Marketing Exam

A machine that can reason, generalize or learn from past experiences is exhibiting _____

Artificial Intelligence

A mattress company that advertises high quality mattresses for an extremely low price while carrying a very low quantity of them is utilizing a _____ pricing strategy by them trying to up-sell customers on a more expensive mattress

Bait and switch

How do our customers use our product and what benefits do consumers want?

Behavior Segmentation

Compared to consumer markets, there are less _____ segments in B2B markets.

Behavioral based segments

A company that produces laundry detergent offers one product with stain removing action while another is made for energy efficient washing machines. Which of the following segmentation strategies has the company used?

Benefits segmentation

When Starbucks (known for coffee) started offering energy drinks, it was a/an ____ extension because it entered a new category, but a new cinnamon flavor latte would be a ____extension

Brand Extension, Line Extension

Income is used as a segmentation variable because it indicates a group's _____.

Buying power

In the case of _____ research, all of a product's marketing elements are held constant except one.

Causal

Ads for a product for senior citizens may show actors in their 50s and not in their 70s because most people don't people don't see themselves as their _____ age

Chronological age

Which of the following is the most effective way that an online book retailer can utilize to recommend products its customers might like?

Clickstream data

GammaTech Inc. has released a new MP3 player. The device is packaged along with a set of compatible headphones and an A/C adapter, and a two-year warranty. Such an offering would be known as a(n) _____.

Complete

_____ is the result of using both qualitative and quantitative data

Consumer insight

Even small businesses can use marketing tools to analyze their customers' buying habits; an example are _____ that, when used, can track where the consumer received the discount

Coupon Codes

The stage of the product life cycle when profits are virtually nonexistent is know as the ___ stage and it's a good idea to pull back marketing resources

Decline

how do the ages, races, gender, ethnic background affect what consumers buy?

Demographic segmentation

Which of the following strategies involves offering products that are unrelated to other existing products produced by the organization?

Diversification

The behavioral segments in B2B markets include all EXCEPT the following: a. Service-focused segment b. Partnership-focused segment c. Price-focused segment d. Ethnic-focused segment e. Quality-focused segmen

Ethnic focused segment

In the B2B market, banking and transportation services are types of _____.

Facilitating offerings

Consumers go through each stage of the buying process for every purchase made. True or false?

False

Maslow theorized that people have to fulfill higher-level needs before they can begin fulfilling their basic needs. True or False?

False

Selective perception is the process of:

Filtering information based on relevancy

A(n) _____ is an organization whose duties include consolidating small loads of freight, negotiating rates for their shipment, and booking space for them on transportation vehicles and in warehouses

Freight Forwarder

Organizing the data that identifies where prospective customers are and where coupons are used (or not used) is _____.

Geocoding

Where do they live, how can we reach them and how does location affect what they purchase? e.g.; if you live in Florida, you may buy more bug spray

Geographic Segmentation

What is Geocoding?

If Waymo sent promotions to people at the airport - sending org. data based on where prospective customers are

When a consumer realizes there is a difference between their current state and their desired state, he/she has entered the _____ stage of the buying process

Need Stage

Forming close, personal relationships with customers and giving them exactly what they want is known as _____

One to One marketing

Consumers respect _____ and often ask for their input before they buy goods and services.

Opinion leaders

_____ is how you interpret the world around you and make sense of it in your brain.

Perception

What is the two dimensional graph called?

Perceptual Map

Why should buyers purchase your offering versus another?

Positioning

Dina started seeing ads for baby products at her favorite store when she used her web browser. She realized that the store had used _____ to deduce that she was pregnant.

Predictive Analysis

A cookie company has decided to add a brownie product line to their inventory. Which of the following strategies is being employed by this company?

Product Development

Frito Lays is developing a new chip flavor is an example of?

Product Development

Tesla sells sedans and trucks for two different consumer segments. The company is offering a group of related offerings, and this would be referred to as?

Product Line

What do our customers think about and value? How do they live their lives?

Psychographic Segmentation

_____ combines the lifestyle traits of consumers and their personality styles with an analysis of their attitudes, activities, and values to determine groups of consumers with similar characteristics

Psychographics

The number of people exposed to a message is a promotion's _____, while how often the people are exposed to a message is a promotion's _____

Reach, frequency

If there are two brands close to each other in the same quadrant what would that mean? The process of "moving" a product to a different place in the minds of consumers is known as

Repositioning

Consumers engage in _____, which are automatic purchase decisions based on limited information or previously gathered information

Routine response behavior

What is narrow casting?

Same as above

The feeling in life that you are now the person you were meant to be is Maslow's state of _____.

Self actualization

Advertising meant to startle people to get their attention is _____, while advertising that is not apparent to consumers is _____.

Shock Advertising, Subliminal Advertising

A product with high growth and a high market share is known as a _____.

Star

The companies that provide ingredients as well as packaging to other firms are known as _____.

Suppliers

The group of customers toward which an organization directs its marketing efforts is known as the _____

Target Market

A small target market that purchases high-end goods can still be attractive to an expensive watch company because:

it's sizeable enough to be profitable given the operating costs.

A(n) _____ is a catchphrase designed to sum up the essence of a product.

tagline

_____ refers to firms selling the right to use some aspect of their production processes, trademarks, or patents to individuals or firms in foreign markets.

Licensing

Which one of the following does an analysis of the macro environment not involve?

Low financial resources

While working on the group presentations, the MKTG 3340 class has conducted ____ _____ for their individual brands to determine its size and trends

Market Research

Some of the teams decided to gather ____ _____ by observing how their products get stocked in the grocery stores like Tom Thumb vs. convenience stores like 7-11.

Market intelligence

Demand planning mainly impacts:

Materials firm must purchase

A firm's _____ states the purpose of the organization and why it exists.

Mission Statement

Employing more than one variable to classify buyers is known as ____.

Multiple Segmentation (e.g. demography, geography

To avoid head-on competition with other firms trying to capture the same customers, a firm may choose a _____ strategy

Targeting Marketing

The place where an experiment is conducted is known as the ______.

Test market

What is the difference between media and vehicles?

The general types of communication like television and radio are referred to as media. Whereas the specific means, such as a particular magazine or a specific television show, within a medium to reach a selected target market are vehicles.

A company that handles all the processing and shipping of products for another company is a _____ firm.

Third party logisitics

_____ provide logistics services for part or all supply chain management functions.

Third party logistics firms (3PLs)

A market-penetration strategy involves selling more of existing products and services to existing customers. True or False?

True

Behavioral segmentation may answer the question, "How do our customers use our product?" True or false?

True

Google's AdSense and AdWords programs can be utilized by companies to aid in segmentation practices. True or False?

True

Handbooks, dictionaries, and books are sources of secondary data. True or False

True

Purchasing goods and services for an organization is known as procurement. True or False?

True

Syndicated research (e.g. IRI) is primary data for the marketing research firms that collects it on a regular basis and sell to other companies.

True

A study that actually tests what it was designed to test and not something else is a(n) _____ study.

Valid

Data is combined with statistical techniques by

analytics software

Exploratory research includes:

depth interviews and projective techniques.

A consumer who has spent a lot of time comparing product features, prices, and warranties has engaged in _____.

extended problem solving

What is microtargeting?

gathers all kinds of varied data available about a person (how many pets, where they vacation, what toothpaste, income

Deciding between several alternatives that cause consumers a great deal of anxiety is an example of _____.

high-involvement decisions