Marketing 3230 Test 2
nonprobability samples
include any sample in which little is done to obtain a representative cross section of the population.
primary data
information collected for the specific purpose at hand
secondary data
information that already exists somewhere, having been collected for another purpose
What is it called when new product sales eat into profits or sales volumes of existing products?
market cannibilization
Trademark
A _____ is a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products.
brand name
A _____ is a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products.
patronage-oriented
A focus on maximizing the number of customers using a service is a(n) _____ pricing objective for service firms.
Supplementary services
A group of services that support or enhance the core service is called:
observation studies
A retailer of sporting goods equipment is interested in learning peoples' attitudes, motivations, and feelings about its product lines. All of the following are potential sources for this information EXCEPT:
primary
A retailer of sporting goods equipment is interested in learning peoples' attitudes, motivations, and feelings about its product lines. All of the following are potential sources for this information EXCEPT:
probability sampling
A type of sampling in which every element in the population being studied has a known chance of being selected for study
Service
A(n) _____ is the result of applying human or mechanical efforts to people or objects.
Global brand
A(n) ________ refers to a brand that obtains at least a third of its earnings from outside it's home country.
relies on "push" strategy
All of the following accurately describe supply chain management EXCEPT:
diversity
All of the following are criteria used to choose a mode of transportation EXCEPT:
buying goods from a supplier located in a developing country in Africa
All of the following are examples of sustainable supply chain management EXCEPT:
Systematic samples
All of the following are types of nonprobabilty samples EXCEPT:
What are the benefits of market segmentation?
Allows business to: - Meet specific customer needs - Differentiate its product - Focus on a specific group of customers - Target its market activity - Develop a unique rand image - Build close customer relationships
Responsiveness
Altria Group, Inc.'s Phillip Morris failed at an attempt to target Americans looking for a potentially safer cigarette. This market exhibits a lack of
cannibalization
___________ is one of the potential disadvantages associated with a multi segment strategy.
relationship
Because many services involve a process of continuous interaction between the service organization and the customer, _____ marketing is an important strategy
primary
Community Trust Bank's management decided to design a new product and promotion to appeal to small to medium-sized businesses. A researcher conducted a series of focus groups with business owners to find out more about what they wanted in bank services. With the focus groups, Community Trust was collecting _____ data.
play from the same sheet of music
Companies operating under a demand-supply integration philosophy are better at their business because all of the different divisions within the company ________.
introducing ten new products every year
Companies that are most likely to succeed in the development and introduction of new products typically are characterized by all of the following EXCEPT:
What are the different kinds of segmentation?
Demographic, psychographic, behavioral and geographic
revenue-oriented
Determining costs can be extremely difficult for a service provider who has adopted a(n) _____ pricing objective and may limit the usefulness of the objective.
Behavorial Segmentation
Dividing a market based on some observable actions or attributes by prospective customers, such as where they buy, what benefits they seek, how frequently they buy and why they buy.
to diversify risk
Firms increase the depth of their product lines for all of the following reasons EXCEPT:
what customers want and what management thinks customers want
First Community Bank spent a considerable amount of money updating its lobby with plush sofas, a large-screen television, and a refreshment counter with popcorn and soft drinks. However, very few customers spend time in the lobby. In fact, most customers want to be in and out of the bank, with their financial transaction completed as quickly as possible. The gap model of service quality would suggest that a gap exists between:
material and service supplier
Food producers love big boxes because they serve as billboards on store shelves. Walmart wants to change this practice and promises suppliers that their shelf spaces won't shrink even if their boxes do. As a result, some of its vendors have reengineered their packaging. This is an example of _____ integration.
market segmentation
Ford Motor Company produces passenger cars, commercial trucks and specialty vehicles, performance vehicles, and race cars. Ford uses a procedure called _____ to divide its large market.
enhancing productivity, satisfying customers, managing costs, delivering high-quality products
Highly integrated supply chains (those that are successful in achieving many or all of these types of integration) have been shown to be better at:
it will enable them to build an accurate description of customer needs by group and to design a marketing mix to fit each segment.
Home Cookin' Catering would like to improve customer satisfaction and increase repeat business. When you ask the owners to describe a typical customer, they say it is impossible and explain that with corporate functions, family affairs, and fund-raisers, they do not have a typical customer. You suggest it is time for market segmentation because:
Relationship
In terms of firm-to-firm social interactions, ______ integration provides important benefits
inventory control
In which logistical component of the supply chain will you find distribution resource planning (DRP) a common feature?
Compatibility
Jeni's Splendid Ice Creams is famous for its unusual flavors, such as Wildberry Lavender, Goat Cheese with Red Cherries, and Sweet Corn and Black Raspberries . Which of the following product characteristics would most likely influence the market success of these flavors?
benefit
Karry-Lite, the manufacturer of light-weight suitcases with wheels, uses as its slogan, "Takes the 'lug' out of luggage." This slogan illustrates the use of _____ segmentation.
one-way frequency count
Kent has gathered data concerning people's preferences for traditional breakfast foods. He has learned that 30 percent of the population prefer eggs in the morning, 50 percent of the population prefer something sweet for breakfast like a doughnut, and an overwhelming 86 percent prefer food that they can eat while they drive to work. What method of analyzing the data has Kent used?
informational labeling
Labeling that is designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase is referred to as:
early majority
Liz tends to adopt new products sooner than a lot of other people, but she weighs the pros and cons before buying. She does considerable product research, but her friends don't really look to her for information. She really deliberates before she makes a purchase. Liz is best described as a(n):
Product development and commercialization
New product idea generation and testing are related to which of the following processes?
