Unit 13: Introduction to Marketing

What are aspects of the product strategy step of marketing process?

-investigating customer preferences -creating an appealing design -ensuring that a product meets customer needs

Data from which of the following would be defined as secondary data?

-the website of the U.S. Food and Drug Administration -the Journal of the American Medical Association

What are reasons that companies may introduce new products?

-to make the most of a business opportunity -to fill out a product line -to increase revenues and profits

Put the steps of the marketing research process in the proper order.

1. Define the question to be answered 2. Gather information 3. Analyze data 4. Implement solution

What is a collection of information organized and stored in a computer system called?

A database

What is the name for a small group of consumers invited by marketing researchers to discuss opinions about a new product?

A focus group

Product

A good, service, idea, or complex mix of tangible and intangible attributes that provider satisfaction and benefits

Promotion

A persuasive form of communication that attempts to expedite a marketing exchange

In developing a marketing strategy for a new line of baby strollers. Marco has identified the target market and designed a marketing mix for that market. What important component of marketing strategy has Marco forgotten?

A plan for dealing with important forces in the external marketing environment

Political

A pro business mayor

Competitive

A proliferation of coffee shops, vendors that provide free shipping

What is a database?

A set of facts stored in a computer for research and retrieval

What is a focus group?

A small group of consumer who are asked to meet and discuss a product

Price

A value places on an object exchanged between a buyer and a seller

Which type of market segmentation categorizes consumers by the attributes they seek in a product?

Benefit

User rate

By frequency of consumption, by volume of consumption

Factors that directly influence consumer buying behavior are _______ and _______, ________ ________, __________ _________, ________ _______, and _________ ________

Culture; subculture; reference groups; social class; personal image; situational behaviors

Psychographic

Customers who consider themselves rebellious versus conservative

Geographic

Customers who like cold weather activities versus those who do not

Demographic

Customers who like golf versus soccer

Benefit

Customers who value style versus economy; by the attributes a consumer is seeking in a product

What is the best definition of environmental scanning in marketing strategy?

Identifying and monitoring external forces

Demographic segmentation includes which of the following?

Income level

What is the primary way marketing adds value tp an organizations goods and services?

It communicates the benefits relative to the costs

For-profit

It purpose is to make a profit

Not for-profit

It's purpose is to further its goals

Economic

Lower interest rates during a recesiiom

Situational matters

Mood, impulse; the influence of timing, moods, impulses, and expectations

Which elements make up culture and subculture?

Nationality, ethnicity/race

A consumer's physical looks are associated with which factor that influences buying behavior?

Personal image

Facts derived from the original research are called _______.

Primary data

What term is used to describe information gathered by observation, questionnaires, and customer comment cards?

Primary data

Which of the 4 Ps of the marketing mix might involve an online survey that investigates customer interest in a food delivery service?

Product

The step of the marketing process that involves analyzing customer desires, package design, and market testing is known as _____________ _____________.

Product strategy

At the bakery where he works, Terence specializes in making sourdough bread. In addition to this ________, the bakery has ___ _______ ________ consisting of many different bread kinds of bread, and ___ _______ ______ that includes pastries and soups

Product; a product line; a product mix

In terms of the 4P marketing mix, increasing revenues, staying ahead of the competition, and filling out a product line are all reasons for companies to develop new _______

Products

Which of the 4 Ps of marketing would be the basis of a company's research into how customers find out about their products?

Promotion

As part of the marketing process, disturbing a limited amount of a product to see how it is received is called _________ marketing.

Test

What is marketing?

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners and society at large

A marketing research committee develops a questionnaire for customers and looks up newspaper archives for information. Which step of the marketing research process is the committee engaged in?

The collect data step

What is the marketing environment?

The external forces that can affect marketing success

Personal image

The influence of fashion and the look that people wish to project

Social class

The influence of income level, education level, and other socioeconomic indicators

Culture and subculture

The influence of values and attitudes of nationality and ethnicity

What are the external forces that can impact marketing efforts called?

The marketing environment

Place

The process of moving goods or services from the seller to prospective buyers

Which purchases by Theo shows the impact of culture and subculture on consumer buyer behavior?

Theo buys a T-Shirt in the men's section of a department store.

What is the purpose of concept testing?

To seek consumer response to new product ideas

Which questions must be answered as part of the step of defining the problem in the marketing research process?

-How should information be collected? -What opportunities exist? -What information do we need?

