MARK FINAL REVIEW

geographic segmentation

"Many companies today are localizing their products, advertising, promotion and sales effort to fit the needs of individual regions, cities and neighborhoods". This is an example of _____.

Dividing a market into distinct groups of buyers who have different needs, characteristics or behaviors and who might require separate products or marketing programs

Marketing segmentation can be described as the process of ______.

An indirect marketing channel

Plasticine Palace supplies its products exclusively to Arts & Crafts, a chain of stationery stores across the country. The chain then makes the plasticine available to end-consumers. This is an example of _______.

Focus

Porsche is a German automobile manufacturer that competes against BMW and Audi, but only in the sports car and SUV segments of the automobile market. Porsche utilizes a(n) ________ strategy.

Packaging

The 4 P's central to the marketing activity. Which of the following is NOT one of the 4 P's?

Inelastic

The Pure Drug Company produces insulin, a product with very stable demand. Even though the price changed several times in the past two years, the demand for Pure Drug's insulin remained relatively unaffected. In this instance, the demand for insulin is respective of _______ demand.

Online privacy issues

The boom in Internet marketing has created a new set of social and ethical issues. Critics worry about __________.

Far fewer but far larger buyers

The business marketer normally deals with _______ then the consumer marketer does.

Media

The decision about reach, frequency and impact of an advertisement fall into the category of _______ decisions.

Copy

The main block of text in a print ad is referred to as the __________.

Positioning

_______ consists of arranging for a market offering to occupy a clear, distinctive and desirable place relative to competing for products in the minds of target consumers.

Differentiation

_______ involves actually distinguishing the firm's market offering to create superior customer value.

Lifestyle

_______ is a person's pattern of living as expressed in his/ her psychographics, and it includes the individual's activities, interests and opinions.

Intermediaries

_______ play an important role in matching supply and demand by providing consumers with a broad assortment of products in small quantities.

Convenience products

________ are consumer products and services that customers usually buy frequently, immediately and with minimal comparison and buying effort.

Direct-mail marketing

________ involves sending an offer, announcement, reminder, or other items to a person at a physical address.

Reach

________ is a measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time.

Psychographics

________ segmentation divides buyers into different segments based on social class, lifestyle or personality characteristics.

Demographic

________ segmentation divides the market into segments based on variables such as age and life cycle stage, gender, income, occupation, education, religion, ethnicity and generation

Perceptual positioning maps

________ shows consumer perceptions of a company's brand versus competing products on important buying dimensions.

Marketing research

_________ is the systematic design, collection, analysis and reporting of data relevant to a specific marketing situation facing an organization

Question marks

__________ are low-share business units in high growth markets that require a lot of cash to hold their share.

Online marketing

Which of the following is the fastest growing form of direct marketing?

Defining the organizational mission

Which of the following is the first step in strategic planning?

Defining the problem and objectives of the study

Which of the following is the first step in the marketing research approach?

When the cost of developing and introducing the product are low

Which of the following is the most likely circumstance for a company to decide to do little or no test marketing?

To test hypotheses about cause and effect relationships

Which of the following is the objective of causal research?

Business purchases involve more professional purchasing effort than consumer purchases.

Which of the following is true about business purchases?

It can be obtained more quickly and at a lower cost than primary data

Which of the following is true about secondary data?

They can be used to help finance the company's question marks and stars.

Which of the following is true with regard to cash cows?

It is a useful device for identifying growth opportunities

Which of the following is true with regard to the product/ expansion grid (Also called the Ansoff Grid)?

Personal selling entails personal presentations by a firm's sales force for the purpose of making sales and building customer relationships

Which of the following is true with regards to personal selling?

Products include services, events, persons, places, organizations, ideas or a mixture of these.

Which of the following is true with regards to products?

Cost-based pricing

Which of the following processes does value-based pricing reverse?

Today's consumers are better informed about products and services

Which of the following statements is true regarding today's marketing communications?

