decision makers.

results

When you make a purchase at a grocery store, the Blank______ are often collected by marketing research firms to help understand consumers' purchasing behavior.

scanner data

The Blank______ strategy must be consistent with and derived from the firm's mission and objectives, as well as its current situation—its strengths, weaknesses, opportunities, and threats (SWOT).

segmentation

Behavioral

segmentation forms market segments based on the way consumers use a product, such as more frequently or with greater loyalty.

Occasion

segmentation is a very specific form of behavioral segmentation by which segments are formed based on when a product or service is purchased or consumed.

After evaluating each market segment's attractiveness, the next step in the STP process is

selecting a target market

The overriding desires that drive how a person lives his or her life are

self-values

Direct investment exposes a firm to Blank______ risk.

significant

Individuals in different segments should have Blank______ within the segment and Blank______ across the segments.

similarities; differences

A firm using a concentrated segmentation strategy selects a(n) Blank______ target market and focuses all its energies on providing a product to fit that market's needs.

single

Debbie is considering having Botox treatments and knows it is a very serious process. On the advice of three of her friends who have each visited Dr. Parsons several times in the past two years for Botox treatments, Debbie makes an appointment with Parsons. She considers the selection to be a(n) Blank______ good/service.

specialty

A(n)___________ is a systematic method of collecting information from people through a questionnaire.

survey

Which of the following are quantitative research methods?

survey scanner data experiments

Blank _________packaging is better for the environment than traditional packaging.

sustainable

If a media company wants information on consumers' television viewing habits, it can purchase reports compiled by commercial research firms such as Nielsen. This is an example of Blank______ data.

syndicated

Marketers can purchase Blank______ data, which are secondary data available for a fee from commercial research firms.

syndicated

In most situations, data collection should begin only after

the research design process is finished

Firms position their products based on methods such as

the value proposition, salient attributes, symbols, and competition.

What are the characteristics of structured questions?

they are close-ended they include specific answers to choose from

Which of these is not an advantage of secondary data?

they are easy to customize

What role do groups such as the Center for Democracy & Technology (CDT) and the Electronic Privacy Information Center (EPIC) play in today's business landscape?

they ensure consumer data is used ethically

One disadvantage of secondary data is that

they may not be exactly what the research project requires

After establishing overall objectives, why do marketers then use a particular method or combination thereof to identify and describe market segments?

to help understand the profile of each segment.

When everyone is considered a potential user of its product, a firm should use a(n) Blank______ targeting strategy.

undifferentiated

How is information generally gathered in a survey?

using a questionaire

Good marketing increases perceived ____________ by raising customers' quality expectations relative to price.

value

Which are standard tools for descriptive marketing analytics?

visualization software SPSS and SAS software Excel spreadsheets

The large computer files used to hold big data from such sources as sales transactions, CRM systems, social media, and locational devices are known as a data , and the statistical tools for analyzing these data are known as data tools.

warehouse; mining

The set of assets and liabilities linked to a brand that add to or subtract from the value provided by a product or service is ________equity.

brand

The strategy in which marketers change a brand's focus to target new markets, or realign the brand with changing market preferences, is known as Blank______.

brand repositioning

Consumer packaged goods companies sell products across many different product lines. These companies have significant Blank______ in their product mixes.

breadth

Firms are willing to spend lots of money, such as on very expensive Super Bowl ads, to market a brand in order to Blank______.

build brand awareness

Which of the following is a method firms use to create positive brand associations?

catchy jingles

One of Taco Bell's most successful new products has been its "Doritos Locos Tacos," tacos with shells in the flavors of Doritos taco chip varieties. This is an example of Blank______.

co-branding

The practice of marketing two or more brands together on the same package or promotion is known as Blank______.

co-branding

The step in the marketing research process that follows research design is

collecting the data

Benefit segmentation is often effective because it is relatively easy to portray a product's or service's benefits in the firm's ___________ strategies

communication

Market positioning is done so that the target customers have an understanding of the product offered by the company in comparison with Blank______ products.

competing

By selecting only senior women golfers as its target and focusing all of its efforts on making products that fit these women's needs, a firm is using a(n) targeting marketing strategy.

concentrated

What are products that household buyers use for their own use called?

consumer products

A perceptual map is used in developing a positioning strategy in order to display the position of the products or brands in the Blank______ mind

consumers

The second step in the marketing research project involves design. In this step, researchers identify the type of Blank______ needed and work out the type of Blank______ necessary to collect it.

data; research

The analyst prepares the results to present them to a firm's Blank______ as a final step in the marketing research process.

decision makers

Age, gender, and income are all examples of Blank______ segmentation variables.

demographic

When Kellogg's introduced Special K, the marketing communications about the product were meant to primarily appeal to women. This is an example of Blank______ segmentation.

demographic

The number of products within a product line is a firm's product line Blank______.

depth

Psychographics is a segmentation method that delves into how consumers actually Blank______ themselves.

describe

Global marketing strategies includes two elements: identification of the target markets and Blank______.

developing a competitive marketing mix

Branding provides a way for a firm to Blank______ its product offerings from those of its competitors.

differentiate

Firms using a(n) ______targeting strategy direct their efforts to several market segments with distinct brands and product offerings for each segment.

differentiated

Which of the following types of businesses would be MOST affected by pricing laws that prohibit selling products below cost?

discount retailers such as Walmart.

It is important to ensure that segments are distinct from one another because too much overlap between segments means that

distinct marketing strategies are not necessary to meet segment members' needs

Brands are assets that a firm can build and harness over time to increase its Blank______.

equity

The value of a brand can be calculated and compared to other brands in the form of brand Blank______.

equity

What is a major benefit of selling the exact same product or service in both the home and host countries?

establishing strong brand recognition

Which of the following factors help to increase a brand's equity?

Brand awareness Customer loyalty Perceived value

What can be determined by looking at brand awareness, perceived value, brand associations, and brand loyalty?

Brand equity

What are the four aspects analysts examine to evaluate brand equity?

Brand loyalty Brand awareness Perceived value Brand associations

How does developing descriptions of each market segment help firms?

By identifying similarities within market segments By identifying differences across market segments

Which of the following is an example of product line extension?

Coke, in addition to its existing Diet Coke flavors, introduces chocolate-flavored Diet Coke.

Which of the following are included in marketing research?

Collecting data Analyzing data Interpreting data

Typically, who determines the product's or service's value in relationship to that of its close competitors?

Customers

Which of the following are the three potential global product strategies?

Selling a product in the host country with minor adaptations from what is sold in the home country Selling a completely new product in the host country Selling the same product or service in both the home and host country

Which of the following criteria are necessary to assess a country's market?

Sociocultural analysis Infrastructural analysis Economic analysis

Which traits are true of ALL products?

Something that a customer values Offered through a marketing exchange

Which of the following is a market entry strategy in which independent companies form a partnership to collaborate in the foreign market but do NOT invest in each other?

Strategic alliance

What does a trade deficit signal to economic analysts?

Strong competition from foreign producers

Gross domestic product is defined as the total market value of Blank______ produced by a country in a year.

all goods and services

Southwest Airlines promotes its Rapid Rewards program to reward frequent flyers with benefits like free travel vouchers, priority seating, and premium beverages. This is an example of Blank______ segmentation.

behavioral