Exam 2

Undifferentiated targeting is a strategy that

Approaches the marketplace as one large segment

Which of the following accurately represents the steps in the consumer adoption process

Awareness, interest, evaluation, trial, and adoption

According to your text, the segmentation base that is often the most difficult to use is

Behavioral segmentation

What type of technique is being employed when data and research results are presented in a pictorial or graphical format?

Data visualization

What is used to estimate how much customer demand there is for a particular product and understand the factors that drive it?

Demand analysis

The process by which new products are likely to be adopted, the rate at which they will be adopted, and the process through which the product s will spread into markets is referred to as

Diffusion

The need all human have to be respected by others as well as themselves is referred to as

Esteem

The American Marketing Association has established these to ensure that marketing firms do not return findings favorable to the client or arrive at a conclusion predetermined by the client

Ethical standards

The attributes a consumer considers important about a certain product are referred to as

Evaluative criteria

According to your text, which of the following is one of the greatest influences on consumer behavior

Family members

Which of the following is a demographic segmentation variable?

Gender

Segmentation based on where prospective consumers live, work, and spend their leisure time is referred to as

Geographic segmentation

People who are similar to one another usually have many of the same needs, likes, and dislikes, and this similarity helps products to be adopted more readily. This refers to which characteristic regarding product adoption

Homiphily

Behavioral segmentation divides consumers according to

How consumers behave with or act towards products

In the consumer decision making process, searches for information fall into which two main categories.

Internal and external

The perception process begins when a consumer

Is exposed to either an internal or external stimulus

Using science, statistics, and computer coding to make predictions based on patterns discovered in data is the idea behind

Machine learning

Which of the following has the ability to crunch large amounts of structured and unstructured data, taking the guesswork out of various marketing tasks in order to identify messages that are more likely to be well received?

Machine learning

Which stage of the product life cycle usually last the longest

Maturity

Inventions that have never been seen before and create a new market are considered

New-to market products

The competitive advantage competitive analysis tool that creates a visual picture of where products are located in consumers' minds is called a

Perceptual map

In Maslow's hierarchy of needs, what need must be satisfied first before a person will seek to satisfy any other need

Physiological

The activities a firm undertakes to create a certain perception of its product in the eyes of the target market is referred to as

Positioning

A succinct description of the core target market to which a product is directed and a compelling picture of how the firm wants that core market to view the product is called a

Positioning statement

The use of statistical techniques and algorithms based on patterns of past behavior to predict future buying behavior is called

Predictive modeling

Both sam's club and costco have positioned themselves as providing a variety of items to shoppers at prices lower than retail stores. These stores have positioned themselves based on

Price/ quality relationship

What type of sampling occurs when every person in the target population has a chance of being selected, and the probability of each person being selected is known?

Probability

Which of the following accurately describes new-category entries?

Products that are new to a company but not new to the marketplace

Which of the following is not one of the need levels in Maslow's hierarchy of need?

Psychological

Warren opened a new computer store in town. When customers purchase a computer from his store, they automatically receive an extended warranty, free in-home installation, access to Warren's 24-hour technical support team, and in-store software training classes. By offering all these things, Warren is most likely trying to

Reduce a new customer's cognitive dissonance

Which type of purchase occurs due to retailer's prompts to consumers while consumers are in the store?

Reminder purchases

A product that has new packaging, different features and updated designs and functions is a

Revamped product

Which tool would allow a manager to estimate how much of a product will sell in a three-month time?

Sales forecasting

____ is based on research that estimates how much of a product will sell over a given period of time

Sales forecasting

The tendency to interpret information in a way that fits our preconceptions is a process known as

Selective distortion

Burt's compNY IS IN THE PROCESS OF DEVELOPING what he feels is a complex and risky project. Burt has decided to use a development sequence in which functional areas consecutively complete their development tasks. That way each set of activities can be easily tracked. What type of development path is Burt using

Sequential

During which stage of the new-product development process would a firm test the marketing strategy related to the new product

Test marketing

What can be said of the level of competition when selecting a target market?

The more competitors there are, the more a firm will have to invest in promotion to increase market share

As defined in your text, a product refers to

The specific combination of goods, services, and ideas that a firm offers to its target market

Siobhan wants to join a new health club. Her roommate belongs to a club that siobhan heard about on the radio. She decides to use her roommate's free guest passes to try tout the club to see if it meets her needs. What stage of the consumer adoption process does this represent

Trial

Which level of Maslow's Hierarchy of needs deals with friendships, family, and sexual intimacy

love/ belonging

An advantage to using a perceptual map is that it

Can highlight potential market positions that might be underserved

High- involvement purchases are characterized by the fact that they

Carry a greater risk to consumers if they fail

Demographic segmentation divides markets by

Characteristics such as age, gender, and income

All of the following are reasons qualitative data analysis can be challenging and misleading except

Closed- ended questions can include subtleties that a marketer might miss

The new product characteristics customers' nee that refers to how well a new product fits into potential customers' needs values product knowledge and past behaviors

Compatibility

As it pertains to new product characteristics, the superior position a product enjoys over competing products if consumers believe it has more value than other products in its category is referred to as

Competitive advantage

One concern about using social media, like Twitter, to compile marketing research data is

Consumer privacy

Nadine is sitting outside the grocery store and recording what people do with their shopping carts after emptying them. She is gathering information on customer behaviors in order to determine how to make it easier for them to shop at this particular store. Nadine is in which step if the marketing research process

Data collection