Marketing Exam 1

For each example, state the correct part of the consumer decision process... 1) Wants access to home entertainment 2) Asks a friend where he rents 3) Compares Netflix, Amazon Prime, and Hulu Plus 4) Provides credit card number to Netflix 5) Tells friends how great Netflix is (Chapter 6)

1) Need recognition 2) Information search 3) Alternative evaluation 4) Purchase 5) Postpurchase

Match Each with the Correct Component of the Strategic Marketing Planning Process (Chapter 2) Installed GPS, sensors, and other devices, Create entertainment experience, Technology available to improve customer experience, Less Crowding, Declining Attendance 1. Define the Mission/Vision 2. Situation Analysis 3. Identify & Evaluate Opportunities 4. Implement Marketing Mix 5. Evaluate Performance

1. Define the Mission/Vision = Create entertainment experience 2. Situation Analysis = Declining attendance 3. Identify & Evaluate Opportunities = Technology available to improve customer experience 4. Implement Marketing Mix = Evaluate performance 5. Evaluate Performance = Less crowding

Analyze Dominoes Pizza's New Plan to Franchise Locations for 24-hour business operations using SWOT Analysis 1. Strength 2. Weakness 3. Opportunity 4. Threat Excellent location, Strong Brand Name, Many competitors are open late from 2-3 am, Dominoes doesn't have experience with Inventory Management for late-night hours, Consumers are looking for healthier options, Americans eat a lot of pizza, Low Staffing, and many consumers are looking for Late-Night Eating options

1. Strength = Excellent location, Strong Brand Name 2. Weakness = Low Staffing, Lack of Inventory Management 3. Opportunity = Americans eat a lot of pizza, consumers are looking for late-night options 4. Threat= Competitors, Consumers are looking for healthier options

Fordham Hardware is known for its consensus buying center culture. Recognizing this corporate culture, someone attempting to sell to Fordham Hardware should... A) attempt to facilitate the collective agreement of all members of the buying center. B) address the concerns of all members of the buying center with particular attention to the decision maker. C) attempt to get one "friend" on the committee to support his products. D) focus on providing information to and making the sales approach to the one decision maker. E) focus exclusively on the head of the buying center. (Chapter 7)

A) attempt to facilitate the collective agreement of all members of the buying center.

According to the case, chocolate processors currently face pressure to survive because supply exceeds demand. Which of these is NOT a good step for a chocolate processor to take if it wants to become more value-driven? A) purchasing lower-quality beans in order to lower costs while keeping its prices the same B) collecting market data to identify geographic areas where demand for chocolate is growing fastest C) improving efficiency of the operation in order to keep costs consistent with benefits D) investigating demand levels for regular, Fair Trade, and organic chocolate among its customers E) working to establish close relationships with chocolate brands (Chapter 1)

A) purchasing lower-quality beans in order to lower costs while keeping its prices the same

Name the demographic group and segment: -Tend to earn more and have more schooling (Chapter 5)

Asian Americans (Ethnicity)

KIND offers a selection of products with "natural" ingredients that are desired by consumers who choose a healthy lifestyle. By making this choice, KIND is demonstrating which core aspect of marketing? A) Marketing affects various stakeholders. B) Marketing is about satisfying customer needs and wants C) Marketing requires product, place, promotion, and price decisions. D) Marketing is performed by individuals and organizations. E) Marketing entails an exchange. (Chapter 1)

B) Marketing is about satisfying customer needs and wants.

