Marketing Midterm Quiz Questions

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Some​ retailers, such as the Dollar​ Store, Dollar​ Tree, and Family​ Dollar, profitably focus on buyers with modest means. This is an example of​ __________.

market targeting

Engaging customers and managing profitable customer relationships is the simplest definition of​ ________.

marketing

Product value analysis is an approach to cost reduction that is used at which stage of the buying decision​ process?

Product specification

What are the 4 Ps of​ marketing?

Product, price,​ place, promotion

Which stage of the business buying decision process occurs between supplier search and supplier​ selection?

Proposal solicitation

Which of the following correctly identifies the social factors that influence consumer buyer​ behavior?

Small groups​, social​ networks, ​family, and social roles and status

Which of the following is an advantage to using internal databases for​ information?

They can be accessed quickly and cheaply.

Which of the following statements about marketing information systems​ (MIS) is​ correct?

A good MIS must balance what users would like to have against what they really need and what is feasible to offer.

Which of the following is a​ business-to-business market​ transaction?

A grocery store buying cereal from​ Kellogg's

What does a market segment consist​ of?

A group of consumers who respond to the marketing effort in the same way

In which type of buying situation will a buyer usually go through all eight stages of the business buying​ process?

A new task buying situation

What are the main components of a marketing​ plan?

An executive​ summary, situation​ analysis, objectives, marketing​ strategy, action​ programs, budgets and​ controls, and threats and opportunities

What is​ positioning?

Arranging for a market offering to occupy a​ clear, distinctive, and desirable place relative to competing products in the minds of target consumers

​__________ is the first stage in the new product adoption process.

Awareness

What is the correct order of the five stages of the new product adoption​ process?

Awareness, interest,​ evaluation, trial, adoption

A colleague wants to evaluate the attractiveness of a particular market segment. Which of the following would be good advice for your​ colleague?

Carefully consider the degree of competition and ease of entry into the segment.

Fathers were once ignored or portrayed as dolts in​ advertising, however​ today's advertisers are showing more caring and capable dads. This reflects which demographic​ trend?

Changing dynamics in the American family

Which of the following is true regarding the technological​ environment?

Companies must keep up with changes in technology or risk being left behind.

Which of the following statements regarding segmentation is​ correct?

Consumer and business marketers use many similar​ variables, but business marketers use additional variables to segment their markets.

Which of the following statements is correct regarding consumer buying​ decisions?

Consumers are often unaware of what influences their purchases.

Which of the following statements regarding the buyer decision process is​ correct?

Consumers​ may, in some​ situations, skip steps in the buyer decision process.

What is the key to building lasting customer​ relationships?

Creating superior customer value and satisfaction

What are the four general characteristics that influence consumer​ purchases?

Cultural​ characteristics, social​ characteristics, personal​ characteristics, and psychological characteristics

After defining the problem and​ objectives, what is the next step in the marketing research​ process?

Develop the research plan.

Which of the following statements about segmentation is​ true?

Different segments might require different marketing strategies or mixes.

When a firm starts up or buys a business outside of its current product line and​ markets, it is pursuing which growth​ strategy?

Diversification

Which adopter category consists of opinion leaders who adopt new ideas early but​ carefully?

Early adopters

Which generational age group is now forming brand relationships and represent​ tomorrow's markets?

Gen Z

Which of the following statements regarding habitual buying behavior is​ correct?

In these types of purchases marketers often use price and sales promotion as incentives for purchas

Ford offers a wide variety of cars that range from around​ $14,000 to more than​ $54,000. This reflects which economic​ factor?

Income distribution

Which of the following correctly defines the consumer​ market?

Individuals and households that buy goods and services for personal consumption

A University is buying new overhead projectors for its classrooms. The​ University's Information Technology Department has been asked to provide specifications and recommendations for this purchase. The IT Department is playing which role in the​ University's buying​ center?

Influencer

Which of the following statements about information and customer insights is​ correct?

Information to gain customer insights comes from a wide variety of sources.

