marketing final
Today many retailers create apps that customers can download to their smartphones or tablets to be up-to-date on the company's offerings. In the context of situation analysis, which macro-level external environmental factor does this exemplify?
technological factors
Customer loyalty is defined as
the degree to which an individual will resist switching from one offering to another.
Customer satisfaction is defined as
the level at which the offering meets or exceeds a customer's expectations.
Marketers use geographic segmentation when________.
there is evidence that consumers respond differently to marketing strategies and programs based on where they live
The marketing manager of an automobile dealership is crafting a SWOT analysis. In this case, she should include the downturn in the U.S. economy and tightening of the credit markets under
threats
Thea was so upset about how she was treated when she went on the Eiffel Tower tour that she recorded a video rant and posted it on YouTube. This is an example of________ data.
unstructured
A CFO wasn't sure about the benefit of using Big Data, and she couldn't justify the expense for collecting and storing it. In this case, she was concerned about the________ of Big Data.
value
Judith bought a new Coach purse for herself as a birthday present. She had never spent that much on a purse, but decided it was worth it because she would look so chic when she used it. This demonstrates how a customer's perception of________ can influence buying behavior.
value
When Keanu received the report from the interns who conducted surveys in the mall, he was concerned that they were not properly trained because the data did not match any of his other research. Keanu was primarily concerned with the________ of the data.
veracity
Companies often use features to differentiate themselves from competitors. However, a company must balance the features customers want with
what customers will pay
Which of these reflects a customer brand role?
Brands convey information about a product
Bonnie and Clyde stopped by the bank to borrow money for a new house because the bank advertised low mortgage rates and excellent customer service. However, when they arrived they had to wait 15 minutes for an employee to be available, and then were told that they didn't qualify for the lowest rates. Which part of the Gap Model of Service Quality did the bank fail to perform?
Gap 4: actual service delivery versus what the firm says it delivers
The concept of the value chain was created by
Michael Porter
_______ are the stages of the consumer decision-making process in order.
Problem recognition, search for information, evaluation of alternatives, product choice decision, post-purchase evaluation
Which statement is true of secondary data?
Secondary data will not fit the research problem exactly.
A continuing process of identifying, collecting, analyzing, accumulating, and dispensing critical data to marketing decision makers is known as
a market information system
The nature of B2B markets requires
a more personal relationship between the buyer and seller than in B2C markets.
The rate at which new products become accepted is known as the________ process.
adoption
Goals and objectives should be set
after completion of market research, situation analysis, and competitor analysis
A misconception about marketing is that it is
all about selling
Making a change in any one of the marketing mix elements will
also change the other elements
Bridgit loved her old car, but she decided it was time for a new one. She went to the dealership and picked one out, and paid for it with her trade-in and cash. This is an example of
an exchange
In the market research process, once the data are collected, coded, and verified, the next step is to
analyze the information
Of the five dimensions of service quality, the one that is provided primarily through the service provider's competence in their job is
assurance
Good market research will
be impartial
White Eagle Country Club attracts customers who like to golf, swim, and eat out, so it emphasizes those features to prospective members. This illustrates________ segmentation.
behavioral
________ refers to the ever-increasing quantity and complexity of data that is continuously being produced by various technological sources.
big data
KFC is very protective of its "Seven Herbs and Spices" recipe, which, in the view of the company, gives it a significant competitive advantage over other restaurants, and will use any legal resource available to protect its patented formula. Which dimension of brand equity does this example illustrate?
brand assets
Gerard always purchases clothing made by S&G Clothing. He tells others about how much he likes their clothes and the high levels of quality maintained by S&G. When a shirt he purchased turned out to be defective, instead of switching to another clothing company, he gave S&G a chance to fix the problem and still shops there. Which dimension of brand equity does Gerard demonstrate?
brand loyalty
A technology or high-end industrial product company is most likely to use a(n)________ in foreign markets because customers expect the expertise of highly-trained, accessible personnel.
broker
Dell used its brand to expand into new areas including printers and consumer electronics such as LCD and plasma televisions. Dell engaged in a________ extension.
category
The American Marketing Association's code of ethics speaks to six primary ethical values: honesty, responsibility, fairness, respect, transparency, and
citizenship
The use of________ at an early stage in a customer's exploration of an e-commerce website can provide insight into the state of their intentions.
