Marketing Final Study Guide

What effect of social media engagement is achieved when individuals post a picture to Instagram, upload a video to YouTube, or share a link to an article they have liked on Facebook? A) timelessness effect B) dynamic effect C) network effect D) information effect E) connected effect

E) connected effect The connected effect is an outcome of social media engagement that satisfies humans' innate need to connect with other people. Individuals achieve this connection by checking in, posting a picture to Instagram, uploading a video to YouTube, or sharing a link to an article they have liked on Facebook.

________ is the two-way flow of communication between buyer and a seller that is designed to influence the buyer's purchase decision. A) Personal selling B) Sales promotion C) Advertising D) Direct marketing E) Public relations

A) Personal selling Personal selling is the two-way flow of communication between buyer and a seller that is designed to influence the buyer's purchase decision and can take place in various settings: face-to-face, video teleconferencing, on the telephone, or over the Internet.

A company that sells only multigrain, low-calorie bread should use a(n) ________ targeting strategy. A) concentrated B) differentiated C) micromarketing D) mass E) undifferentiated

A) concentrated If a company had a very specific product (such as multigrain, low-calorie bread) then it would probably use a concentrated targeting strategy. When an organization selects a single, primary target market and focuses all its energies on providing a product to fit that market's needs, it is using a concentrated targeting strategy.

What type of competition occurs when there are many firms competing for customers in a given market but their products are differentiated? A) monopolistic competition B) monopoly competition C) pure competition D) predatory competition E) oligopolistic competition

A) monopolistic competition Monopolistic competition occurs when there are many firms competing for customers in a given market but their products are differentiated.

Beverage companies often pay movie producers to have their products used and shown in movies. This is an example of product A) placement. B) loyalty. C) deals. D) sampling. E) premiums.

A) placement. When marketers use product placement, they pay to have their product included in nontraditional situations, such as in a scene in a movie or television program. By doing so, they increase the visibility of their products.

Jean, who lives in Boston, refers to Pepsi as "tonic," while Paul, who lives in Chicago, calls it "pop." These different terms are an example of A) regional culture differences. B) demographic differences. C) different economic situations. D) different social trends. E) country culture differences.

A) regional culture differences. The region in which people live in a particular country has its own regional culture that affects many aspects of people's lives, including their dietary tastes and preferences.

What is the most basic corporate social responsibility to employees? A) To ensure the highest pay for the work performed B) To ensure a safe working environment C) To ensure all potential conscious marketing issues are raised D) To assess each employee's level of confidence E) To ensure the firm primarily serves the community in surrounding neighborhoods

B) To ensure a safe working environment The most basic corporate social responsibility to employees is to ensure a safe working environment, free of threats to their physical safety, health, or well-being.

Clare always liked Lands' End raincoats, so when she was shopping for a winter coat, she ordered one from Lands' End without thinking too much about it. This demonstrates how ________ facilitate purchases. A) private labels B) brands C) actual products D) core customer values E) associated services

B) brands Brands are often easily recognized by consumers, and because they signify a certain quality level and contain familiar attributes, brands help consumers make quick decisions, especially about their purchases.

When Walmart threatens to punish or punishes the other channel member for not undertaking certain tasks, such as if it were to delay payment for a late delivery, this is an example of A) reward power. B) coercive power. C) information power. D) expertise power. E) referent power.

B) coercive power This is the definition of coercive power. Coercive power is when a firm threatens to punish a channel member for not undertaking certain tasks.

Marketing research includes all of the following except A) collecting data. B) creating data. C) recording data. D) interpreting data. E) analyzing data.

B) creating data. Marketing research involves the collection, recording, analysis, and interpretation of data. It does not, however, engage in the creation of data.

Vlad decided not to purchase the iPod shuffle because he didn't think it would hold all of his songs. Vlad was using his assessment of the iPod shuffle's ________ risk in making his decision. A) financial B) performance C) social D) safety E) psychological

B) performance Vlad is worried about the performance risk, which involves the perceived danger inherent in a poorly performing product or service.

Buffalo Wild Wings suggests that its diners check in to its locations using their phones. This demonstrates the use of ________ to market a product. A) adding value B) social media C) marketing analytics D) value cocreation E) social responsibility

B) social media Social media enables Buffalo Wild Wings to reach young, tech-savvy customers, its target market.

The level of difficulty a manufacturer experiences in getting retailers to purchase its products is determined by the degree to which the channel is A) exclusive. B) vertically integrated. C) known nationally. D) recognized. E) horizontally integrated.

B) vertically integrated. The level of difficulty a manufacturer experiences in getting retailers to purchase its products is determined by the degree to which the channel is vertically integrated; the degree to which the manufacturer has a strong brand or is otherwise desirable in the market; and the relative power of the manufacturer and retailer.

When managers understand what their service providers are facing on a day-to-day basis by directly observing them and talking to customers, it is called management by A) empowerment. B) marketing research. C) high expectations. D) walking around. E) being responsive.

D) walking around. Unless the managers who make the service quality decisions know what their service providers are facing on a day-to-day basis, and unless they can talk directly to the customers with whom those service providers interact, any customer service program they create will not be as good as it could be. This is known as management by walking around.

Which of the following steps occurs during the implementation phase of the marketing plan? A) Evaluate performance using marketing metrics B) Conduct a situation analysis C) Identify and evaluate opportunities D) Define business mission E) Define business objectives

C) Identify and evaluate opportunities In the implementation phase, marketing managers identify and evaluate different opportunities by engaging in a process known as segmentation, targeting, and positioning (STP). They then are responsible for implementing the marketing mix using the four Ps.

As Diane's business grew, she needed to find a new way to manage payroll for her employees, so she researched payroll companies to see which one would best meet her needs. What type of buying situation was Diane involved in? A) straight buy B) modified rebuy C) new buy D) modified buy E) straight rebuy

C) new buy In a new buy situation, a customer purchases a good or service for the first time, which means the buying decision is likely to be quite involved because the buyer or the buying organization does not have any experience with the item.

Firm A has set very low prices for its products in an attempt to drive its competitor, Firm B, out of business. This is known as A) monopolistic pricing. B) bait and switch. C) predatory pricing. D) price discrimination. E) price fixing.

C) predatory pricing This is the definition of predatory pricing. Predatory pricing is illegal under both the Sherman Antitrust Act and the Federal Trade Commission Act because it constrains free trade and represents a form of unfair competition. It also tends to promote a concentrated market with a few dominant firms (an oligopoly).

Cultural differences such as food preferences, language, and religion also play a role in A) STP strategy. B) domestic marketing strategy. C) product strategy planning. D) global communication strategy. E) global marketing strategy.

C) product strategy planning. Cultural differences such as food preferences, language, and religion also play a role in product strategy planning

As personal computers became popular, the sale of typewriters decreased significantly and now typewriters are only used by a very small segment of consumers. Typewriters are in the ________ stage of the product life cycle. A) maturity B) evaluation C) growth D) decline E) introduction

D) decline Typewriters are in the decline stage. Firms with products in the decline stage either position themselves for a niche segment of diehard consumers or those with special needs or they completely exit the market.

By their very nature, ________ measures reflect one person's opinion about another's performance. A) perspective B) objective C) effective D) subjective E) competitive

D) subjective By their very nature, subjective measures reflect one person's opinion about another's performance. Thus, subjective evaluations can be biased and should be used cautiously and only in conjunction with multiple objective measures.