What are the components of marketing strategy?

-a plan for identifying the target market among market segments -a plan for dealing with important forces in external marketing environment -a plan for creating the right market mix to reach the target market

What are resources used by businesses in the collect facts steps of the marketing research process?

-customer interviews -published data -focus groups

Which are examples of global forces that might affect marketing?

-foreign governments' trade policies -immigration patterns -international tariffs on imported goods and materials

The management of a software company needs to decide which features it will add to the new version of its most popular app. Which example show the application of the marketing research process?

-holding focus groups with users of competing software to analyze how they use features the company's app does not have -counting up the number of requests for specific features that users have sent via Twitter comments and other formats of feedback of the company

Who are members of the consumer market?

-individuals who want services -individuals who want goods

Data from which of the following would be defined as primary data?

-internet surveys -interviews with customers

Legal and regulatory

Advertising laws, consumer-protection regulations

Which is an aspect of demographic segmentation?

Age

The total market approach focuses on _____ market segments, where the concentration approach focuses on _____ market segment

All, one

Which step of the marketing research process would you be performing by tabulating demographic information from the most recent U.S census?

Analyze data

A product mix

Canned beans, soup mixes, packages grains

A product

Canned kidney beans

A product line

Canned kidney beans, black beans, pinto beans, garbanzo beans

Influences resulting from the actions of competing firms, industries, and countries

Competitive forces

Which term refers to market research that investigates public reaction to new product ideas?

Concept testing

Which is an example of the marketing research product?

Conducting a survey to find how who is most likely to buy a given product

What are the overall decision processes and actions of people who purchase and use products?

Consumer buying behavior

What factors influence consumer buying behavior?

Culture, social class

Which step in the marketing research process involves asking what the current problem is, what opportunities exist, and how information should be gathered?

Define the problem

What is the first step in the marketing research process for a new product?

Define the question you want to answer

What is test marketing?

Disturbing a limited amount of a product to see how it is recieved

Influences on consumers buying power and willingness to buy

Economic forces

What is the process of identifying external forces that can affect marketing strategy?

Environmental scanning

Curtis is opening a coffee shop in busy city neighborhood. Which business decision is based on the marketing research process?

Establishing the opening time of the shop by spending several days counting the foot traffic in front of the store between 5 am and 8 am

Reference groups

Family, friends; The influence of coworkers, friends, and others whom people personally identify

Multi-segment approach

Focus on a number of different market segments

Total market approach

Focus on all markets segements

Concentration approach

Focus on one market segment

A ____ - ______ organization is an organization that seeks to make a profit

For profit

The marketing mix is a combination of ____________.

Four key strategy considerations

What is marketing research?

Gathering and analyzing facts about problems related to promoting and selling products

Culture

Gender and age; religion

A marketer is segmenting the market according to regions of the United States (southwest, northwest, Midwest, etc.) What kind of market segmentation is this marketer using?

Geographic

Which type of market segmentation focuses on categorizing consumers by where they live or where they are?

Geographic

Influences linked to international trade are called _________ _________.

Global forces

The activity that involves creating, communicating, delivering, and exchanging offerings that have value for customers clients, partners, and society at large is called _______

Marketing

What term is used to describe the key strategy considerations of product, price, placement, and promotion?

Marketing mix

The organized investigation and analysis of facts about marketing products is called ___________ __________.

Marketing research

Which type of market segmentation categorizes consumers by lifestyle, values, and psychological characteristics?

Psychographic

Facts gathered from published sources, such as newspaper, magazines, and internet blogs are called _________ _______.

Secondary data

What term is given to facts that are collected from such sources as academic journals, internet searches, and government websites?

Secondary data

Which purchasing decision best illustrates the effect of culture and on Carla's buying behavior?

She buys fire worlds on the 4th of July

Influences resulting from a diversity of customs, beliefs, and lifestyles

Sociocultural forces

A marketer is segmenting the market according to the volume of soda consumed each year, what kind of market segmentation is this marketer using?

User rate

Which type of market segmentation categorizes consumers by the volume or frequency of usage of a product?

User rate

By communicating the benefits of a product or service relative to the costs, marketing adds _______ to an organization's goods and services

Value

Which is an aspect of psychographic segmentation?

Values

Agents is getting a new dress to wear to her son's weeding. In terms of customer behavior, the step of evaluating alternatives would correspond to trying on a number of dresses that she like to _______ ______ _____ ______

which one fits best