Marketing Final

Henry Ford's philosophy was to perfect the Model-T so that its cost could be reduced further for increased consumer affordability. This most likely reflects __________ A) customer driving marketing concept B) marketing concept C) societal marketing concept D) production concept

D) Production concept

______ Is the only element in the marketing mix that produces revenue

A

__________Are the form human needs take as they are shaped by culture and individuals personality A) Wants B) Necessities C) Services D) Benefits

A) Wants

The responsibility for setting a company's mission, objectives, broad strategies, and policies primarily lies with its ________. A) finance department B) research department C) top management D) marketing managers E) human resource managers

C Top Management

In a SWOT analysis which of the following would be considered a weakness of a company A) an unfavorable economic climate that discourage consumption B)

D

Which of the following best describes a business portfolio A) the list of all the marketing activities in which he company invest B) the target segments of the company's various business C)the company's products or services in a particular market. D) the collection of businesses and products that make up the economy

D

Which of the following best describes the value chain of a company? A) the collection business and products that make up the company B) profits earned by the cash cows and stars in the company's business portfolio C) touchpoints at which a company or brand interacts with its customers D) the series of departments that design, produce, and market deliver and support the company's products

D

Which of the following would most likely use informal research methods to obtain marketing insights? A) multinational firms B)pharmaceutical firms C) brick and mortar companies D) not for profit organizations

D

What is the last step in the marketing research process?

Interpreting the findings

Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization. A) supply chain B) macroenvironment C) marketing intermediary network D) internal environment E) microenvironment

Macro environment

_______ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Marketing research

Which of the following is a quantitative approach to research?

Marketing surveys

______ data consist of information collected for the specific purpose at hand.

Primary

Voorhees' Farms raises chickens. For years, it has used wooden coops for hauling its poultry to market. When the owner, Jason Voorhees, went to reuse some of his coops, he noticed many of them could not be sufficiently cleaned for reuse and needed to be replaced. Which stage of the business buying process was Voorhees in when he decided to replace his old coops?

Problem recognition

____ refer to a form of product that consists of activites benefits or satisfactions offered for sale that are easily essentially tangible

Services

wayne industries a retail and home improvement store is developing a new lawnmower. The marketing strategy for the product has already been developed and presented. A prototype has also been developed by the R&D team. The prototype is now being tested rigorously to ensure that there no product liability issues. Once the prototype of th elawnmower passes product tests, the next step is most likely to be

Test marketing

dividing buyers into groups based on their knowledge, attitudes, uses or responses to a product is called _____segmentation

behavioral

a ___ is defined as a name term sign symbol or design or a combination of these that identifies the maker or seller of a product or service

brand

Which of the following terms is used to describe a specific mix of human traits that may be attributed to a particular brand?

brand personality

Hollingsworth is a retail company that is planning to release a new line of luxury persona care products. Its managers are now reviewing the sales history of similar products and conducting marketing surveys to estimate minimum and maximum sales for the product.

business analysis

involves a review of the sales cost and profit projections for a new product to find out whether they satisfy a company's objectives

business analysis

Introducing a new product into the market is called

commercialization

Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Hammond's purpose? A) sales data from exclusive hammond retailers B) archival data on company performance C) competitive marketing intelligence D) research on demographics of its existing customers

competitive marketing intelligence

which of the following sets upper limit for a product's price

consumer's perception of value

Value based pricing is the reverse process of _______pricing

cost based

____________ Uses buyer's perception of what a product is worth as the key to pricing

customer value based pricing

Pacific fisheries groups its customers by regions in the US such as Midwest, northwest, and southwest. for each region Pacific fisheries tailors a different set of advertisements and promotions. Based on which of the follwoing segmentation variables does the firm divide its market

geographic location

Which of the following is the first stage of the buyer decision process?

need recognition

which of the following terms best describes the process of designing and producing a container or wrapper for a product

packaging

The most effective sources of information about a product tend to be ________ sources.

personal

________ refers to the unique psychological characteristics that distinguish a person or group.

personality

a product mix is also known as a product?

portfolio

Which term refers to the activities a person is expected to perform according to the people around him or her?

role

Information collected from online databases on the Internet is an example of ________ data.

sECONDARY

under a __________ new product development approach, company departments work closely together in cross functional groups, overlapping the steps in the product development process to save time and increase effectiveness

team base

which of the following is true of perceptual positioning maps?

they are used to analyze consumer perceptions of a brand versus competing products

fads are characterized by their ________

unusually high sales and rapid decline

shampoo marketers segment buyers as light medium or heavy product users This is an example of _____ segmentation

usage rate

consistency of a product mix refers to the

ways in which the various products lines are related

Which of the following is most likely a consequence of the great recession of 2008 to 2009 A) more free spending on expensive products B) more demand for credit and debit cards C) more sensible and mindful consumption D) less interest in frugality and value

C) more sensible and mindful consumption

a laundry detergent that consumers purchas frequently with minimum comparisons is an example of a ________ product

COnvenience

a product life cycle has five distinctive stages: product development, introduction, growth, maturity, and ________

decline

What is the first step in the marketing research process?

defining the problem and research objectives

_____factors are the most popular bases for segmenting customer groups

demographic

brand_____is the differential effect that knowing the brand name has on customer response to the product and its marketing

equity

The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses.

exploratory

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

In which of the following stages of the adoption process does a consumer consider whether trying a new product makes sense?

