Marketing Final

Al Moline and his staff have decided to use target marketing to reach their sales goals. Identify their three steps (in order) to target marketing.

Market segmentation, target marketing, and market positioning

Choose the incorrect item in the list of positioning tasks.

Select an overall positioning strategy.

In order to make positioning effective, the brand's ________ and ________ must be implanted in customers' minds

Unique benefits and differentiation

The average Harley Customer is

a 46-year old husband with a median household income

Wants become demands when

a consumer's buying power increases

You have discovered that effective programs can be designed for attracting and serving your chosen segments. This segmenting requirement is called ________.

actionable

Which function(s) may be performed by a public relations department?

all of the above

companies may set prices low for which of the following reasons

all of the above

Products may fail because

any of the above

______ are ones to which the individual wishes to belong, as when a teenage basketball player hopes to play someday for the Los Angeles Lakers

aspirational groups

product planners need to think about products and serviced on three levels. The third level is that the product planners must build on a(n) ________ around the core benefit and actual product by offering additional consumer services and benefits

augmented product

The most commercially influential demographic group in history is

baby boomer

A(n) _______ is a name, term, sign symbol, design, or combination of these that identifies that maker or seller of a product or service

brand

Some persuasive advertising has become ______ in which a company directly or indirectly compares its brand with one or more other brands.

comparative advertising

______ is the process of comparing the company's products and processes to those of competitors or leading firms in other industries to find ways to improve quality and performance.

competitive advantage

The first step in ______ is ,________ the process of identifying, assessing, and selecting key competitors.

competitive marketing strategies; competitor analysis

Most large companies research ______ buying decisions to fund out what they buy where they buy, how and how much they buy when they buy, and why they buy

consumer

_______ are products and services bought by final consumers for personal consumption. These include convenience products, shopping products, specialty products, and unsought products

consumer products

Hybrid marketing systems are also called

contractual marketing systems

The difference between customer value and customer satisfaction is that value is the difference between the values the customer gains from owning and using a product and the

cost of obtaining the product

______ is the most basic cause of a person's want and behavior

culture

the fundamental asset underlying brand equity is _____ - the value of the customer relationships that the brand creates. A powerful brand is important, but what it really represents is a set of loyal consumers

customer equity

we can safely say that when a customer's purchase lives up to his or her expectations, the customer is experiencing the state of being

customer satisfaction

Island tours is successful at satisfying its customers because it first sought to understand

customers' needs and wants

These members of the buying center have formal or informal power to select or approve the final suppliers. These individuals are often the buyers in routine buying

deciders

According to the author, a better term for supply chain would be

demand chain

The relationship between the price charged and the resulting demand level can be shown as the

demand curve

Your marketing department is currently researching the size, density, location, age, and occupations of your target market. What is this environment

demographic

Studies show that is a major trend whereby product and service producers are bypassing intermediaries and going directly to final buyers, or that radically new types of channel intermediaries are emerging to displace traditional ones

disintermediation

Big Mike's Health Food Store sells nutritional energy-producing foods. The price of the products sold varies according to individual customer accounts and situations. For example, long-time customers receive discounts. This strategy is an example of ________.

dynamic pricing

A problem with the rapidly expanding use of e-purchasing is that it

erode established customer-supplier relationships

Sometimes a producer chooses only a few dealers in a market area to distribute its products or services. Generally these dealers are given a right to

exclusive distribution

At some point between maturity and decline a company or business can attempt to raise the PLC curve or give it new life using one of the following techniques

find new uses and new users

1) Michael Porter suggests four basic competitive positioning strategies that companies can follow -three winning strategies and one losing one. Which of the following is the losing one

focus

A(n) ________ controls the flow of information to others in the buying center.

gatekeeper

The major disadvantage of a multichannel system is that it is harder to control and it can generate

greater conflict

this stage in the PLC is characterized by rapid market acceptance, increasing sales, and increasing profits. What is it?

growth

you have learned from experience as well as from this course that the most basic concept underlying marketing is that of

human needs

is used heavily when introducing a new product category. The objective is to build primary demand

informative advertising

every product seems to go through a life cycle.Which of the following is NOT a major challenge presented by the PLC

it is difficult to plot the stages as a product goes through the stages

As a producer of goods, you would be concerned that a greater number of channel levels means and greater channel complexity

less control

_ is a person's pattern of living as expressed in his or her psychographics.

lifestyle

Defining people by their birth date may be less effective than segmenting them by their ______ or _____

lifestyle; life stage

A company that pursues________ leadership will react much more strongly to a competitor's manufacturing breakthrough than to the same competitor's ________ advertising increase

low-cost; cost reducing

To win in today's marketplace, companies must become adept not just in , but in _ in the face of determined competition.

managing products; managing customers relationships

This group of buyers shares a particular need or want that be satisfied through exchange relationships

market

A common practice among marketers is to increase sales to current customers without changing their product. What is this practice called

market development

the first part of the marketing strategy describes the target market, the planned product positioning the sales profit goals and

market share

Firms set prices as low as possible in order to become the

market share leader

The marketing process identifies the ______ and divides it into smaller _____

market; segments

A company's channel decisions directly affect every other

marketing decision

You are preparing a combination of products, services, information, and experiences to market to satisfy needs and wants. What are you preparing

marketing offer

what do companies call a set if benefits that they promise to consumers to satisfy their needs

marketing offer

When a company interacts one-on-one with large numbers of customers to create customer-unique value by designing products and services tailor-made to individual needs, it is following

mass customization

When the size, purchasing power, and profiles of business market segments can be determined, they are said to possess the requirement of being ________.

