Marketing Midterm Review Questions

Which of the following is most likely a true statement about services?

A service is intangible before it is purchased.

________ refers to a channel stretching from raw materials to components to final products that are carried to final buyers.

A supply chain

______ occurs when two established brand names of different companies are used on the same product

Co-branding

______ is the degree to which an innovation fits the values and experiences of potential consumers.

Compatibility

Ellis, a marketing manager at a regional chain restaurant, has decided to create a contest asking the public to create commercials for the restaurant. Winning entries will be posted on the organizations home page. Ellis' plan is an example of ______.

Consumer-generated marketing

Which of the following is true of focus group discussions?

Consumers are not always honest and open about their opinions.

_______ products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

Convenience

_________ is the total combined customer lifetime values of all the company's current and potential customers.

Customer equity

Both product development strategies and diversification strategies involve______.

Developing a new product

_______ is the act of obtaining a desired object from someone by offering something in return.

Exchange

in which of the following stages of the adoption process does a consumer seek information about a new product?

Interest

In which of the following research methods does the sample size have little impact on costs?

Internet-based surveys

What is the last ten in the marketing research process?

Interpreting the findings

Which of the following will most likely be included in the "place" component of a company's marketing mix?

Inventory

________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Marketing research

______ is the process of evaluating the attractiveness of different market segments and selecting one or more segment to enter.

Marketing targeting

Which of the following includes the target segment of a product, the category to which the product belongs, and the products point of difference from other members in the category.

Positioning statement

The ______ concept holds that consumers will favor goods and services that offer the most in quality, performance, and innovative features.

Product

To which of the following elements of the marketing mix do design, packaging, services, and features belong?

Product

Through______ , brands can be differentiated on features, performance, or style and design.

Product differentiation

Sally purchased a newly introduced moisturizing lotion. By attempting to find out if the lotion's perceived performance matched her expectations, Sally was measuring her level of customer ________.

Satisfaction

Tract is a newly emerging shoe manufacturing company. After extensive market research, Traxx divides its market into professional athletes, "hobbyists" or amateur players, and people who wear shoes as part of their casual attire. Each category has its own needs, traits, and marketing goals. In this scenario, Traxx has engaged in market _____.

Segmentation

_______ refer to a form of product that consist of activities, benefits, or satisfactions offered for sale that are essentially intangible.

Servies

_________ refers to the portion of the customer's purchase that a company gets in it product categories.

Share of customer

Which of the following statements is true in the context of the BCG growth-share matrix?

Stars often need heavy investment to finance their rapid growth in a market.

Which of the following is a difference between the marketing concept and the selling concept?

The Marketing concept focuses on customer needs, whereas the selling concept focuses on existing products.

Which of the following is true of product positioning?

To simply the buying process, consumers are likely to position products in their minds.

Which of the following is most likely the cheapest and quickest means to collect data for marketing research?

Utilizing internal databases to gather sales data.

Which of the following would be considered part of an augmented product rather than that of an actual product or core customer value?

Warranty

In which of the following circumstances is an organization likely to engage in full partnerships with key consumers?

When the market has few customers and high margins

Which of the following best describes product positioning?

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

The initial function of a marketing information system is ________.

assessing the information needs to a company

Which of the following types of marketing involves creating opinion leaders to serve as brand ambassadors to spread the word about a company's products?

buzz marketing

The final steps in the marketing process is _______.

capturing value from customers.

In the BCG matrix, ________ refers to low-growth, high-share businesses or products.

cash cows

_______ is a discomfort caused by post purchase conflict.

cognitive dissonance

______ is the degree to which an innovation is difficult to understand or use.

complexity

according to the text, __________ are the most important across in a company's microenvironment.

consumer

Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on _______

consumers' existing wants

A company adding new features to a product will most likely compare each feature's values to customers with its ________

cost to the company

The overall process of dealing with all aspects of acquiring, keeping, and growing customers is referred to as ______.

customer relationship management

In CRM, ________ is the technique that helps researchers sift through mounds of detailed customer information and dig out interesting findings about customers.

data mining.

