Marketing Midterm
The Internet of Things (IoT) is a global environment where everything and everyone is digitally connected to everything and everyone else
True
The major advantage of survey research is its flexibility.
True
Today's more-empowered consumers use the digital media to share their brand experience with companies and with each other.
True
The most common form of marketing organization is the product management organization.
False
An organization's mission statement should emphasize its intentions toward customers and the customer experience the organization seeks to create.
True
As the economy has improved, consumers are again indulging in luxuries and bigger-ticket purchases.
True
Between 2014 and 2024, of 30 occupations projected to have the fastest employment growth, most require some type of postsecondary education.
True
Business and consumer marketers use many of the same variables to segment their markets.
True
Companies are adapting their promotional efforts to reflect the changing dynamics of American families.
True
Concentrated marketing can market more effectively by fine-tuning its products, prices, and programs to the needs of carefully defined segments.
True
Consumers have now adopted the back-to-basics sensibility in their lifestyles and spending patterns.
True
Creating market offerings that best serve targeted customers is called differentiation.
True
Crowdsourcing refers to inviting broad communities of people--customers, employees, independent scientists and researchers, and even the public at large--into the new product innovation process.
True
Customer-perceived value is defined as a customer's evaluation of the perceived difference between all the benefits and all the costs of a market offering relative to those of competing offers
True
If marketers know what evaluative processes go on, they can take steps to influence the buyer's decision.
True
In cross-market segmentation, marketers form segments of consumers who have similar needs and buying behaviors even though they are located in different countries.
True
A company's customer value delivery network does not include members external to the organization.
False
People's orientation to their society does not impact their consumption patterns and attitudes toward the marketplace.
False
Product development usually costs the least among all the steps of the new product development process.
False
Secondary data consist of information collected for the specific purpose at hand.
False
Suppliers help a company stock and move goods from their points of origin to their destinations.
False
The Consumer Product Safety Commission has created complex regulations for testing new drugs before they are sold to the public.
False
When sellers pay less attention to the specific products they offer and more attention to the benefits and experiences produced by these products, they suffer form marketing myopia
False
Demographic factors are the most popular bases for segmenting customer groups.
True
During the decline stage of the product life cycle, product sales may plunge to zero, or they may drop to a low level where they continue for many years.
True
Learning describes changes in an individual's behavior arising from experience.
True
Market offerings include entities such as people, places, information, and ideas
True
Marketers have a better chance of taking advantage of a person's secondary beliefs than his or her core beliefs.
True
Marketing dashboards are used to monitor strategic marketing performance.
True
Marketing planning involves choosing marketing strategies that will help the company attain its overall strategic objectives.
True
The federal government has the legal authority to prevent a company from adding products through acquisitions if the acquisition threatens to lessen competition.
True
The main differences between the business market and the consumer market are found in market structure and demand, the nature of the buying unit, and the types of decisions and the decision process involved.
True
In the four Ps of the marketing mix, promotions refers solely to advertising.
False
The more loyal a firm's profitable customers, the lower its customer equity
False
A sample is a segment of the population selected for marketing research to represent the population as a whole.
True
Digital and social media marketing involves using digital marketing tools such as websites, social media, mobile ads and apps, online video, email, blogs, and other digital platforms to engage consumers
True
Each population member has a known chance of being included when a probability sampling procedure is used.
True
Ford's performance against Toyota depends on the quality of Ford's overall value delivery network versus Toyota's
True
Geographic segmentation assumes that nations close to one another will have many common traits and behaviors.
True
Not all companies that use income segmentation target the affluent.
True
Researchers should use simple, direct, and unbiased wording of questions for research.
True
Target and Kohl's have opened smaller-format stores designed to fit the needs of densely packed urban neighborhoods. This is an example of geographic segmentation.
True
Supplier development refers to systematically developing networks of supplier-partners to ensure dependable supply of the products and materials.
True
Cupcake Gourmet, a high-end bakery in Manhattan, segment its customers according to those who frequent their store regularly, those who visit infrequently, and those who have never visited. This is an example of usage-rate segmentation.
False
Customer relationship management focuses on retaining existing customers but not on acquiring new customers
False
Developing separate marketing plans for separate segments requires very little marketing research or channel management.
False
Exploratory research would be used to gather data about the market potential for a new product.
False
Fashions are temporary periods of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.
False
Through consumer-generated marketing, consumers themselves are playing a bigger role in shaping their own brand experiences and those of others
True
Under a team-based new product development approach, company departments work closely together in cross-functional teams. Overlapping the steps in the product development process saves time and increases effectiveness.
True
Walmart's microenvironment includes suppliers.
True
When a company decides to go international with a product, it must first figure out what products and services to introduce and in which countries.
True
In adjusting to the economy, companies may be tempted to increase their marketing budgets.
False
In markets with few customers and high margins, sellers should try to develop basic relationships rather than full partnerships
False
In the context of income distribution, the middle class in the United States has grown in size over the past several decades.
