Marketing Midterm Exam

________ is the process of evaluating the attractiveness of different market segments and selecting one or more segments to enter. A) Differentiation B) Mass marketing C) Market targeting D) Market segmentation E) Positioning

C) Market targeting

________ are tradition-bound, suspicious of changes, and adopt an innovation only when it has become something of a tradition itself. A) Latent innovators B) Early adopters C) Early mainstream adopters D) Lagging adopters E) Late mainstream adopters

D) Lagging adopters

________ data consist of information collected for the specific purpose at hand. A) Primary B) Secondary C) Derived D) Archival E) Historical

A) Primary

Which of the following is a difference between the marketing concept and the selling concept? A) The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products. B) The marketing concept focuses on customer conquest, whereas the selling concept focuses on targeting the right customers. C) The marketing concept takes an inside-out perspective, whereas the selling concept takes an outside-in perspective. D) The marketing concept is product-centered, whereas the selling concept is production-centered. E) The marketing concept focuses on short-term sales, whereas the selling concept strives to build long-term customer relationships.

A) The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products.

A company's mission statement should most likely be ________. A) defined in terms of satisfying basic customer needs B) focused on the products and services the company sells C) defined by the profits the company strives to earn D) directed at the company's employees and not at its customers E) focused on the manufacturing technology that the company uses

A) defined in terms of satisfying basic customer needs

Which of the following is the first stage of the buyer decision process? A) need recognition B) information search C) alternative evaluation D) purchase decision E) postpurchase behavior

A) need recognition

The ultimate aim of customer relationship management is to ________. A) produce high customer equity B) divide markets into distinct segments C) evaluate customer lifetime value D) turn "strangers" into "butterflies" E) evaluate current sales share

A) produce high customer equity

________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. A) Differentiation B) Positioning C) Market targeting D) Market segmentation E) Mass marketing

B) Positioning

Which of the following best describes product positioning? A) differentiating a market offering to create superior customer value B) arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers C) identifying consumer needs and creating a product to meet those needs D) evaluating each market segment's attractiveness and selecting one or more segments to enter E) dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors

B) arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Port Orleans Shipping markets different services to the tourism, defense, and trade segments. The firm designs separate offers for each segment based on their needs. This approach is called ________ marketing. A) concentrated B) differentiated C) individual D) mass E) local

B) differentiated

ProFem Inc. caters its line of sports apparel exclusively to women. What type of segmentation does the company use? A) age and life-cycle B) gender C) behavior D) psychographic E) geographic

B) gender

Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization. A) supply chain B) macroenvironment C) marketing intermediary network D) internal environment E) microenvironment

B) macroenvironment

A consumer group that responds in a similar way to a given set of marketing efforts is the company's ________. A) value chain B) market segment C) financial public D) business portfolio E) market position

B) market segment

Business portfolio analysis is defined as the process in which management ________. A) studies the products and strategies of competitors to improve the company's own products B) analyzes consumer feedback in order to better position the company's brand image C) assesses the attractiveness of an SBU's market and the strength of its position in the market D) segments the company's markets to reach target consumers effectively E) conducts marketing research to evaluate the company's marketing strategy

C) assesses the attractiveness of an SBU's market and the strength of its position in the market

The marketing manager of Appeal Inc. has noticed a sharp decrease in sales over the last two months. The manager decides to conduct marketing research to identify potential causes for the drop in sales. Which of the following should the manager do first? A) develop a research plan B) determine a research approach C) define the problem and objectives D) select a research agency to collect data E) conduct exploratory and descriptive research

C) define the problem and objectives

Which of the following is most likely categorized as a business market? A) government agencies that buy goods and services to produce public services B) individuals who buy goods and services for personal consumption C) firms that buy goods and services for further processing D) firms that buy goods and services to resell for profit E) retail outlets that buy goods and services to sell at discounted prices

C) firms that buy goods and services for further processing

Which of the following is a psychographic characteristic of a consumer? A) gender B) age C) lifestyle D) occupation E) economic status

C) lifestyle

Dividing a market into several sections of customers is known as ________. A) mass customization B) market positioning C) market segmentation D) value engineering E) undifferentiated marketing

C) market segmentation

Which of the following is a quantitative approach to research? A) observational research B) online focus groups C) ethnographic research D) in-depth interviews E) marketing surveys

E) marketing surveys

A marketing intermediary would most likely help a firm by ________. A) negotiating with labor unions regarding wages, hours, and benefits B) providing technical expertise on the production and design of goods C) competing directly with the firm in a certain product category D) supplying the raw materials needed for manufacturing the firm's products E) moving the firm's goods from production points to distribution centers

E) moving the firm's goods from production points to distribution centers