Marketing Exam #1 (Ch.1-5)

Status

A(n) ________ reflects the general esteem given to the different roles of a person by society.

False

According to Maslow's theory safety needs must be after self actualization.

True

Augmented product is built around core benefit and actual product by offering additional services and benefits

Baby Boomers

Members of which of the following generational groups were born between 1946 and 1964

False

Product development costs the least among all the steps of the new product development process.

Idea Screening

Which of the following steps of the new product development process would most likely use an R-W-W framework?

Buzz Marketing

Which of the following types of marketing involves creating opinion leaders to serve as brand ambassadors to spread the word about a company's products?

Strangers

___ are customers who show low potential profitability and little projected loyalty.

Market Targeting

___ is the process of evaluating the attractiveness of different market segments and selecting one or more segments to enter.

Needs

____ are define as stages of felt deprivation

Secondary

Information collected from online databases on the internet is an example of ______ data.

employees

Internal sources of new product ideas for a company include its

Defined in terms of satisfying basic customer needs

A company's mission statement should most likely be _____

True

A firm's marketing department must partner with other company and department's to produce superior value for customers.

Services

A form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in ownership

Convenience

A laundry detergent that consumers purchase frequently, with minimum comparisons, is an example of a(n) ________ product.

False

Life insurance is an example of a convenience product.

True

Many companies have started to target the LGBT market segment which has significant buying powers.

True

Market researchers must be careful to guard against stereotypes when using age and life-cycle segmentation.

True

Marketers must be careful to guard against stereotypes when using age and life cycle segmentation.

True

Marketing researchers can conduct their own searches of secondary data sources.

True

A bank that helps a company finance transactions can be seen as both a financial intermediary and a financial public.

True

Business and consumers marketers use many of the same variable to segment their markets

Positioning Statement

Company and brand positioning should be summed up in a

True

Consumers within a social class tend to exhibit similar buying behaviors.

Customers expectation on a product being advertised and assessing all the costs and benefits that come up with the perceived value.

Define customer perceived value. (Essay Question)

Idea for a product that a company can see itself offering to market but a product concept is detailed version of the idea stated in meaningful consumer terms. Product Image is how consumers perceive actual or potential product.

Difference between product idea, product concept, and product image. (Essay Question)

Marketers need to position their brands clearly in target customers' minds. At the lowest level, they can position the brand on product attributes. A brand can be better positioned by associating its name with a desirable benefit. The strongest brands go beyond attribute or benefit positioning. They are positioned on strong beliefs and values, engaging customers in a deep emotional level.When positioning a brand, the marketer should establish a mission for the brand and a vision of what the brand must be and do. A brand is the company's promise to deliver a specific set of features, benefits, services, and experiences consistently to buyers. The brand promise must be simple and honest.

Discuss the concept of brand positioning. (Essay Question)

word-of-mouth influence is the impact of recommendations from friends, associates on buying behaviors. Opinion Leader is a person who is able to socially influence another person by using special skills like knowledge. Buzz marketing is creating a leader to become a brand ambassador to spread the word of the company's products.

Explain the concepts of word-of-mouth influence, opinion leaders, and buzz marketing. (Essay Question)

True

Product, price, place, and promotion make up the elements of the firm's marketing mix

False

Secondary data consist of information collected for the specific purpose at hand

Exchange

The act of obtaining a desired object from someone by offering something in return

Assessing the information needs of a company

The initial function of a marketing information system is ____

Demography

The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

Test Marketing

Wayne Industries, a retail and home improvement store, is developing a new lawnmower. The marketing strategy for the product has already been developed and presented. A prototype has also been developed by the company's R&D team. The prototype is now being tested rigorously to ensure that there are no product liability issues. Once the prototype of the lawnmower passes product tests, the next step is most likely to be ________.

Like two-way brand conversations

What is a likely characteristic of the Millennial generation?

1)Overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. It deals with all aspects of acquiring, keeping, and growing customers. 2)To manage detailed information about individual customers and carefully manage customer touch points to maximize customer loyalty. 3)Companies want not only to create profitable customers but also "own" them for life, earn a greater share of their purchases, and capture their customer lifetime value.

What is customer relationship management (crm) , what are the functions and how does firms benefit from crm system? (Essay Question)

True

When a company decides to go international with a product it must first figure out what products and services to introduce and in which countries

It deals with adapting the firm to take advantage of changing marketing opportunities.

Which of the following is true to strategic planning in a firm?