Which of the following statements regarding the institutional market is​ correct?

Institutional markets have captive patrons.Institutional markets have captive patrons.

Which of the following statements about the use of digital and social media for​ B-to-B marketing is​ correct?

It allows businesses to target individuals within a business who affect buying decisions.

Effective positioning is based on​ __________.

differentiation

Which of the following statements is true regarding public policy and government​ regulation?

Legislation affecting business around the world has increased steadily over the years.

Which of the following statements regarding the business market is​ correct?

Many sets of business purchases are made for one set of consumer purchases.

When Under Armour expanded its current products into global​ markets, it was pursuing which growth​ strategy?

Market development

What are the three broad targeting strategies used by​ marketers?

Mass​ marketing, differentiated​ marketing, and micromarketing

What are the four major psychological factors that influence consumer buyer​ behavior?

Motivation, perception,​ learning, and beliefs and attitudes

Which of the following is a personal factor that influences a​ consumer's buying​ behavior?

Occupation

Which of the following statements about big data is​ correct?

One result of big data is that marketing managers are often overloaded with information.

Which of the following statements about online research is​ correct?

Online surveys generally have higher response rates than those conducted by mail or phone.

Which of the following best describes a marketing information system​ (MIS)?

People and procedures that are used to manage information to generate and validate actionable customer and market insights

A sizable and growing market of consumers are seeking products such as​ natural, organic, and nutritional​ foods, fuel-efficient​ cars, and alternative medicines. This trend is attributed to which cultural​ value?

People's views toward nature

What tends to be the most effective source of information when consumers make a buying​ decision?

Personal sources

Which of the following statements regarding positioning is​ correct?

Positions must adapt over time to meet changing consumer needs.

What are the two measurements used in the BCG matrix to classify strategic business​ units?

Relative market​ share; market growth rate

The first step to a successful​ value-driven marketing strategy is to determine whom to serve with a market offering. To make this​ decision, marketers engage in which two​ activities?

Segmenting and targeting

Which of the following statements regarding the U.S. government market is​ correct?

The U.S. government is the largest buyer of goods and services in the world.

Which of the following statements regarding the current demographic environment is​ correct?

The U.S. population is rapidly getting older.

What are the two major components of a​ B-to-B marketer's buying​ activity?

The buying center and the buying decision process

Which marketing orientation states that consumers will favor products that offer the most in​ quality, performance, and innovative​ features?

The product concept

at determines if a buyer is satisfied or dissatisfied with a​ purchase?

The relationship between consumer expectations and perceived product performance

Which one of the following statements about marketing research in small businesses and nonprofit organizations is​ correct?

The research methods of small businesses and nonprofits are less complex and less​ costly, but they still must be conducted carefully.

In marketing​ terms, what is a​ market?

The set of actual and potential buyers of a product or service

Companies such​ asIBM, Walmart, and Google now look beyond economic gain​ and, in their marketing​ strategies, they also consider the​ well-being of​ customers, the depletion of natural​ resources, the viability of​ suppliers, and the interests of the local community. This reflects which marketing​ philosophy?

The societal marketing concept

What is the overall focus of strategic​ planning?

To create a game plan for​ long-run survival and growth in consideration of changing marketing opportunities

What is the overall goal of marketing​ strategy?

To create customer value and build profitable relationships

What is the purpose of a value​ proposition?

To differentiate and position a market offering in the marketplace

What are perceptual positioning maps used​ for?

To show consumer perceptions of different brands on important product dimensions

One new technology marketers are adopting is radio frequency identification​ (RFID). What does this technology​ do?

