Marketing Final exam

The process of naming broad product-markets and then segmenting them in order to select target markets and develop suitable marketing mixes is called:

Market Segmentation

______________ is the process of naming broad product-markets and then segmenting these broad product-markets in order to select target markets and develop suitable marketing mixes.

Market Segmentation

Which of the following is an example of a behavioral segmentation dimension?

Needs

What is the marketing share or penetration rate of a product that earns $25 out of every $100 of sales of all product sales in its category.

None of the above

If you sold $50,000 worth of products at $50.00 each, what would your break even quantity be?

1,000 items

In an advanced economy, marketing costs account for about ____ cents of every consumer dollar.

50

Marketing can be viewed as:

A set of activities performed by individual organizations

The production of a new mountain bike model includes which of the following activities?

Actually making the new mountain bikes

Marketing:

Applies to both profit and non-profit organizations

Ensuring an enduring link between a brand and its customers is:

Brand loyalty

Which is the first step in market segmentation?

Breaking apart all possible needs into some generic markets and broad product markets in which the firm may profitably operate.

The stage of product development that involves launching a new product into the market is called

Commercialization

____________________ is the extent to which a firm fulfills a customer's needs, desires, and expectations.

Customer Satisfaction

Applying the scientific method, what are the ordered steps of the marketing research process?

Define the problem Analyze the situation Gather problem-specific data Interpret the data

Marketing involves actually making goods or performing services.

False

Marketing applies to "Toys "R" Us" but NOT to "PETA" (People for the Ethical Treatment of Animals)

False "Both market themselves, one as a retail and the other as a non-profit organization"

Gina Williams wanted to start a decorating business. She identified several possible target markets, but decided to serve a market composed of recently-married couples who owned their first home. Gina appears to be following a mass marketing approach.

False "She is appealing to a specific target market, recently married couples who owned their first home. "Homeowners" would be an example of a mass market, but this specific group is deeper than a mass market tends to go."

The cost of marketing is about 15 percent of the consumer's dollar.

False (I put 50% I don't actually know though, the correct answer is false)

Target marketing, in contrast to mass marketing...

Focuses on fairly homogeneous market segments

A marketing manager planning to launch a successful new product should do which activity first?

Identify a product or service that customers need

Which of the following is LEAST LIKELY to compete in the same generic market as the others?

Pretzels

Big Fizz Co., a manufacturer of cola-flavored drinks, wants to add packaged fruit juices to its existing product line. Big Fizz must make some decisions regarding packaging and branding the fruit juices. These decisions would fall under which variable of the marketing mix?

Product

Hewlett-Packard sells personal computers through specialty computer stores, electronics superstores, and its own Internet site. What is the marketing mix variable that is being considered here?

Promotion

The two basic methods for obtaining information about customers are _______________....

Questioning and Observing

Marketing strategy planners should recognize that:

Target marketing is not limited to small market segments

Which of the following is the WORST example of a "generic market"?

The designer jean market

According to the text, marketing is much more than selling and advertising.

True

Geographic Segmentation involves using the region, size, and climate of an area to choose a target market.

True

Market penetration and Market share are the same thing.

True

Market penetration is the activity or fact of increasing the market share of an existing product, or promoting a new product , through strategies such as bundling, advertising, lower prices, or volume discounts.

True

Predicting what types of bicycles different customers will want and deciding which of these customers the business will try to satisfy are activities a firm should do as a part of a marketing function.

True

The development and spread of new ideas, goods, and services for the marketplace is called marketing.

True

Marketing could NOT take place without:

Two or more parties who are willing to exchange something for something else

It is__________ for a firm to contact customers under the pretense of doing research, when the real purpose is to sell something.

Unethical

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