clickstream data
Costco and Visa joined together to offer a Costco Visa card that allows users to get rebates on their purchases at Costco while expanding the reach of Visa to Costco members. This is an example of
co-branding
Which service is most likely to be high in credence attributes?
college courses
In the context of product characteristics, companies translate the essential benefit into physical, tangible elements known as the________ product.
core
Recently, Mercedes-Benz quietly reduced its warranty coverage by eliminating some free scheduled maintenance because the expense for the firm was too high. At the same time, Hyundai and others have expanded their warranties to build consumer confidence in their cars. They realize that extending the period of warranty coverage demonstrates they are making better cars in a very tangible way. These are examples of firms considering the________ of product warranty.
costs versus benefits
What is one of the three major objectives of customer relationship management?
customer acquisition
Positioning relies on the communication of one or more sources of value to customers in a way that the customer can easily make the connection between the________.
customer's needs and wants and what the product has to offer
Ming Yue's tailoring business works around the needs of the customer by providing hours of operation that vary throughout the week, including some evening and weekend hours. It could be said that Ming Yue's business is
customer-centric
The primary organizational patterns employed by organizations around the world are
decentralized, centralized, and regionalized
In the market research process, once the management research deliverable has been identified, the next step is to
define the research problem
Exceeding customer expectations is often referred to as customer________, and correlates positively with a high return on investment.
delight
An important issue for consumers is conformance, which is the product's ability to
deliver on features and performance characteristics promised in marketing communications.
The marketing manager for a campus bar knows that his typical customer is a male college student, so he chooses products and entertainment to appeal to that segment. In the context of external information sources, he is using________ to define his market.
demographics
Differentiated target marketing means that a company is________.
developing different value offerings for different targeted segments
Information can be misunderstood or made to fit existing beliefs, a process known as selective
distortion
________ represent an exporting firm in a foreign market. They become the face of a company through servicing customers, selling products, and receiving payment. They often take title to the goods and resell them.
distributors
Segmenting markets means that a company is________.
dividing the market into meaningful smaller markets based upon common characteristics
After Paul left the house with the burner on under a Farberware pan and it didn't cause a fire, he decided he would only buy that brand of cookware from then on. Paul was reacting to the________ of the product.
durability
Among the five groups of adopters, which group is considered critical to long-term success?
early majority
The________ product extends the core product to include additional features, designs, and innovations that exceed customer expectations.
enhanced
______is a central tenet of marketing in which a person gives up something of value to them for something else they desire to have
exchange
Firms that employ service as a marketing strategy must plan ahead for service________ and train employees to properly execute service recovery.
failure
Growth, stability, and retrenchment refer to a firm's position relating to its________ strategy.
generic
Karan is highly influenced by his work environment. He will most likely
go for a vacation at the same places as his coworkers.
Following the Great Depression, companies and consumers began to realize that utilizing resources efficiently and effectively was good for society and beneficial to business. This grew into the________movement.
green
Age is a commonly used method of segmentation. Age alone, however, may be dangerous because________.
grouping customers into one group is an approach that fails to consider the vast differences in other important variables
The owner of Inventions Lawn Service is looking to buy a new lawn tractor, a major purchase and significant financial investment. The owner decides to purchase a Dixie Chopper because of its reputation for dependability and excellent customer service, which made him feel more secure and less anxious about choosing this product. Which customer brand role does this scenario exemplify?
helping reassure the customer in the purchase decision
Today customers have limitless access to facts about companies, products, competitors, other customers, and even detailed elements of marketing plans and strategies. In the context of change drivers impacting the future of marketing, this reflects the shift
in information power from marketer to customer
A window manufacturer has trouble getting glass for its high-end windows. Of the five primary activities in the value chain, this problem is most likely to occur during
inbound logistics
A service cannot be experienced through the physical senses. This property represents the________ of services.
intangibility
A SWOT analysis would list a highly competent workforce under
internal strengths
The product life cycle (PLC) defines the life of a product in four basic stages, which include
introduction, growth, maturity, and decline.
A service is described as being inseparable because
it is produced and consumed at the same time.