Tracks products and customers at various points in the distribution channel

Demography studies statistics that include​ __________.

age, gender,​ race, and occupation

The​ __________ consists of all the people who are involved in an organizational buying decision.

buying center

When consumers engage in​ __________ buying behavior they go through a learning​ process, so it is most important that marketers understand information gathering and evaluation behavior.

complex

The key element of successful marketing today is to​ __________.

create value

When segmenting international​ markets, markets can be grouped according to​ language, religion,​ customs, and values. This type of segmentation is based on​ __________ factors.

cultural

To improve the performance of the​ __________, many companies today are partnering with other members of the supply chain - suppliers, ​distributors, and customers.

customer value delivery network

​Business-to-business marketers will sometimes promote their goods directly to consumers. This is because business demand is​ __________.

derived

Survey research is the approach best suited for gathering​ __________.

descriptive research

Many companies are going beyond government regulation and are developing strategies and practices that create a world economy that the planet can support indefinitely. This represents​ __________.

environmental sustainability

Sending observers to watch and interact with consumers in their​ "natural environment" is known as​ __________.

ethnographic research

Defining the problem and research objectives is the​ __________ step in the marketing research process.

first

You and seven other people are talking with a trained moderator about your feelings and thoughts about a potential new product. For doing this you receive a small payment. You are participating in​ a(n) __________.

focus group interview

Some retailers use mannequins with cameras hidden in one eye to record customer demographics and shopping behavior in order to serve them better. This raises ethical concerns in terms of​ __________.

intrusions on consumer privacy

Choosing a differentiated targeting strategy has many​ benefits, but a potential downside is that​ __________.

it can increase costs

Using marketing information to gain customer insights is of little value unless​ __________.

it is used to make better marketing decisions

Psychographic segmentation divides buyers into different segments based on​ __________.

lifestyle and personality

The​ __________ consists of larger societal forces that affect how a company engages and serves its customers.

macroenvironment

Mission statements should be defined in terms of satisfying basic customer needs. In other​ words, they should be​ __________.

market oriented

A firm can be proactive by​ __________.

pressing lawsuits to keep competitors in line

One important reason that business legislation is enacted is to​ __________.

protect consumers from unfair business practices

One form of​ e-procurement is​ __________ in which companies put their purchasing requests online and invite bids.

reverse auctions

Marketing was once understood in the sense of making a sale.​ Today, marketing is understood in the new sense of​ __________.

satisfying customer needs

After defining its​ mission, the next step in strategic planning is to​ __________.

set company objectives and goals

In portfolio​ analysis, a company must identify​ __________, which are key businesses that make up the company.

strategic business units

In the​ B-to-B market, one strategy is to offer a complete solution to a​ buyer's problems. This is called​ __________.

systems selling

In​ today's global​ environment, everything and everyone are digitally connected to everything and everyone else. The term used to describe this is​ __________.

the Internet of Things

​A(n) __________ is defined as any contact between a customer and a company.

touch point

To create and capture customer​ value, companies must engage the first step of the marketing​ process, which is​ __________.

understand the marketplace and customer needs and wants

Companies who passively accept the marketing environment​ __________.

view it as uncontrollable and do not attempt to change it

What are the three cultural factors that influence consumer buyer​ behavior?

​Culture, subculture, and social class

​Business-to-business marketing involves buying and selling goods or services by which of the​ following?

​Manufacturers, producers,​ retailers, wholesalers

​Vince's Video has suffered in the current economy because fewer people have the money for videos and because more people use online streaming sites such as YouTube and Hulu. The videos that​ Vince's Video does sell are often outpriced by versions coming from China or​ Taiwan, or they are accused of being damaging to the environment. Which of the following marketing impacts has NOT affected​ Vince's Video?

​Not-for-profit marketing

Which of the following correctly lists marketing​ intermediaries?

​Resellers, physical distribution​ firms, marketing services​ agencies, and financial intermediaries

You are thirsty and decide to have an iced tea. Your thirst is a​ ________ and your choice of iced tea is a​ ________.

​need; want

The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT​ analysis, the rising demand for organic produce would be​ a(n) __________ for Green Acres​ Farms, and the fact that they grow only organic vegetables is​ a(n) __________.

​opportunity; strength

Market offerings include​ ________.

​products, services, and experiences

According to the​ growth-share matrix,​ __________ are​ high-share, high-growth products. When the market growth slows these products become​ __________.

​stars; cash cows


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