Complexity
Oakley, the manufacturer of protective eyewear for sports enthusiasts, has recently introduced Oakley's Thump, UV sunglasses that allow the wearer to store and listen to 120 different songs. Which of the following product characteristics would likely exert the greatest influence on the market success of these new glasses?
adopter
One hot August day, Tom saw a can of AriZona Beverage Company's Arnold Palmer Half-and-Half iced tea and lemonade drink at the local convenience store. He decided to try the product and found that he really liked it. Now, Tom regularly purchases this product to quench his thirst on hot days. Tom is an example of a(n):
Relationship
One of the main responsibilities of sport marketers is to keep their loyal customers as heavy users and escalate lower-level users into loyal customers. An effective tool for accomplishing this goal would be _____ marketing.
80/20 principle
Pocket-knife collector Sam Penley decided to open The Knife Depot, a store that sells pocket knives and related paraphernalia. After 18 months in business, Sam has noticed that most of his sales are to the same small group of customers (about 40 people) even though he has records to show there are over 200 active pocket-knife collectors within a 50-mile radius of his store. Sam's retailing experience is supportive of the:
product differentiation
Products such as bleaches, aspirin, unleaded regular gasoline, and some soaps are distinguished by differences such as brand names, packaging, color, smell, or "secret" additives. With these products, marketers attempt to convince customers that their product is significantly different from the others and should therefore be demanded over competing brands. These marketers are using:
Mental stimulus processing
TeamBuilds is a service organization that has corporate teams pay $7,500 for an all-day team-building session with a management consultant while they work together on renovating a Habitat for Humanity home. Which category of service processing does TeamBuilds offer?
Descriptive
The Johnsonville Sausage Company wants to know which areas of the country consume the most sausage. The company is not especially interested in an explanation for the popularity of sausage in different regions; it simply wants factual information about it. Johnsonville is interested in using marketing research in its _____ role
manufacturer's
The brand name of a manufacturer is known as a(n) _____ brand.
measurement error
The difference between a measured value and the true value.
minimize inventory levels while maintaining an adequate supply of goods to meet customer demands
The goal of inventory management is to:
reduce the cost of raw materials and supplies
The goal of most sourcing and procurement activities is to:
simulated (laboratory) market rest
The maker of Purell hand sanitizer tested consumers' reactions to its Purell Sanitizing Wipes by getting consumers to look through a newspaper with grocery store ads, make out a grocery list, and then "shop" in a mock store filled with real products, including the new product. This is an example of a(n):
social service firms
The predominant form of nonprofit organization in the United States is
usage-rate
The public transportation system in the San Francisco area conducted a survey that revealed respondents could be assigned to one of four categories: (1) people who never utilized mass transit, (2) people who utilized mass transit in the past but not now, (3) people who utilized mass transit occasionally, and (4) people who utilized mass transit regularly. These groups have significantly different perceptions about transportation alternatives. This is an example of _____ segmentation.
heterogeneous and homogeneous
The two types of shopping products are:
They should do them regularly because of the rapidly changing nature of most markets
Thompson Pools installs and maintains swimming pools. They group their customers according to their needs: new installs, regular maintenance, and frequent product consumers. When do they need a new segmentation analysis?
Manufacturing or marketing resources are disproportionately allocated to slow-moving products
Which of the following is a symptom of product line overextension?
Its financial lenders
Which of the following is the LEAST likely source for new-product ideas?
idea screening
Which of the following stages of the new-product development process is the first filter, which serves to eliminate new-product ideas that are inconsistent with the organization's new-product strategy or are obviously inappropriate for some other reason?
air
Which of the following transportation modes can most easily determine the location of a package en route between shipper and receiver?
Possession processing
Which types of service processing occurs when the service is directed at customer's physical possessions, such as lawn care, dry-cleaning, and veterinary services
Psychographic
Wine Spectator is a magazine that targets people who appreciate good wine and food. However, the discriminating reader of this magazine is also interested in travel and health, so the magazine features travel and health-related stories. This publication relies on _____ variables to identify its target market.
promote trampolines heavily to dealers and customers
You are a product manager for a manufacturer of trampolines. You have determined that the trampoline is in the maturity stage of the product life cycle. To keep your product from entering the decline stage, you should:
repositioning
_____ occurs when an existing product is targeted toward new market segments. It is another type of new-product development because the product is new to that segment.
Convenience
_____ products are purchased with little shopping effort. These products typically are purchased regularly, usually with little planning, and require wide distribution.
Specialty
_____ products are searched for extensively, and substitutes are not acceptable. These products may be quite expensive, and often distribution is limited.
What is product positioning and why is it important?
a form of marketing that presents the benefits of your product to a particular target audience. Through market research and focus groups, marketers can determine which audience to target based on favorable responses to the product.
cross-tabulation
a method of analyzing data that lets the analyst look at the responses to one question in relation to the responses to one or more other questions
random sample
a sample that fairly represents a population because each member has an equal chance of inclusion
nonprobability sampling
a sampling technique in which there is no way to calculate the likelihood that a specific element of the population being studied will be chosen
frame error
an error that occurs when a sample drawn from a population differs from the target population
random error
an error that occurs when the selected sample is an imperfect representation of the overall population
What are the characteristics of a market?
determine the economic environment in which the firm operates....number of firms competing with one another....whether products sold are differentiated or undifferentiated....whether entry into the market is easy or difficult
psychographic segmentation
dividing a market into different segments based on social class, lifestyle, or personality characteristics
What is a mean's of displaying or graphing where brands or groups of products are located in customer's minds?
perceptual mapping
closed-ended questions
questions a person must answer by choosing from a limited, predetermined set of responses
open-ended questions
questions that allow respondents to answer however they want
demographic segmentation
segmenting markets by age, gender, income, ethnic background, and family life cycle
geographic segmentation
segmenting markets by region of a country or the world, market size, market density, or climate