Marketing Midterm

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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


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