GE Healthcare knows that different participants fill different roles in B2B purchase decisions. Which of the following is not one of these roles? A) user B) wholesaler C) gatekeeper D) decider E) Influencer (Chapter 7)

B) Wholesaler

First-time visitors to the KIND website are invited to receive a discount by providing their email addresses. The company is thinking about also providing a link to an app where customers can get product and company information, voice their opinions, and meet other KIND customers. KIND is becoming more value-driven by A) using marketing analytics. B) connecting with customers using social and mobile marketing. C) building relationships with customers. D) balancing benefits with costs. (Chapter 1)

B) connecting with customers using social and mobile marketing

Name the demographic group and segment: -Highly individualistic, enjoy leisure time, focused on maintaining youth (Chapter 5)

Baby Boomers (Generational Cohort)

When KIND installed a three-story-high mountain made up of 45,485 pounds of sugar in Times Square it represented which core aspect of marketing? A) Marketing affects various stakeholders. B) Marketing is about satisfying customer needs and wants C) Marketing requires product, place, promotion, and price decisions. D) Marketing is performed by individuals and organizations. E) Marketing entails an exchange. (Chapter 1)

C) Marketing requires product, place, promotion, and price decisions.

As purchasing manager for Avalon Electronics, Cary is required to submit a vendor performance analysis every three months. To meet this requirement, Cary will most likely A) use a modified rebuy vendor form. B) interview vendors and seek their feedback. C) specify and weight performance factors and score the vendors. D) recruit new suppliers. E) develop an RFP for vendor analysis. (Chapter 7)

C) specify and weight performance factors and score the vendors.

Name the demographic group and segment: -Higher annual average earnings (Chapter 5)

Consumers with Bachelor's Degree (Education)

By offering chocolate made from cocoa beans purchased from Fair Trade co-ops, chocolate companies can ensure that farmers receive a fair price for their products. This primarily demonstrates which of the following aspects of the importance of marketing? A) Marketing is composed of the four Ps. B) Marketing can be entrepreneurial. C) Marketing is pervasive across channel members. D) Marketing enriches society. E) Marketing can be performed by both individuals and organizations. (Chapter 1)

D) marketing enriches society

The E100 is compact and easy to maneuver in the heavily populated streets, and its battery can last for about 96 miles, and then takes only about 7.5 hours to charge. ________ factors include the needs of consumers who chose to live in the urban areas of Chinese cities. (Chapter 5)

Demographic

________ issues impacted the Tesla from being very widely purchased upon introduction. (Chapter 5)

Demographic

Consumers sort through the choices of the Amazon Echo, Google Home, or Apple Homepod during which stage of the consumer purchase decision process?

Evaluation of alternatives

________ is the cost to the customers or the fee the bank charges those customers for borrowing money. (Chapter 5)

Interest

KIND examined its market data and learned about the search behavior of people when they considered buying a protein bar or thought about switching brands. This is reflective of which activity firms do in order to become more value-driven? (Chapter 1)

Marketing analytics

Name the demographic group and segment: -Concentrate on finding products that deliver value (Chapter 5)

Middle and low-income earners (Income)

Match each statement about Jared's hospital experience with the appropriate role player or prompter in the buying process. Patient, ElbowMed Sales Rep, Alternative Treatments, Materials Manager, Smith Union Hospital, Shattered Elbow, Vista Insurance, Cost-Effectiveness, Price & Success Rate, Physician, Specialized Purchase, Surgery Role Player Prompter Initiator User Decider Buyer Influencer Gatekeeper (Chapter 7)

Patient, ElbowMed Sales Rep, Alternative Treatments, Materials Manager, Smith Union Hospital, Shattered Elbow, Vista Insurance, Cost-Effectiveness, Price & Success Rate, Physician, Specialized Purchase, Surgery Role Player Prompter Initiator Physician Shattered Elbow User Patient Alternative Treatments Decider Smith Union Hospital Price & Success Rate Buyer Materials Manager Specialized Purchase Influencer ElbowMed Sales Rep Surgery Gatekeeper Vista Insurance Cost-Effectiveness

Name the demographic group and segment: -Purchase products that make them feel ''cool'' (Chapter 5)

Women in triathlons (Gender)

Dole needs to be creative with its messaging due to (Chapter 5)

a competitive market

When marketers monitor the economic situation affecting their target markets, they are likely to monitor changes in all of the following except (Chapter 5)

age

Stakeholders who fill different roles in the B2B buying process are collectively known as the (Chapter 7)

buying center

If Apple sends an email to all those consumers who purchased a HomePod reminding them of the high quality and advanced features, it is attempting to deal with which postpurchase outcome?

