Marketing Exam 2 - Chapters 4 - 8

Consumers obtain information from numerous sources. Which of the following involves dealer and manufacturer​ websites, packaging, and​ displays?

Commercial sources

Which of the following refers to the degree to which an innovation fits the values and experiences of potential​ consumers?

Compatibility

Which of the following is NOT a psychological factor influencing consumer buying​ behavior?

Self-concept

Amazon is now promising​ same-day pick-up of goods as well as local secure​ pick-up points. What point of differentiation is​ this?

Services differentiation

Which type of consumer products and services are purchased less​ frequently, with consumers carefully comparing competing products in terms of​ suitability, quality,​ price, and​ style?

Shopping products

Which of the following statements is true regarding standardizing products for international​ markets?

Standardization decreases product​ design, manufacturing, and marketing costs.

​_________ is one problem with​ business-to-business e-procurement.

Suppliers being pitted against one another

Which of the following is NOT one of the typical advantages of​ e-procurement systems?

Improving​ customer-supplier relationships

Which adopter group is first to adopt a new​ product?

Innovators

Which of the following is considered part of an augmented product rather than that of an actual product or core customer​ value?

Warranty

The real value of marketing information rests in the​ _________.

customer insights it provides This is the correct answer.

Which type of sample involves dividing the population into mutually exclusive groups​ (such as​ blocks), and then drawing a sample of the groups to​ interview?

Cluster​ (area) sample

Which of the following incorporates the advantage of brands operating in different categories with the combined brands creating broader consumer appeal and greater brand​ equity?

Co-branding

User​ status, usage​ rate, and loyalty status are examples of which type of segmentation​ variable?

Behavioral segmentation

​________ is the differential effect that knowing the brand name has on customer response to the product and its marketing.

Brand equity

Through its mobile Whopper Detour​ promotion, Burger King offered discounted Whoppers to people close to a competing​ McDonald's restaurant. This is an example of which of the​ following?

Hyperlocal social marketing

Adding a new product line to an existing portfolio means that the line has​ _________.

increased product mix width

Which of the following correctly defines a​ product?

A product is anything offered to a market that might satisfy a need or want.

​________ is the step of the new product development process during which a review of the​ sales, costs, and profit projections for a new product is conducted to determine whether the new product is likely to satisfy the​ company's objectives.

Business analysis

What is the first step of the marketing research​ process?

Defining the research problem

​________ demand is the term used for business demand that ultimately comes from the demand for consumer goods.

Derived

Which type of research seeks to define and characterize​ things, such as the market potential for a product or the demographics and attitudes of consumers who buy the​ product?

Descriptive research

Which type of​ market-coverage strategy involves targeting several market segments and designing separate offers for​ each?

Differentiated marketing

​__________ is a characteristic important in influencing an​ innovation's rate of adoption and described by the degree to which the innovation may be tried on a limited basis.

Divisibility

​Technological, political, and competitive influences are categorized as which type of major influence on business buyer​ behavior?

Environmental

​________ involves sending trained observers to watch and interact with consumers in their​ "natural environments."

Ethnographic research

In 2015 Target eliminated its​ "pink" and​ "blue" aisles, and it now sells lines such as a collection of​ back-to-school clothing,​ accessories, backpacks, and bedding that appeals to both boys and girls. This is an example of which type of​ marketing?

Gender-neutral

In which stage of the new product development process would a company use a​ hackathon?

Idea generation

Which of the following statements about new product development strategy is​ correct?

Innovation can be very expensive and very risky.

Which of the following statements regarding packaging is​ correct?

Innovative packaging can give a company an advantage over competitors and boost sales.

________ marketing means that service quality depends heavily on the quality of the buyer-seller interaction during the service encounter.

Interactive

Which link in the service profit chain involves employee selection and​ training?

Internal service quality

Which stage of the product life cycle is characterized by negative profits and high costs per​ customer?

Introduction

Which of the following are​ tradition-bound, suspicious of​ changes, and adopt the innovation only when it has become something of a tradition​ itself?

Lagging adopters

​_________ consists of the analysis​ tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.

Marketing analytics

Which value proposition offers not only higher​ quality, but also confers prestige upon the​ buyer?

More for more

What is the first step of the buyer decision​ process?

Need recognition

Which of the following statements about big data is​ correct?

One result of big data is that marketing managers are often overloaded and overwhelmed with information.

Which of the following statements about online research is​ correct?

Online surveys generally have higher response rates than those conducted by mail or phone.

​Kroger, headquartered in​ Cincinnati, Ohio, is one of the​ nation's largest grocery chains. It owns several brands sold in its​ stores, including Private​ Selection, Heritage​ Farm, and Simple. These brands represent which type of brand​ sponsorship?