interest

In which of the following stages of the adoption process does a consumer seek information about a new product?

interest

orienting and motivating customer contact employees and supporting service people to work as a team to provide customer satisfaction is known as _________marketing

internal

Which of the following is an unsought product A) Laundry detergent B) life insurance C) refrigerator D) furniture

life insurance

____ marketing tailors brands and promotions to the needs and wants of specific cities, neighborhoods and even stores

local

marketing the same product to a huge customer base without any customization is refered to as

mass marketing

company and brand positioning should be summed up in a?

mission statement

A business buyer is considering a change in product specifications, terms, and possibly suppliers. This buying situation is referred to as a(n) ________.

modified rebuy

Voorhees' Farms raises chickens. For years, it has used wooden coops for hauling its poultry to market. When the owner, Jason Voorhees, went to reuse some of his coops, he noticed many of them could not be sufficiently cleaned for reuse and needed to be replaced. Which stage of the business buying process was Voorhees in when he decided to replace his old coops?

problem recognition

Estel a kitchen cabinet manufacturer positions its cabinets as furniture with superior craftsmanship and durability This is an example of ________differentiation

product

______ Is used to study the course of a prodcut's sale and profits for the duration that it is produced and sold in the market

product life cycle

A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a(n) ________.

reference group

Evaluating the result of marketing strategies and plans and taking corrective action to ensure that the objectives are attained is called ______ A) marketing control B) marketing implementation C) market planning D) marketing development

A

Which of the following is difference between the marketing concept and the selling concept A) the marketing concept focuses on customer needs, whereas the selling concept focuses on existing products B) the marketing concept focuses on customer conquest, whereas the selling concept focuses on targeting the right customers C) The marketing concept takes an inside out perspective whereas the selling concept takes an outside in perspective D) The marketing concept is product centered whereas the selling concept is production centered

A) The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products

a company's mission statement should most likely be A) defined in terms of satisfying basic customer needs B) focused on the products and services the company sells C) defined by the profits the company strives to earn D) directed at the company's employees and not at its customers

A) defined in terms of satisfying basic customer needs

which of the following is a social factor that influences the consumer buying behavior A) family B) life cycle stage C) economic situation D)personality

A) family

Which of the following is a quantitative Internet-based research approach? A)online survey B) Online focus group C) online listening D) behavioral targeting

A) online survey

Which of the following concepts calls for sustainability marketing? A) societal marketing concept B) marketing concept C) selling concept D) production concept

A) societal marketing concept

which of the following best describes product positioning A) differentiating a market offering to create superior customer value B) arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers C) identifying consumer needs and creating a product to meet those needs D) evaluating each market segment's attractiveness and selecting one or more segments to enter

B

When a company chooses to divest a particular strategic business unit it, ________ A) Increases the advertising budget for that strategic business unit B)invest more in the strategic business unit to build its market share C) sells off or phases out the strategic business unit D)invest just enough to in the strategic business unit to keep its market share at the current level

C

Which of the following is an example of a media public? A) community organization B) minority group C) television station D) banking institution

C television station

The overall process of dealing with all aspects of acquiring keeping and growing customers is referred to as A) perceived value management B) societal marketing C) customer relationship management D) partner relationship management

C) Customer relationship marketing

Dividing a market into several sections of customers is known as A) mass customization B) market positioning C) market segmentation D) value engineering

C) Market segmentation

when viewing the market from a buyer's point of view, " communication" corresponds to the _______ component of the marketing mix A) People B) price C) product D)promotion

D

which of the following is a desirable quality for a brand name A) the name should be unique and difficult to pronounce to ensure legal protection. B)the name should be common word rather than a distinctive one C) the name should not suggest anything about the product quality D) the name should translate easily into foreign dlanguages

D

Which of the following is true of marketing ROI A) Marketing ROI uses only those marketing factors that can be measured in dollars B)marketing ROI ignores customer-centered measures of of marketing impact, such as customer acquisition and retention C) Marketing ROI cannot be assessed in terms of standard marketing performance measures, such as brand awareness sales, or market share D) Market ROI measures the profit generated by investment in marketing activities.

D

when viewing the market from a buyer's point of view "convenience" corresponds to the ____ component of the marketing mix. A) product B) price C) promotion D) place

D

Selecting particular segments of a population of customers to serve is called _________ A) Process re engineering B) brand synchronizing C)mass customization D) target marketing

D ) Target marketing

Diane Chambers, the marketing manager of FarmFresh, collects data from her monthly records of sales, costs, and cash flow. In this case, Diane is making use of ________ databases. A) external B) secondary C) historical D) internal

D Internal

Which of the following demonstrates the real value of a company's marketing research and information system A) the amount of data it generates B) the variety of contact methods it uses C) the tools it uses to gather information D) the quality of customer insights it provides

D the quality of customer insights it provides

_______Is the act of obtaining a desired object from someone by offering something in return A) targeting B) Segmentation C) Differentiation D) Exchange

D) Exchange

At Ken's boutique the policy statement posted in the receptionist states: Without our customers we don't exist. Ken and his staff aim to delight customer and they are quick to offer discounts on extra services is anything less than satisfied. Instead of focusing on individual transactions, Ken and his staff are putting priority on _______________ A) decreasig customer perceived value B) managing partner relationships C) attracting butterflies D) capturing customer lifetime value

D) capturing customer lifetime value

service perish ability means that

services cannot be stored for later sale or use