False
In the marketing mix, product refers to activities that communicate the merits of a product and persuade target customers to buy it.
False
Market offerings are limited to physical products
False
Marketing ROI measures the internal capabilities generated by investments in marketing activities.
False
Marketing is primarily concerned with engaging customers and secondarily with managing profitable customer relationships
False
Micromarketing includes global marketing and standardized marketing.
False
Most firms begin the strategic planning process by developing detailed marketing and departmental plans that support a company-wide plan.
False
Open-ended questions provide answers that are easier to interpret and tabulate than closed-ended questions.
False
Organizations that follow the production concept most likely practice socially and environmentally responsible marketing
False
Personal sources of information normally inform the buyer, but commercial sources legitimize or evaluate products for the buyer.
False
Primary data can usually be obtained more quickly and at a lower cost than secondary data.
False
Social class is determined by a single factor, such as income, but is measured as a combination of occupation, income, education, wealth, and other variables.
False
The U.S. Patent Office and Trademark database cannot be accessed to reveal patents that companies have filed.
False
The business analysis stage is the final step in the new product development process.
False
The buying center consists of key decision makers from both the buying organization and the supplier.
False
The information collected for an internal database comes only from the marketing department and the customer service department.
False
The primary objective of causal research is to describe things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product.
False
Tom usually buys new devices such as digital watches only after his friends and family start owning these devices. In this case, Tom is an innovator.
False
Using a different segmenting strategy, a company is likely to design a product and a marketing program that will appeal to the largest number of buyers.
False
Using nonprobability samples, each population member has a known chance of being included in the sample, and researchers can calculate confidence limits for sampling error.
False
Xenon Corp. releases frequent updates to improve its expensive software products. This marketing approach used by the firm is most likely based on the production concept
False
A brand's value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs
True
A business marketer normally deals with far fewer buyers than a consumer marketer.
True
A company can offer greater customer value by either charging lower prices than competitors or offering more benefits to justify higher prices.
True
A factor that can come between the purchase intention and the purchase decision is the attitudes of others.
True
A firm's marketing department must partner with other company departments to produce superior value for customers.
True
A new product must have the required functional features and also convey the intended psychological characteristics.
True
Advertising agencies that help a company target a certain section of customers are marketing intermediaries.
True
An effective MIS assesses information needs, develops needed information, and distributes the information to help managers with decision making.
True
Big data refers to the huge data sets generated by sophisticated information generation, collection, storage, and analysis technologies.
True
Business-to-business e-procurement lowers purchasing costs and reduces the time between order and delivery.
True
Chosen symbols, characters, and other image elements are communicated through advertising conveys the company's or brand's personality.
True
Companies like Coca-Cola and Facebook deliver customer satisfaction by spreading happiness and connecting individuals through shared experiences
True
Companies must develop not only strategies for growing their business portfolios but also strategies for downsizing them.
True
Companies must do much more than simply shout out their positions with slogans and taglines. They must differentiate their products in the minds of consumers.
True
Companies that combine a customer-centered approach with team-based new product development gain a big competitive edge by getting the right new products to market faster.
True
Countries can be segmented by cultural factors, grouping markets according to common languages, religions, values and attitudes, customs, and behavioral patterns.
True
In the final step of a marketing process, a company reaps the rewards of its strong customer relationships by capturing value from customers
True
Individual interviews cost three or four times as much as telephone interviews.
True
It's advisable for a company to fit its products into existing attitude patterns rather than attempt to change them.
True
Marketers now face increasingly diverse markets, both at home and abroad, as their operations become more international in scope.
True
Neuromarketing is used in combination with other research approaches to gain a more complete picture of what goes on inside consumers' heads.
True
Neuromarketing uses EEG and MRI technologies to track brain electrical activity to learn how consumers feel and respond.
True
Niche marketing offers smaller companies an opportunity to compete by focusing their limited resources on serving niches that may be unimportant to or overlooked by larger companies.
True
Place includes activities that make the product available to target customers.
True
Product modifications are an important source of new products for organizations.
True
Purchasing, often called e-procurement, has grown rapidly in recent years.
True
Services such as banking, airline, and retailing services, are products too. We call them service products.
True
Subcultures are groups of people with shared value systems based on common life experiences and situations.
True
Adoption is the decision by an individual to try the product.
False
The innovation management system approach shows that shareholders support, encourage, and reward innovation.
False
According to Maslow's Theory, safety and social needs must be fulfilled after self-actualization needs.
False
An SBU can be company division or a product line within a division, but not a single product or brands.
False
Business buying is done by newly trained purchasing agents who are learning how to buy better.
False
A sequential product development approach is team-oriented, enabling firms to bring products to market very quickly.
False
"At CL Online, we create customer connectivity, anytime, anywhere" is a product-oriented mission statement.
False
"At Dodson, we sell shoes" is a market-oriented business definition.
False
A customer buys a can of Pepsi from a Walmart store. In this scenario, Walmart is a supplier in Pepsi's value delivery network.
False
