BA 370 Final Stukent Questions

_____ are the costs associated with the operating and marketing expenses of a company. _____ are the per-unit costs associated with the product.

Fixed costs, Variable costs

Which of these is not a responsibility of marketing? A. Ensuring that a firm understanding its customers B. Fulfilling product shipments C. Encouraging customers to make purchase decisions D. Finding the best ways to reaching those customers with product information

Fulfilling product shipments

At the most basic level, a brand serves to _____ a seller.

Identify

Which of the factors below do NOT suggest you have chosen a desirable target market?

If it is controversial

Which one of these is not included in Maslow's Hierarchy of Needs? A. Esteem needs B. Safety needs C. Self-actualization needs D. Interactive needs

Interactive needs

The formula, Percent Change in Quantity Sold divided by Percent Change in Price, is used to calculate which pricing concept?

Price elasticity

Which data is more expensive to collect?

Primary data

The research question, when referred to in marketing research, is the _____.

Primary goal of market research

The service blueprint contains all of the following elements EXCEPT _____. A. Process B. Customer experience C. Advertisment D. Marketing concept

Process

What is also called the merchandise mix?

Product assortment

What represents the range of choice offered to the consumer within a particular classification of merchandise?

Product assortment

Which of the following is NOT an industry term that describes the variation of products offered? A. Product depth B. Product width C. Product reach D. Product assortment

Product reach

What is the buyer behavior process?

The stages that consumers go through when deciding to purchase and consume a product

One of the mistakes marketers can make is positioning product around features or technical aspects of products, rather than positioning around the _____ products create.

Value

True or False: The buying process can be much shorter for B2B purchases.

False

_____ products have a short life cycle that is cyclical.

Fashion

According to the most recent marketing mix, how many Ps are there in total?

7

Brand awareness and brand differentiation can add value to the brand through _____. A. Customer sharing the product through word of mouth B. Customers paying a premium price C. Customers perceiving less risk in the product and choosing it D. All of these

All of these

Positioning is _____.

A strategy for defining and portraying brands/products in ways that cause ideal customers to perceive them as the best solution for their needs

What is a positioning statement?

A succinct expression of a product's market position

Differentiated marketing is defined as _____.

A targeted marketing strategy where the company targets more than one market segment and develops a unique marketing mix to target each segment separately

The evaluation of services occurs almost exclusively _____ purchasing and experiencing the service.

After

Which of these is not a valuable research question? A. How do customers rate our solutions against competing solutions?B. What criteria do customers use when making purchase decisions? C. How likely are our customers to recommend our solutions? D. Which new product ideas would customers most likely purchase?

All of these ARE valuable research questions

Which of these is NOT a common failure in creating surveys? A. Asking too many questions B. Failing to understand the survey population C. Forgetting to introduce your survey

All of these are common failures in creating surveys

Which of these is NOT an example of price? A. All of these are examples of price B. Frequent-customer discounts C. Odd Pricing (.99) D. Bundle Pricing

All of these are examples of price

Why are relationships important in marketing? A. Happy customers will readily advocate for their favorite brands through word-of-mouth marketing. B. All of these are reasons why relationships are important in marketing. C. Happy customers are willing to pay more for solutions from the brands they love. D. Happy customers are more immune to competing offers.

All of these are reasons why relationships are important in marketing

Services are _____. A. Intangible B. Provided by a person or technology C. Often purchased with physical goods D. All of these

All of these are specifications of services

The chapter discussed a few specific subtypes of convenience products. Which of the following is considered a subtype of convenience product? A. Consumer packaged goods B. Impulse product C. Staple product D. All of these

All of these are subtypes of convenience product

What items are generally listed for a buyer persona? A. Pain points B. General demographic information C. Goals D. All of these items are generally listed for a buyer persona

All of these items are generally listed for a buyer persona

Which of the following was NOT included in types of retail stores discussed in this chapter? A. Department store B. All of these were included in the chapter as types of retail stores C. Big-box store D. Supermarket

All of these were included in the chapter as types of retail stores

Types of retail stores are often distinguished by their _____.

Both product assortment and store size

What do brands gain when they position their products well? Competitive advantage Both sustainable advantage and competitive advantage Sustainable advantage Neither sustainable advantage or competitive advantage

Both sustainable advantage and competitive advantage

The added value delivered by the brand over the functional benefits or book value of the product, service, or company is _____.

Brand equity

_____ is the way that a company wishes to be portrayed.

Brand identity

One way to get a clear picture of how consumers view your brand is to build a _____ of their brand associations.

Brand map

What is it called when marketers brand an entire group of products?

Branded house Family branding Umbrella branding

A _____ is a tool used by marketers to bring their target market to life.

Buyer persona

How does market segmentation provide value to marketers?

By allowing more efficient marketing and by bringing more value to the customer

Which type of good is consumed quickly and often?

