Marketing Makeup Exam

"Why create a perceptual map?" asked Dave. Andrea, the senior marketing manager, gave him four reasons. All of the following are valid reasons except

"It's a way to show the position of the company throughout the product's life cycle."

Omar is responsible for marketing and marketing research for a midsized manufacturer of assemblies for the housing market. His boss has asked him to cut back expenses, especially in marketing research: "Why can't you just use information off the Internet? There's plenty out there." What is Omar's best response to try to get his boss to change his mind?

"Those are secondary data, and they may not be as timely, accurate, and relevant as what we need."

When marketers work in controversial or polluting industries such as tobacco or fossil fuels, their central activities largely bar them from becoming

conscious marketers.

Marketers sometimes use Hofstede's cultural dimensions to design marketing campaigns

consistent with underlying cultural values in a country.

When marketers use a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to communicate a value proposition to the customer, it is referred to as

integrated marketing communications.

Bryan believes he is responsible for his actions, and he will conduct extensive searches before making a purchase. Mike's favorite phrase, when confronted by the need to make a decision, is "Whatever." In marketing terms, Bryan is said to have a(n) ________ and Mike, a(n) ________.

internal locus of control; external locus of control

The strategic marketing planning process

is not always sequential

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about

its value.

The political/regulatory environment comprises political parties, governmental organizations, and

legislation and laws.

The marketing goal of getting the "right quantities to the right locations, at the right time" relates to

managing the supply chain.

Over the last few months, Jose and his colleagues have analyzed the current business situation and identified target markets for his firm's personal care products. Finally, they developed the products, prices, distribution, and promotion that should appeal to each of those target markets. In doing so, Jose has also identified what he believes is an advantage his competitors cannot match. Jose and his colleagues have been developing

a marketing strategy.

Think about the components of a product. Match the component, with the respective example The ____________ for a guest paying for a night's stay at a hotel is rest and sleep The _____________ for a guest paying for a night's stay at a hotel is the use of bed, bathroom, towels, dresser, light, and closet The _________ for a guest paying for a night's stay at a hotel would include express checkout and superb room service

core customer value actual product associate services

Parties that work along with the focal firm to provide goods and services to consumers are viewed as

corporate partners.

If McDonald's wanted to change its marketing strategy in response to the social trends outlined in the text, it might consider all of the following ideas except

creating an advertising campaign targeting elementary schoolchildren.

Marketing research includes all of the following except

creating data.

Lisle Hair Company keeps track of the gender and age of its customers so it can target e-mails to them and be sure to have the right hair products in stock when they visit. This is an example of the use of ________ in marketing.

demographics

Marketers often employ a combination of segmentation methods, using ________ to identify and target their customers, and ________ to design products and messages to appeal to them.

demographics and geography; lifestyle or benefit segmentation

Which of the following are the two components of a global marketing strategy?

determining which target markets to pursue and developing a marketing mix to obtain a competitive advantage

Larry is asked to conduct an STP analysis for his firm. The first step he should perform in this analysis is to

divide the marketplace into subgroups.

The sale of products that may damage the environment, the use of sweatshop labor, and the marketing of dangerous products are examples of

marketing ethical issues.

The ________ for natural skin care company Burt's Bees is to "create natural, Earth-friendly personal care products formulated to help you maximize your well-being and that of the world around you."

mission statement.

Yvonne knows her firm must look at everything it does from a consumer's point of view. One major difficulty is that consumers' ________ change(s) over time.

needs, wants, and ability to purchase

Even if they succeed, new-to-the-world products are

not adopted by everyone at the same time.

Effective promotion enhances a product or service's

perceived value.

A ________ is often used to illustrate the position of a firm's products or brands in consumers' minds.

perceptual map

Katy has naturally curly hair and has often been disappointed with the haircuts she has received. When she moved to a new town, she approached her new office mates and several strangers with curly hair and asked them where they had their hair cut. She chose to spend considerable effort finding a new hair stylist based on the ________ associated with her purchase decision.

performance risk

Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following except

performance.

Tariffs artificially lower prices and make goods more competitive.

False

The purpose of conscious marketing is to make a product by selling products and services.

False

When a manufacturer sells truck and car parts to Toyota, this is an example of B2C marketing.

False

Marketing involves all of the following except

production scheduling

The idea that a good product will sell itself is associated with the ________ era of marketing.

production-oriented

Slim-Fast carries the Slim - Fast brand name in every product manufactured by the company Mars Inc. sells Snickers, Milky Way, Twix, and M&M, among other products with different brand names Taco Bell sells a new product together with Doritos called Spicy Chicken Cool Rach Doritos Locos Tacos Grocery-retailer giant Aldi has its own brand and it markets 90% of its products with this brand name

Family Branding Individual branding Co Branding Private Branding

Which of the following statements regarding corporate social responsibility is true?