Salespeople should participate in marketing planning sessions by sharing first hand customer knowledge.

Which of the following would most likely improve coordination between marketing and sales?

Growth

Which stage in the product life cycle is characterized by rapid market acceptance and increasing profits.

Content site

Which term best describes Websites such as Wikipedia.com and ESPN.com?

Showrooming

Which term refers to looking at merchandise at a traditional store and then purchasing the merchandise online?

Product life cycle

Which term refers to the course that a product's sales and profits take over its lifetime?

The company can analyze customer questions and complaints to find new product that better solve consumer problems.

Why are customers often considered the most important source of new-product ideas?

Capital items

_____ are industrial products that aid in the buyer's production or operations, including installations and accessory equipment.

Online social networks

______ are communities over the Internet where people congregate, socialize, and exchange views and information.

Marketing segmentation

______ involves dividing a market into smaller segments of buyers with distinct needs, characteristics, or behaviors that might require marketing strategies or mixes.

Disintermediation

______ occurs when products or service products cut out intermediaries and go directly to final buyer or when radically new types of channel intermediaries displace traditional ones.

positioning statement

"to busy multitaskers who need help remembering things, Evernote is the only digital content management application that makes it easy to capture and remember moments and ideas from your everyday life using your computer, phone, tablet and the Web." This is an example of a ______________.

Gatekeeper

A ______ controls the flow of information to others in the buying center.

Product positioning

A ______ refers to the way a product is defined by consumers on important attributes-the place the product occupies in consumers' minds relative to competing products.

Mission Statement

A _______ documents an organization's purpose- what it wants to accomplish in its larger environment.

Marketing channel

A _______ is a set of interdependent organizations that help make a product or service available for use or consumption by the consumer or business user.

Ethnographic research

A company sent a trained observer to watch and interact with customers in their natural environment in order to gain deeper insights on consumer needs. This is an example of ________.

Low-cost leadership

A company that pursues _________ will react much more strongly to a competitor's cost reducing manufacturing breakthrough that to the same competitor's advertisement increase.

The promotion mix

A company's total marketing communications mix consists of a special blend of advertising, sales promotion, public relations, personal selling and direct-marketing tools that the company uses to communicate customer value and build customer relationships. Which of the following term best describes this communication mix?

Substantial

A market segment that is large or profitable enough to serve is _____.

It already contains many strong and aggressive competitors.

A segment is less attractive if _________.

Self-actualization needs

According to Maslow's hierarchy of needs, which of the following is the LEAST pressing need?

Social Marketing

Advertisement campaigns involving issues ranging from health care, education, and environmental sustainability to human rights and personal safety can be classified under _________.

Permission-based email marketing

After selecting a sweater on the Land's End Website, Kelly was asked to fill in details for the customer database. Kelly was given a form which required her to fill in her name, date of birth, and e-mail address. Kelly then checked a box that was next to the following statement: "Yes, I would like to receive weekly promotional information from Land's End online." Which of the following practices is evident from this scenario?

Cognitive dissonance

Almost all major purchases result in ______, or discomfort caused by post purchase conflict.

Direct marketing

Amazon.com, eBay and GEICO approach customers via Websites or mobile apps. This is an example of ________.

Remind

An advertising objective is classified by its primary purpose, which is to inform, persuade or _______.

AIDA

Attention, Interest, Desire, Action

Customer insights

Brad works with reputed retailer and leads a team that collects market information from a wide variety of sources ranging from marketing research studies to monitoring online conversations where consumers discuss Brad's firm or its products. Brad's team uses this information to arrive at a better understanding of consumer behavior and they're buying motives. This, in turn, allows Brad's firm to successfully generate more value for consumers. Brad leads the ____ team.

Product placement

Coca-Cola cups prominently featured on episodes of American Idol are an example of _________.

Products and services bought by final consumers for personal consumption

Consumer products refer to _______.