In addition to culture, the text discusses three factors that are particularly relevant in consumer behavior. They are
language, values, and nonverbal communications
Offering other manufacturers the right to use the brand in exchange for a set fee or percentage of sales is known as
licensing
A company is conducting an online focus group to learn more about the nutritional habits of senior citizens and the underlying causes of these behaviors. They are having problems because many of the members of their target market do not own computers. Which disadvantage of online focus groups does this scenario illustrate?
limited access
International Delight coffee creamers frequently adds new flavors to its product offerings. This would be an example of a________ extension.
line
Concerned by recent negative trends in the consumer price index, gross domestic product, and inflation, the marketing manager of a vacation rentals company recommends that the company reduce its advertising spending. His recommendation is based on________ data.
macroeconomic
In 2000, Samsung manufactured the first cell phone with a built-in camera. Before that, people just used their cell phones to make and receive calls. Samsung fulfilled a need that consumers didn't know they had through
market creation
________ is defined as the identification, collection, analysis, and distribution of data to discover and solve marketing problems or enhance good decision making.
market research
Everything from brand image to the message sales people and advertisements deliver to customer service to packaging and product features to the chosen distribution channel exemplify
marketing (little m)
A marketing manager has created a promotional program in which all potential customers receive the same message. Which level of granularity in personalization is being used?
mass
Estimating total demand is a function of three separate purchase situations, which are________purchases.
new, repeat, and replacement
________ segmentation recognizes that there may be a number of consistent needs and wants demonstrated by consumers based on what type of job they have.
occupational
Because LG has so many different product offerings in various types of electronics, management has found that it is helpful to use brands to keep track of products in each type. Thus, it has different brand names for its televisions, kitchen and laundry appliances, and computers. Which company brand role does this example illustrate?
offering an effective and efficient methodology for categorizing products
________ fulfill an important role by classifying, explaining, and then bestowing information, most often to family and friends but occasionally to a broader audience.
opinion leaders
Which TBL metric is being addressed by the National Labor Relations Board when it imposes rules for overtime pay?
people
Alice and Tahan see an ad for a new smart TV. Alice sees a high-quality television worth the money while Tahan sees an overpriced television that does not warrant a premium price. What makes them see the same ad so differently?
perception
What is a psychological attribute that affects consumer choices?
perception
It may be more accurate to think of a service as being________ rather than produced.
performed
________ is a set of unique personal qualities that produce distinctive responses across similar situations.
personality
Peets has been successful in developing "ethically sourced" coffee that is socially responsible and environmentally safe. This demonstrates which element of TBL?
planet
Automobile manufacturers must comply with regulations set by the National Transportation and Safety Board. In the context of situation analysis, which macro-level external environmental factor does this exemplify?
political, legal, and ethical
Once market segments have been defined and analyzed and target markets have been selected for development, the firm must turn its attention to creating, communicating, delivering, and exchanging offerings that have value to the target markets. This process is known as________.
positioning
Lokesh was thrilled when she found a low-cost airfare to Paris, but she was not happy when she bought the tickets and realized there were hundreds of dollars in added fees. Which element of the marketing mix was impacted?
price
Perdue found that one of its chicken products may have been contaminated with bacteria, so it pulled it off the shelves and instituted a recall. This potential ethical issue was associated with which element of the marketing mix?
product
________ can be defined as anything that delivers value to satisfy a need or want and includes physical merchandise, services, events, people, places, organizations, information, even ideas.
product
In the context of the 4Ps of the marketing mix, high-tech media options like cell phones and the Internet have had a huge impact on
promotion
What area in marketing presents the most ethical challenges?
promotion
An approach to segmenting consumer markets is________ segmentation, which relies on consumer variables such as personality and AIOs (activities, interests, and opinions) to segment a market.
psychographic
Which type of research is less structured and can employ methods such as surveys and interviews to collect the data?
qualitative
Social class has declined as a method of segmentation as a result of________.
readily available credit flattening the classes
In the service-profit chain, customer satisfaction leads to customer loyalty, and results in
revenue growth and profitability.
Babette is exposed to around 2,500 messages daily. Since she cannot process, let alone retain, all those messages, she focuses on what is relevant and eliminates what is not. What psychological tool does she employ?
selective awareness
________ represents a formalization of the measurement of customer expectations of a service compared to perceptions of actual service performance.
service quality
The Bazooka brand of candy revamped its package inserts by changing from comic strips to quizzes and brainteasers that direct kids to digital content. In the context of change drivers impacting the future of marketing, this reflects the
shift in generational values and preferences
What type of marketing analytics is being used when data is used from likes for posts on Facebook?
social media analytics
What can impact the competitive nature of an industry through the ability to raise prices or affect the quality of inbound goods and services?
suppliers