measurable

This positioning strategy is very competitive. It can attack a more-for-more strategy by introducing a brand offering with comparable quality but at a lower price.

more-for-the-same

Maslow has a list of human needs from the most pressing to the least pressing. They include all of the following except ________.

need recognition

Which business buying situation is the marketer's greatest opportunity and challenge

new task

Producers benefit from using intermediaries because they

offer greater efficency in making good available to target markets

In general, a company should enter only segments in which it can ________ and ________.

offer superior value; gain advantages over competitors

Herb Kelleher of Southwest Airlines used the marketing concept in his successful organization.His perspective of having customer department uses_________ perspective

outside-in

People's orientation to their society influences their attitudes toward the marketplace and their consumption

pattern

Mass- promotion tools include all of the following except

personal selling

refers to the unique psychological characteristics that lead to relatively consistent and lasting responses to one's own environment. It is usually described in traits such as self-confidence, dominance, sociability, autonomy, defensiveness, adaptability, and aggressiveness

personality

Marketers are aware of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society. We call this _______ environment

politcal

Marketing stimuli consist of the four Ps. Which is not one of these Ps?

political

The marketer's job does not end when the product is bought. After purchasing the product, the consumer will be satisfied or dissatisfied and will engage in

postpurchase behavior

we define a _______ as anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need

product

The marketing mix includes

product price promotion place

Developing a product or service involves defining the benefits that it will offer. These benefits are communicated and delivered by ________ such as quality, features, and style and design.

product attributes

marketers need to position their brands clearly in target customers' minds. They can position brands at any three levels. At the lowest level, they can position the brand on

product attributes

find the stage of the typical consumer product life cycle that is out of place

product development

_______ is a group of products that are closely related because they function in a similar, manner are sold to the same customer groups, are marketed through the same type of outlets or fall within given price ranges

product line

An alternative to product line stretching is _______ - adding more items within the present range of the line. There are several reasons for doing this; some are to reach for extra points, satisfy dealers, use excess capacity and plug holes to keep out competitors

product line filling

________ is one of the marketer's major positioning tools. It has a direct impact on product or service performance; thus it is closely linked to customer value and satisfaction

product quality

In setting their marketing strategies, companies should balance ________, ___________, and __________

profits consumer wants society's interest

In Lima, Peru, 20 stores specializing in selling the same quality and brand of wheat products are located on one street. An individual seller cannot charge more than the going price without the risk of losing business to the other stores that are still selling the product at its uniform price. This is an example of what type of market?

pure competition

A clear mission statement acts as an invisible hand that guides people in the firm, It is a statement of

purpose

price is the only element in the marketing mix that produces

revenue

They are targeted toward final buyers, retailers and wholesalers, business customers, and members of the sales force. They account for 76 percent of all marketing expenditures and their goal is to stimulate earlier or stronger market response

sales promotions

One way to measure the _ effect of advertising is to past sales and past advertising expenditures.

sales; compare

today, marketing must be understood in terms of not just making a sale but also

satisfying customers' needs

_____ are a form of product that consists of benefits or satisfaction offered for sale that are essentially intangible and do not result in the ownership of anything

services

The buying center at Yugo Yogurt uses the services of a number of individuals. It includes the actual users, those who make the buying decisions, those who influence the decisions, those who do the actual buying, and those who ________.

set parameters or none of the above

______are less frequently purchased consumer products and serviced that customers compare carefully on suitability quality, price, and style. Consumers spend much time and effort in gathering information and making comparisons

shopping products

_______ are society's relatively permanent and ordered divisions whose members share similar values interest and behaviors

social classes

Disney has been successful in selecting an overall company strategy for long- run survival and growth called

strategic planning

Exclusive dealing is legal as long as it does not _ or tends to create a monopoly and as long as both parties enter into the agreement

substantially lessen competition; voluntarily

Lawnmowers of Chicago is a landscaping company established throughout the American Midwest. Upon entering a new community, lower prices are asked for their services. After gaining a respectable reputation in a new area, prices are gradually increased. Starting a business in this manner is an example of which marketing objective

survival

Swatch surveyed the market and identified an unserved segment of watch buyers. Using these results, they created a watch at a price consumers were willing to pay. The unorthodox order of this marketing mix decision is an example of

targer-costing

Changes in the macroenvironment abound. Change in the ________ environment is most likely to create new markets and opportunities because this is the most dramatic force shaping our destiny

technological

desirable qualities for a brand name include all of the following except

the brand should almost always be a long word to get attention

A company can increase its business in four ways. Which is NOT one of these ways

the company can discontinue some of its lines

What is one reason that markup pricing is not practical?

this method ignores demand

Mass marketers, such as Target and Venture Stores, ignore market segment differences and target the whole market with one offer. What is their approach to segmenting?

undifferentiated marketing

The answer to the customer's question, "Why should I buy your brand?" is found in the ________.

value proposition

Companies set prices by selecting a general pricing approach that includes one or more of three sets of factors. One of these is the buyer- based approach, which means _

value- based pricing

The buyer decision process consists of five stages. Which of the following is NOT one of these stages?

variety-seeking buying behavior

Choose the one question that the marketer of business products would not answer

what are the company's policies and limites on its buyers