Involves adding a standard markup for profit

Cost-plus pricing ________?

Product assortment

Daizy's is a shop which carries only plus-size clothing. According to the information, Daizy's differentiates itself from its competitors based on _________.

Derived

Demand for outboard motors depends on consumers purchasing fishing boats. This in an example of ________ demand.

Which major promotion category makes use of catalogs, telephone marketing, kiosks, and the Internet?

Direct marketing

Persuasive

Encouraging customers to switch brands is most likely the objective of _____ advertising.

Exploratory

In ______________ research the objective is to gather preliminary information that will help define the problem and suggest hypotheses.

Direct

In a _______ channel, the same member both produces and distributes a product or service to consumers.

Modified rebuy

In a ________ situation, the buyer wants to revise product specifications, prices, terms or suppliers.

Reminder

Keeping the brand in a customer's mind during off-season is most likely a goal of ________ advertising.

Experimental research

King Burgers came out with a new hamburger and, before including it into its main menu, released it in two different cities with two different prices. The marketers at King Burgers then analyze the different levels of purchase made at these two different places, planning to use the information to help them set a nationwide price for the new offering. This is an example of ____________.

Marketing development

Lark Inc., an American electronics company is currently reviewing new geographical markets to sell its higher popular LED televisions. By 2020, it plans to open new stores all across the major South Asian cities. Lark is most likely following a _______ strategy.

Accesible

Market segments that can be effectively reached and served are ______.

Exclusive

Ocean Spray sells its air fresheners only through Ray's Retail Chain. This is an example of __________ distribution.

One of the problems associated with test marketing

P&G introduced Duncan Hines ready-to-spread frosting in a small geographical area. When General Mills became aware of the product, it rushed to market its own Betty Crocker ready-to-spread frosting, which eclipsed the Duncan Hines product introduction. This illustrates ________.

New Products

Product improvements, product modifications, and original products can all be classifies as ________.

Everyday low pricing

Retailers such as Costco and Walmart charge a constant, daily low price with few or no temporary price discounts. This is an example of __________.

Place a website/ website page higher in search results

SEO, also known as Search Engine Optimization, refers to those efforts that seek to

Search Engine Results Page

SERP is an acronym for

Straight Rebuy

Sigma Inc., a software firm based in California, reorder 50 printers from the designated provider without any modifications. This is an example of ____________.

Positioning

Springfield, a convenience store, has recently begun to redesign and restock its stores to offer a more upscale environment with products such as house wines and fresh foods. This information indicates that Springfield has most likely changed its __________.

competitive marketing intelligence

The marketing department of a reputed firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objective?

Frequency

The number of times an average person in the target market is exposed to a message is known as the _____ of the message.

Market targeting

The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as _________.

Competitive advantage

To the extent that a company can differentiate and position itself as providing superior customer value, it gains ___________.

Integrated marketing communications

Today, several companies are adopting concept of _______, which carefully combines and coordinates the company's many communication channels to deliver a clear, consistent and compelling message about the organization and its brands.

Market-skimming

When a company sets a high price for a new product with the intention of reducing the price in the future, it is the ________ pricing strategy.

Undifferentiated brands

Which of the following brands most likely requires heavy advertising in order to be set apart from similar products?

Habitual buying behavior

Which of the following consumer buying behaviors is related to conditions of low-consumer involvement and little significant brand difference?

Incorrect estimation of the market size

Which of the following is a common reason for new product failure?

Internal databases can be accessed more quickly and cheaply than other information sources.

Which of the following is an advantage of using an internal database?

Company executives

Which of the following is an internal source for new-product ideas?

Suggest new uses for a product

Which of the following is most likely an objective of informative advertising?

Good customer database

Which of the following is most likely essential for direct marketing to be effective?

Market Targeting

consists of evaluating each market segment's attractiveness and selecting one or more market segments to enter.

Inelastic

if demand hardly changes with a small change in price, the demand is _________.