Private brands

The business buying process can be a complex and complicated process with eight basic stages. Which of the following is the first stage in this​ process?

Problem recognition

___________ consists of many different people who play multiple roles in the buying process.

The buying center

Which of the following statements regarding socially responsible product decisions is​ correct?

The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition.

​__________ determines if a buyer is satisfied or dissatisfied with a purchase.

The relationship between the​ consumer's expectations and the​ product's perceived performance

Which of the following statements is true regarding product life cycle​ curves?

The sales of a typical product follow an​ S-shaped curve made up of five stages.

Which of the following statements is correct concerning service marketers going​ global?

The trend toward growth of global service companies is expected to continue in the near future.

According to the model of buyer​ behavior, what is in a​ buyer's "black​ box"?

The​ buyer's characteristics and decision process

According to​ Maslow's hierarchy, which of the following needs would a person seek to satisfy​ first?

Thirst

Which of the following BEST describes the purpose of customer insights?

To create more value for customers

Which of the following is the primary reason firms use competitive marketing​ intelligence?

To gain early insights into competitor moves and​ strategies, and to prepare quick responses Your answer is correct.

Which of the following correctly describes customer​ purchases, sales force​ contacts, service and support​ calls, web and social media site​ visits, satisfaction​ surveys, credit and payment​ interactions, and market research​ studies?

Touch points

A company can obtain new products by buying a whole​ company, a​ patent, or a license to produce someone​ else's product through​ _________.

acquisition

Using online consumer tracking data and analytics to target advertisements and marketing offers to specific consumers is known as​ ________.

behavioral targeting

Primary data​ ________.

consist of information collected for the specific purpose at hand

All the individuals and households that buy or acquire goods and services for personal consumption are known as the​ ________ market.

consumer

Goldtone is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors of​ short-listed ideas will be adequately rewarded. In this​ case, Goldtone is using​ ________ to generate new product ideas.

crowdsourcing

Social class is a type of​ ________ characteristic that influences consumer buying behavior.

cultural

Consumers go through five stages in the process of adopting a new product. In the​ ________ stage, the consumer considers whether trying the new product makes sense.

evaluation

You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In​ exchange, you receive a payment. You are participating in​ a(n) ________.

focus group

When marketers want to promote their products and services through​ word-of-mouth marketing​ programs, they typically begin by​ ________.

generating​ person-to-person brand conversations

Groups of​ _________ products consist of materials and​ parts, capital​ items, and supplies and services.

industrial

Buyers look for signals of service​ quality, drawing conclusions about quality from the​ place, people,​ price, equipment, and communications that they can see to address the issue of service​ ________.

intangibility

The type of segmentation that forms segments of consumers who have similar needs and buying behaviors even though they are located in different countries is known as​ _________.

intermarket segmentation

A service firm must orient and motivate its​ customer-contact employees and supporting service people to work as a team to provide customer satisfaction. This process is known as​ ___________.

internal marketing

Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as​ __________.

market segmenting

When a company engages in​ ________marketing it ignores market segment differences and targets the whole market with one offer.

mass

The type of segment characteristic in which the​ size, purchasing​ power, and profiles of the segments can be quantified is known as​ __________.

measurable

Firms that manufacture seasonal products target their consumers primarily through​ ________ segmentation.

occasion

Marketers of brands understand that they must figure out how to reach​ ____________ that can exert social influence on others.

opinion leaders

If competitors cannot easily copy the benefit a company chooses to​ promote, that benefit is said to be​ _________.

preemptive

​H2Coast, an automobile​ manufacturer, produces​ fuel-efficient hybrid vehicles that are targeted toward​ high-end exotic-vehicle collectors with ample leisure time. H2Coast most likely segments the consumer market based on​ ________ variables.

psychographic

A purse​ company's ads feature the members of a popular reality show about housewives. Product sales increase significantly among fans. From​ fans' viewpoint, the reality show is a​ ________.

reference group

The buyer makes the fewest decisions in the​ ________ and the most in the​ ________ decision.

straight​ rebuy; new task

The customer journey concept​ ________.

takes a holistic view of all the experiences a consumer has with a brand

Product mix width refers to​ ________.

the number of different product lines the company carries

To create successful new​ products, a company must​ _______.

understand its​ consumers, markets, and competitors and develop products that deliver superior value to customers

Intuit​ Labs, a division of​ Intuit, the accounting and payroll software​ developer, follows a​ "Design for Delight​ (D4D)" development​ philosophy, which states that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit​ using?

​Customer-centered new product development