Consumer packaged goods

Which of the following is NOT included in the process of making a service "failsafe"? A. Creating coupons in case of failure B. Constantly improving the quality and reliability of the service C. Identifying potential fail points

Creating coupons in case of failure

What is the satisfaction a customer has with every aspect of a brand — its messages, people, service processes, technology, and physical environment — through every service encounter across the entire life of the relationship?

Customer experiance

Orchestrating a great _____ is a powerful way to differentiate a service for which there are alternatives.

Customer experience

What type of retail store is divided up into departments of similar types of product lines?

Department store

_____ positioning occurs when the way a product is positioned touts benefits that are simply not believable or too good to be true.

Doubtful

What are the product attributes that are important to consumers called?

Evaluative criteria

The basic attributes that are necessary to deliver the benefits are called?

Expected attributes

What DOES still draw consumers to a physical store?

Experiance

What is a trigger in the environment that signals a need?

External cue

True or False: A brand cannot carry negative equity.

False

True or False: A name is the only thing that makes a brand distinctive that can be trademarked.

False

True or False: A product life cycle describes the typical pattern that an unsuccessful new product takes, from development to the end of its life.

False

True or False: A smaller market segment will always be more effective.

False

True or False: Different store layouts cannot be combined or used together.

False

True or False: Routine purchases are an example of high-involvement purchases.

False

_____ are easily explained and quickly adopted by consumers.

Low-learning products

Exploratory research is useful when _____.

Marketers have many broad research questions and need to narrow them down into more precise questions.

Which answer below is an example of psychographic segmentation? Marketing to women Marketing to an engineer Marketing to ages 45-55 Marketing to regular gym goers

Marketing to regular gym goers

Which tool is useful when trying to visualize how the product is positioned compared to competitors?

Matrix

In the _____ stage, product sales have leveled off and profits are beginning to decrease.

Maturity

How should you decide what to divide the market based on?

Meaningful characteristics

Which one of these is NOT an example of a common positioning error? Doubtful positioning Under-positioning Irrelevant positioning Mixed positioning

Mixed positioning

Which of the following is NOT included in the product attribute levels?

Necessary attributes

What is it called when retailers make different purchasing options available to consumers?

Omni-channel

When services are created or produced at the time consumers need them, they fall under the characteristic of _____.

Perishability

Which of the following is not included as a characteristic of service? Inseparability Intangibility Variability Perishability

Perishability

A restaurant's decor would be considered which of the 7 Ps?

Physical Evidence

Consider a candy bar sold in a vending machine. The vending machine would represent which of the Ps of the marketing mix?

Place

What is the most important thing a marketer can do to ensure success of product?

Position it well

Which of the 7 Ps of marketing is especially crucial in the services industry?

Promotion

What are all the details inside the retail store's physical environment that influence consumer behavior?

Retail atmosphere

Pre-existing data is also known as _____.

Secondary data

Demographic Segmentation is defined as _____.

Segmenting the market according to statistics such as age, gender, income, ethnicity, and education

What kind of packaging holds a number of individual units to form a wholesale unit?

Tertiary packaging

Which of these is NOT true about the 7 Ps of marketing? A. The mix of the 7 P's can provide differentiation B. The pieces are interdependent C. The customer is at the center D. The 7 P's focus on advertising

The 7 P's focus on advertising

What is top of mind awareness?

The brands a consumer first recalls from memory

Which of these is NOT a reaction hoped for by a marketer? A. The entire experience would cause the customers to repurchase in the future B. The customer forgets about the product C. The product or service exceeds customer expectations D. The customers will tell others about the product through positive word out of mouth

The customer forgets about the product

Which of these is correct about a low involvement purchase? A. The buyer goes through all the stages of the buyer behavior process B. The decision isn't risky C. It is a seldom purchase D. The purchase is expensive

The decision isn't risky

How do the selling concept and the marketing concept differ?

The marketing concept focuses on creating a product around demand. The selling concept focuses on creating demand around a product.

What is a legally protected brand name, brand mark, or a combination of these?

Trademark

True or False: A brand association map is a visual illustration that shows the different associations that a consumer has with a brand.

True

True or False: A great product comes from having good differentiation.

True

True or False: A key component of a product - especially in consumer goods - is the product packaging.

True

True or False: Because services have different characteristics than products, marketing services requires a different approach than does product marketing.

True

True or False: Consumption can be either actual physical consumption or consuming a service.

True

True or False: Focus groups or in-depth interviews are both good ways to get the information necessary for journey mapping effectively.

True

True or False: Marketing research is used when marketers need insights into customer needs, product preferences, buying behavior, satisfaction, and many other things and the data is not readily available.

True

True or False: One of the biggest mistakes a brand can make is having a product positioning that is inconsistent with the brand's positioning.

True

True or False: The customer should ideally be at the center of the marketing process.

True

True or False: The marketing mix framework shows that promotion is not all that marketing is.

True

True or False: surveys are a type of market research

True

"According to Nielsen research, 40 percent of U.S. consumers are responsible for 75 percent of music spending" This quote is an important example to remember why we segment the market by _____.

Usage rate