Marketing Exam 1 Review

A shoe manufacturing company uses ads featuring the members of a country music band with the hope that the band's fans will see them wearing the company's shoes and hence purchase the same brand of shoes. The shoe company believes that the band portrays the image of a ________ to the band's fans. A) membership group B) reference group C) status symbol D) subculture E) lifestyle

B. reference group

While looking for ideas on how to craft a user-friendly dishwasher, the designers of a dishwasher- manufacturing company spent 10 days observing people as they used their dishwashers in their homes. In this instance, the designers were conducting ________. A) survey research B) experimental research C) quantitative marketing research D) ethnographic research E) causal research

D. ethnographic research

Which of the following terms refers to sellers being preoccupied with their own products and losing sight of underlying consumer needs? A) vendor lock-in B) social loafing C) value proposition D) marketing myopia E) conspicuous consumption

D. marketing myopia

Customer equity refers to ________. A) a firm's current sales B) the share a firm earns of a customer's purchasing in their product categories C) the amount a customer is spending each year on certain products D) the total combined customer lifetime value of all of the company's current and potential customers E) a firm's market share

D. the total combined customer lifetime value of all of the company's current and potential customers

A successful CRM program is expected to help a company achieve all of the following EXCEPT ___________. A) provide higher levels of customer service B) develop deeper customer relationships C) create offers tailored to meet specific customer requirements D) understand the competition better E) pinpoint high-value customers and cross-sell products

D. understand the competition better

Which of the following questions is an example of a closed-end question? A) Why do you think some people are more comfortable taking risks than others? B) How can I improve my presentation skills? C) Why do you think a single vote makes a difference? D) Would you like to try our new ice cream flavor? E) What is the best way to prevent weeds in a garden?

D. would you like to try our new ice cream flavor?

At Gina's retail stores, the posted policy reads, "Without our customers, we don't exist." Gina and her staff aim to delight each customer, and they are quick to offer discounts or extra services whenever a customer is anything less than satisfied. Gina and her staff strive to make every customer a repeat customer. It is most accurate to say that instead of focusing on each individual transaction, Gina and her staff put a priority on ________. A) managing partner relationships B) selling new products C) attracting "butterflies" D) converting "barnacles" to "strangers" E) capturing customer lifetime value

E. capturing customer lifetime value

Brad works with a reputable 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 consumers' behavior and their buying motives. This, in turn, allows Brad's firm to successfully generate more value for consumers. Brad leads the ________ team. A) product development B) strategy implementation C) human resource D) customer relationship management E) customer insights

E. consumer insights

Which of the following marketing management concepts is most likely to lead to marketing myopia? A) customer-driven marketing concept B) customer-driving marketing concept C) societal marketing concept D) marketing concept E) product concept

E. product concept

Jolene's firm markets preplanning services for a mortician. She finds that most of her target market avoids discussing future funeral needs. She convinces people to invest in the firm's services through her large-scale promotional efforts. Jolene's firm most likely practices the ________. A) production concept B) marketing concept C) selling concept D) product concept E) societal marketing concept

c. selling concept

In a simple random sample, ________. A) every member of the population has a known and equal chance of selection B) the population is divided into mutually exclusive groups (such as blocks), and the researcher draws a sample of the groups to interview C) the researcher selects the easiest population members from which to obtain information D) the population is divided into mutually exclusive groups and random samples are drawn from each group E) the researcher finds and interviews a prescribed number of people in each of several categories

A. every member of the population has a known and equal chance of selection

Dividing the market into various groups of customers that a company may serve is called ________. A) market segmentation B) positioning C) customization D) target marketing E) differentiation

A. market segmentation

Railroads were once operated based on the thinking that users wanted trains that would offer the most in quality, performance, and innovative features. The railroad managing companies overlooked the fact that there could be other modes of transportation. This reflects the ________ concept. A) product B) production C) selling D) marketing E) societal marketing

A. product

The ________ concept is aligned with the philosophy of continuous product improvement and the belief that customers will choose products that offer the most in quality, performance, and innovative features. A) product B) production C) societal marketing D) marketing E) selling

A. product

Which of the following customer questions is answered by a company's value proposition? A) "Why should I buy your brand rather than a competitor's?" B) "What is your company's estimated customer equity?" C) "What are the costs involved in the production of your brand?" D) "What is the budget allocated by your company for research and development?" E) "What is the financial stability of your company?"

A. why should i buy your brand rather than a competitor's?

When backed by buying power, wants become ________. A) social needs B) demands C) physical needs D) self-esteem needs E) exchanges

B. demands

Which of the following types of research would be best suited for understanding the attitudes of consumers who buy a particular brand of soft drink? A) internal research B) descriptive research C) causal research D) exploratory research E) demographic research

B. descriptive research

Which of the following is NOT an accurate description of modern marketing? A) Marketing is the creation of value for customers.B) Marketing involves managing profitable customer relationships.C) Marketing emphasizes selling and advertising exclusively. D) Marketing involves satisfying customers' needs.E) Marketing is building value-laden exchange relationships with customers.

C. Marketing emphasizes selling and advertising exclusively. (NOT)

Secondary data consist of ________. A) information collected for the specific purpose at hand B) data that does not age C) information that already exists somewhere, having been collected for another purpose D) information collected from conducting personal, in-depth interviews E) data that is unreliable and unsuitable for the purpose of making marketing decisions

C. information that already exists somewhere having been collected for another purpose

Harley-Davidson promotes its motorcycles with images of independence, freedom, and power. Harley-Davidson has created a ________. A) motive B) life-cycle stage C) self-concept D) brand personality E) self-actualization need

D. brand personality

Beth Williams works for a marketing research company in Chicago. Her current research involves finding the market potential for a client's new line of sports apparel. Given her objective, which of the following types of research is the most suitable for Beth? A) causal research B) constructive research C) statistical research D) descriptive research E) exploratory research

D. descriptive research