cognitive dissonance

Trader Joe's grocery stores sell Fair Trade organic Belgian chocolate bars. If the company chose to run an ad campaign promoting its commitment to fair trade farming and featuring these chocolates, the stores would be ______ value. (Chapter 1)

communicating

Consumers who use Yelp reviews to measure the tradeoff between quality and price of different restaurants are using what type of consumer decision rule?

compensatory

Since 2006, when Tesla Motors revealed its Roadster and began the market for the modern version of the all-electric car, consumers have more and more choices. Which variable of the immediate environment is primarily affected by this issue? (Chapter 5)

competition

What external change led to Dole's new focus on nutrition? (Chapter 5)

concerns about obesity

If all the stakeholders at the hospital reached a collective agreement that they would support purchasing a GE X-ray machine, they would be a(n) _________ buying center. (Chapter 7)

consensus

Generational cohorts, ethnicity, and gender are all considered part of _________ macroenvironmental factors. (Chapter 5)

demographic

When Julie, the marketing executive for Hope Springs, determined that market segments existed with sufficient disposable income to pay a premium for bottled water, she determined this by examining ________ factors. (Chapter 5)

demographic

If consumers are using health care services at a higher rate than in the past, health care providers will need to purchase more inputs, ranging from X-ray machines to bandages. This represents (Chapter 7)

derived demand

The news began airing coverage of accidents that occurred in Ford vehicles. This extensive coverage created fear for consumers, causing them to purchase fewer Ford vehicles. This is an example of (Chapter 7)

derived demand

Marketers of the original Levi's jeans met the needs of consumers in the late 1800s by offering _____ as the key benefit (Chapter 1)

durability

KIND expresses that it is the company's goal and responsibility to "make the world a little kinder." One of the ways this is demonstrated is by the KIND Foundation granting awards worth approximately $1.1 million to seven people who acted in ways to improve their communities. This represents which aspect of why marketing is important? (Chapter 1)

enriches society

Consumers can use type of cuisine, neighborhood, and price as their _______ in the decision process.

evaluative criteria

Yelp assists consumers in their _______ search for information.

external

The Google Home was six times more likely to answer requests correctly than was Echo. For consumers this satisfies a(n) _________ need.

functional

By providing refillable water bottles and refilling stations in order to reduce waste from bottled water, Hope Springs is aligning its product with which current social trend? (Chapter 5)

green marketing

By tailoring different value propositions to different decision makers at the hospital, GE Healthcare's sales representatives are filling which buying center role? (Chapter 7)

influencer

A hospital is which element in the B2B marketplace? (Chapter 7)

institution

Regular users of Yelp who search for reviews are likely to have a(n)

internal locus of control

Moving from television broadcast into e-commerce has allowed HSN to achieve _______ excellence.

locational

When Spirit Airlines expands into additional cities, which growth strategy is it using?

market development

Although blue jeans are made of the same basic fabric, how a brand of jeans is _____ determines how the brand will be positioned in the marketplace, and ultimately who will buy it. (Chapter 1)

marketed

Neighbors Bicycles needed more bicycle seats. It decided to order gel seats in addition to the traditional seats it had always ordered. What type of buying situation does this represent? (Chapter 7)

modified rebuy

Compared to the B2C process, the information search and alternative evaluation steps in the B2B process are (Chapter 7)

more formal and structured

Which of the sources of sustainable competitive advantage discussed in the text is Spirit Airlines most likely pursuing with its ultra-low-cost carrier strategy?

operational excellence

Building a bridge between the younger generation and the old heritage of the company is an example of a(n)

opportunity

The increasing popularity of smoothies is a(n) ____________ for Dole (Chapter 5)

opportunity

There are many risks involved when purchasing a smart home device. If a consumer makes a decision, receives the product, and the device does not work, this is an example of a ________ risk.