It sees limited overlap between the business and society, and between business and the planet.

Many corporations are shifting from defined benefit to defined contribution retirement programs. When considering changes to retirement programs, the primary stakeholders are the

employees.

Marketing expenditures allocated carefully can result in greater brand recognition, awareness, perceived value, and consumer loyalty for the brand, which all enhance the brand's

equity

If a firm wants to develop a sustainable competitive advantage, it should

examine its operations and customer relations to identify significant things competitors cannot easily copy.

Kia has to decide which college to attend. This is the most important, riskiest, and most expensive decision she has ever made. She will be engaged in

extended problem solving.

Changes in tariffs and quotas are

government actions that reduce competition from international firms.

ABC Company knew that its customers were interested in environmentally friendly business practices, so it began marking all of its products as environmentally friendly because they were made with all-natural ingredients, even though ABC's plant was one of the worst polluters in town. The term for this practice is

greenwashing.

The decision to delete a product is never taken lightly because, generally, manufacturers

have made substantial investments in product development and manufacturing.

Juan has identified four potential market segments for his Rent-A-Nurse service. He will now compare the segments to see if they are distinct from each other. Juan is evaluating whether or not each segment is

identifiable

When Betsy decided to open up a tea shop in the center of town, she chose a group of customers who represent her customers of interest. This group is called a

sample.

Jamie sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jamie is addressing which of the following core aspects of marketing?

satisfying customer needs and wants

Cultural nuances, subcultures, and consumers' different views of their roles in different countries can make ________ complicated.

segmentation, targeting, and positioning

As part of her company's SWOT analysis, Cindy is assessing the company's internal environment, including

strengths and weaknesses.

Marta is concerned that one of the potential market segments she has identified for her dog grooming service is too small and has too little income to have sufficient buying power. Marta is concerned with whether the segment is

substantial.

Whenever the president of the local public university promotes the institution, he emphasizes the university's price (much lower than neighboring private colleges) and high quality. He is positioning the institution based primarily on

the value proposition.

One of the goals of value-based marketing is

to offer greater value than competitors offer.

Organize the five steps involved in developing a marketing plan.

1.Define business mission and objectives 2.Conduct a situation analysis (SWOT) 3.Identify and evaluate opportunities 4.Implement marketing mix 5.Evaluate performance using marketing metrics

Order the global entry strategies from lowest risk (1) to high levels of control (5)

1.Exporting of goods 2.Franchising 3.Strategic Alliance 4.Joint Venture 5.Direct Investment

Match the description of the adopter categories with the respective type of adopter The first year they were offered, John wanted a tablet computer, but he did not know which one to choose. He waited until there were more choices, lower prices, and improved quality. John is part of the ___________ diffusion of innovation group. Tiffany always asks Samantha about beauty supply products. She considers her a well-informed friend who always knows the latest trends. For Tiffany, Samantha is a(n) ___________ in the diffusion of innovation curve. Denise and Janet attend a large university in Texas. Denise asked for Janet's e-mail address, but Janet said she didn't have one. Janet would probably be considered a(n) ___________ in the diffusion of innovation process.

A. Early majority B. Innovators C. Laggards

Match the product description with the respective product life cycle. Recently, Mars Inc. a company of snacks such as Twix and Snickers, brought a new miniature version of its cereal bars to market. The nugget-sized product was very successful because it was not messy. Other companies recognized the interesting new product category and introduced similar products under their own brands. Mini-cereal bars are most likely in the ________ stage of their product life cycle. P&G recognized that kitchen dishcloths were often difficult to rinse clean and typically dry slowly. Thus, P&G developed a disposable kitchen cloth that rinses easily and dries quickly. Because this is a new product to the market, it can be said to be in the ________ stage of its product life cycle. Almost everybody in the U.S. owns a TV. Thus, companies such as Samsung or LG try to sell their smart TVs in as many outlets as possible because availability is crucial in a competitive market. Most likely TV is in the ______________ stage of its product life cycle.