A company mission statement should most likely be _______.

defined in terms of satisfying basic customer needs

What is the first step in the marketing research process?

defining the problem and research objectives

Senz, an automobile manufacturer, produces low-end vehicles that are targeted toward lower-income consumer groups. Senz most likely segments the consumer market based on ______ variables.

demographic

Which of the following will most likely be included in the "price" component of a company's marketing mix?

discounts

A strategy for company growth through starting up or acquiring business outside the company current products and markets is called _____.

diversification

a marketing firm has ben assigned the task of watching trends in personal income, savings, and interest rates. The marketing firm is most likely gathering information about consumers' ________.

economic situations

which of the following groups is included in both a company value chain and its value delivery network?

employees

Brand ______ is the differential effect that knowing the brand name has on customer response to the product and its marketing.

equity

In which of the following stages of the adoption process does a consumer consider whether trying a new product makes sense?

evaluation

Which of the following is most likely categorized as a business market?

firms that buy goods and services for further processing.

reseller markets consist of ________.

firms the buy goods and services to sell at a profit.

In the BCG growth-share matrix, stars refer to products or businesses with a ________.

high market share in a market with a high growth rate

the process that turns marketing plans into marketing actions to accomplish strategic marketing objectives is called marketing ________.

implementation

Which of the following is true of competitive marketing intelligence?

it can be obtained from information that is available in the public domain.

opinion leaders are also known as _______.

leading adopter

A strategy for company growth that involves sales to current market segments without changing the product is know as _______.

market penetration

A consumer group that responds in a similar way to a given set of marketing efforts in the company's ______.

market segment

Dividing a market into several sections of customers is known as _______

market segmentation

Which of the following it the right order of the steps that companies generally follow in designing a customer-driven marketing strategy?

market segmentation, market targeting, differentiation, and positioning.

which of the following is true to marketing ROI>

marketing ROI measures the profits generated by investments in marketing activities.

Which of the following is the first stage of the buyer decision process?

need recognition

In a SWOT analysis, _________ refer to favorable factors or trends in the external environment that a company may be able to exploit to its advantage.

opportunities

the most effective sources of information about a product tend to be _______ sources.

personal

A product mix is also known as a product ______.

portfolio

_______ consist of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

positioning

________ data consist of information collected for the specific purpose at hand.

primary data

Which of the following characteristics of a product is defined as "freedom from defects"?

quality

In a straight re-buy, a buyer _________

reorders something without any modifications

_________ are distribution channel firms that help a company find customers or make sales to them.

resellers

______ means that consumers are likely to remember good points made about a brand they favor and forget the good points made about competing brands.

selective retention

Which of the following needs is Maslow's hierarchy is generally satisfied last?

self-actualization needs

Both market penetration strategies and market development strategies primarily involve ______.

selling a company current products.

When a company chooses to divest a particular strategic business unit, it ______.

sells off or phases out the strategic business unit.

Service perishability means that ________.

services cannot be stored for later sale or use

A company regularly purchases cleaning supplies from a vendor and orders relatively consistent amounts of the same products on each purchase from the same vendor. This is an example of a(n) ________

straight re-buy

_________ provide the resources needed by a company to produce its goods and services.

suppliers

________ is a method of gathering primary data that involves asking people questions about their knowledge, attitudes, and buying behavior.

survey research

Selecting particular segments of a population of customers to serve is called _______

target marketing

Which of the following best describes a company's business portfolio?

the collection of businesses and products that make up the company

Which of the following sources constitutes the internal database of a company?

the company's sales records

Which of the following factors would fall under the demographic environment for marketers?

the educational level of a company's customers.

Which of the following demonstrates the real value of a company's marketing research and information system?

the quality of customer insights it provides.

Which of the following best describes the value chain of a company?

the series of departments that design, produce, market, deliver, and support the company's products.

Which of the following is an advantage of primary data?

they are more relevant than secondary data

In a SWOT analysis, _______ refer to unfavorable external factors or trends that my present challenges to performance.

threats

Product mix length refers to the ________

total number of items a company carries within its product lines

According to the five-step model of the marketing process, the first step in marketing is _______

understanding the marketplace and customer needs and wants.

A brand's ______ is the set of benefits that it promises to deliver to consumers to satisfy their needs.

value proposition