performance

Wham-O conducted its situation (SWOT) analysis during what phase of the strategic marketing process?

planning

Some of the key reasons the sales of electric cars are growing in China, the largest car market in the world, are the subsidies and incentives offered by the national and local governments. The ________ environment covers these government programs. (Chapter 5)

political/legal

One of the important features of the __________ environment is the existence of protections for consumers to increase the influence, power, and rights of consumers in dealing with institutions. (Chapter 5)

political/regulatory

When Spirit Airlines identifies itself as an ultra-low-cost carrier (ULCC), it is ______ itself compared to other airlines.

positioning

Yelpers who post reviews are at which stage of the decision process?

postpurchase

After the major tire recall, Ford regretted purchasing so many Firestone tires for its vehicles. This kind of buyer's remorse is also called (Chapter 7)

postpurchase dissonance

Decisions by a chocolate company about whether or not to use Fair Trade and/or organic cocoa beans fall under which of the four Ps? (Chapter 1)

product

By offering new products developed by well-known designers to its existing customers, HSN used which growth strategy?

product development

How does Dole benefit from the Dole Nutrition Institute? (Chapter 5)

product ideas

One of the main causes for the tire's defect was the lack of a nylon overlay. Ford claims that it asked Firestone to produce the tires with a nylon overlay as well as include materials that would reduce tread separation. These are examples of (Chapter 7)

product specifications

Companies that get celebrities to be seen in their designer jean brands relates to which of the marketing mix variables? (Chapter 1)

promotion

Where does Dole's 5 A Day Plan fit in the marketing mix? (Chapter 5)

promotion

After the Firestone recall, Ford recognized that it would need to work with a new tire supplier for its vehicles. Ford then began to develop new product specifications and request proposals from other tire manufacturers. What is the next step in the B2B buying process for Ford? (Chapter 7)

proposal analysis and supplier selection

Yelpers serve as a(n) ______ for persons using their reviews as a basis of comparison in the decision process.

reference group

Many consumers can remember various brands of smart home devices but will only consider purchasing from Amazon Google, or Apple. The brands that they can remember, but not consider for purchase, are part of the consumer's ________ set, but not in their ________ set.

retrieval;evoked

In the late 1970s, manufacturers of designer blue jeans opened up a new market by appealing to consumers on the basis of (Chapter 1)

sex appeal

As consumers respond to climate change and environmental concerns, both General Motors and Tesla are offering fully electric vehicles. This issue represents which of the macroenvironmental variables? (Chapter 5)

social

If a B2B customer is satisfied with an existing supplier, it will probably engage in a(n) ________ to purchase additional quantities of the item. (Chapter 7)

straight rebuy

Wham-O's legacy achieved through its long and significant 70-year heritage is an example of a(n)

strength

Chocolate brands such as Godiva purchase chocolate from processors, who refine beans obtained from cocoa bean growers. These growers and processors are part of Godiva's (Chapter 1)

supply chain

UPS, FedEx, and other shipping companies support other firms' ________ marketing goals. (Chapter 1)

supply chain management

HSN focuses its marketing efforts on busy women older than 35 years old who own their homes. This customer group is HSN's

target market

Mobile devices offer consumers an access channel of ever-increasing importance, as demonstrated by consumers' ability to find water bottle filling stations for Hope Springs. This is an example of a trend within the ________________ environment. (Chapter 5)

technological

The change in lifestyle that has occurred since its heyday company is an example of a(n)

threat

One of the goals of value-based marketing is (Chapter 5)

to offer greater value than competitors offer.

First-time Spirit Airlines customers sometimes don't understand its "bare fare" strategy, leading to unpleasant surprises when they check in at the airport. In terms of a SWOT analysis, this is an example of a(n)

weakness

Depending on whether consumers want bargains, selection, service, or style will determine _____ consumers will buy their jeans. (Chapter 1)

where