A. Growth B. Introduction C. Maturity

Match each of the components of the SWOT analysis of Coca-Cola with its respective example A. Populations in BRIC countries are growing B. Low product diversification C. Coca-Cola's High market share D. Increasing competitors

A. Opportunity B. Weakness C. Strength D. Threat

Match each of the overarching strategies to create and deliver value to its respective example A. Customers around the world know Pepsi and consider it a primary "go-to" brand if they want a refreshing drink. This positioning reflects Pepsi's ______ B. Some universities offer online degree programs, competing with traditional colleges based on the convenience of taking online courses. These online programs are most likely trying to use _________ C. Fourteenth National Bank prides itself on offering better service than any of its competitors. If this is accurate, and if customers recognize and value Fourteenth National's superior service, the bank creates and delivers value through: ____________ D. Walmart's efficient procedures and excellent supply chain management is part of its __________

A. Product Excellence B. Locational Excellence C. Customer Excellence D. Operational Excellence

Match the research problem with the type of research design that should be developed Recently, the number of students enrolled in the marketing program dropped while enrollment in the psychology program increased. The chair of the marketing department will probably use ________ as a first step to gain a better understanding of why enrollments are changing. In the infamous Coke-New Coke taste test, 54 percent of consumers, using a blind taste test, preferred the New Coke formula to the existing formulation. This is an example of a(n) ________ Carol needs to find information about income and age distribution in Orange County, California. She should start with a(an) ____________

A. Qualitative research B. Quantitative research C. Secondary research

When Mandy shops for lipstick, she always buys Really Red by Cover Girl. This is an example of

Brand Loyalty

________ entails a sense of purpose for the firm that is higher than simply making a profit by selling products and services.

Conscious marketing

Match the example of consumer products with its correct product classification A gallon of milk A winter coat A pair of binoculars by the brand Steiner Nighthunters Disability insurance sold by New York Life company

Convenience Shopping Specialty Product Unsought Product

The most common measure of market potential of an economy is a country's

GDP

Organize the stages of the product development process

Idea Generation Market Testing Concept Testing Product Development Product Launch Evaluation of Results

Arrange the steps in a research process according to a logical progression for the case of McDonalds wanting to develop a marketing research

McDonald's wants to better understand its customers' experiences. The company also wants to understand how customers view the experience at Wendy's. Finally, McDonald's also wants to gain some insight into how it should set a price for a new menu item for breakfast. McDonald's marketing executives explore the best project design: they might start with available data, such as information that shows key times and types of customers at those times. Later they could explore the possibility to ask customers for their opinions about the company and key competitors, and ideas for breakfast menus. McDonald's decides to design a sample of customers to ask in a survey for their opinions and suggestions. McDonald's develops a questionnaire using different types of questions and hires a marketing research firm to help in the data collection McDonald's summarize the results of the survey. Thanks to this data, McDonald's has now insights about what customers think about the competition. Thanks to the insights, McDonald's is hiring gourmet chefs as consultants to improve the menu. It can also know better the price range of additional menu items for breakfast combos.

Upscale men's and women's clothing stores like Nordstrom, Neiman Marcus, or Saks Fifth Avenue are more likely to appeal to consumers' ________ needs.

Psychological

During the market-oriented era, manufacturers began to focus on customers' needs before they designed or sold their products.

True

The greater the wealth of a country, generally, the better the opportunity a firm will have in that particular country.

True

When marketers monitor the economic situation affecting their target markets, they are likely to monitor changes in all of the following except

age

When consumers are unable to articulate their experiences, ________ becomes particularly useful in understanding consumers' preferences. The researcher needs to understand how people feel about a product or service on an individual, detailed level. The research should use ______________ Marty has hired a marketing research company to bring together a small group of soft drink consumers and get feedback on the three new advertising slogans his firm is considering. The marketing research firm might conduct a(n) ________ to provide the information Marty has requested McDonald's introduced a Favorites Under 400 Calorie Menu as part of an attempt to reverse the perception that McDonald's sells only unhealthy food. Suppose that McDonald's, as a follow-up, collects and analyzes posts from Facebook, Twitter, and similar sites, hoping to understand whether or not consumer perceptions are improving. This would be an example of _______________ Maria's Bakery is trying to determine what price to charge for its cookies, so Maria places a low price on them and raises it each week, keeping track of how many she sells. Then she determines what her cost was for the cookies and determines which price was the most profitable. Maria is using a(an) _________________

observation in depth interviews focus group sentiment mining experiment

Adidas Group owns Reebok and Rockport—both of which offer different types of shoes. Having a variety of brands allows Adidas to use a differentiated targeting strategy to

obtain a bigger share of the shoe market.

Where on a product's packaging would one most likely find nutrient content and country of origin?

on the label

LeBron James, Stephen Curry, and other athletes are paid huge sums of money by companies for celebrity endorsements. If endorsements by these athletes create a clear understanding among consumers of the companies' products in comparison to competing products, they can help with the firm's ________ strategy.

positioning

In the immediate marketing environment, the first factor that affects the consumer is

the company's capabilities.

In delivering value, marketing firms attempt to find the most desirable balance between

the need to provide benefits to customers and keep down costs.

While demographic and geographic segmentation of retail customers are relatively easy, these characteristics do not help marketers determine

what their customers need.