Marketing Quizzes chapters 1-13

customer lifetime value (CLV)

A key measurement that forecasts a customer's lifetime economic contribution based on continued relationship marketing efforts

Marketing Myopia

A short-sighted that focuses on the product form rather than consumer benefit

Marketing Mix

Product, Price, Place, Promotion- a firm can control to meet the needs of customers within its target market

unsought products

Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying

private distributor brands

a brand initiated and owned by a reseller

individual branding

a branding strategy in which each product is given a different name

product line

a group of closely related product items viewed as a unit

production orientation

a management philosophy that emphasizes the most efficient ways to produce and distribute products

Changes that affect the sensory appeal of a product by altering its taste, texture, sound, smell, or visual characteristics are called ____ modifications. a. aesthetic b. operational c. feature d. functional e. quality

a. aesthetic

late majority

buy only when necessary

​The marketing mix is built around the a. ​employee. b. ​company. c. ​product. d. ​customer. e. ​retail outlet.

d. ​customer.

____ are formalized rules and standards that describe what a company expects of its employees in terms of ethical behavior. a. Behavior contracts b. Job descriptions c. Ethics clauses d. Ethics contracts e. Codes of conduct

e. Codes of conduct

relationship marketing

establishing long-term, mutually satisfying buyer-seller relationships

business products

products bought to use in a firm's operations, to resell, or to make other products

consumer products

products purchased to satisfy personal and family needs

market orientation

researching & responding to customer needs, consumer focused, most important marketing concept

laggard

the last product adopters, who distrust new products

width of product mix

the number of product lines a company offers

environmental scanning

the process of collecting information about forces in the marketing environment

convenience products

Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort

selling orientation

Strong ads and strong sell, making people buy

marketing environment

The competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix

product mix

The composite, or total, group of products that an organization makes available to customers

Total Product Concept

The package of benefits a buyer receives when he or she purchases a product.

environmental analysis

The process of assessing and interpreting the information gathered through environmental scanning

business cycle

a pattern of economic fluctuations that has four stages: prosperity, recession, depression, and recovery

Product Orientation

a philosophy that focuses on the internal capabilities of the firm rather than on the desires and needs of the marketplace

product item

a specific version of a product that can be designated as a distinct offering among an organization's products

According to the text, a product is defined as a. anything the customer receives in an exchange. b. the service that is rendered to a customer. c. the idea that the customer receives in an exchange. d. goods and services the customer receives in an exchange. e. the physical object the customer receives in an exchange.

a. anything the customer receives in an exchange.

The depth of a product mix is measured by the average number of a. different products offered in each product line. b. specialty products as compared with the number of convenience products. c. different product lines offered by the company. d. product features that the company offers. e. convenience products as compared with the number of specialty products.

a. different products offered in each product line.

The phase of the new-product development process when the organization determines the technological feasibility of producing the product at a cost that results in a reasonable selling price is a. product development. b. test marketing. c. commercialization. d. business analysis. e. concept testing

a. product development.

As far as prices are concerned, environmentalists believe prices should a. reflect the direct cost as well as the cost of air, water, and soil used. b. be based on the cost of materials used to manufacture the product. c. be determined by the supply and demand of products in the marketplace. d. include a large tax to defray the costs of environmental compliance. e. be based on the renewability of the resources used to make the product.

a. reflect the direct cost as well as the cost of air, water, and soil used.

Companies that compete for the same limited financial resources of the same customers are known as ____ competitors. a. total budget b. brand c. generic d. product e. oligopolic

a. total budget

​The marketing concept is a philosophy that states that an organization should try to satisfy customers' needs and also a. ​achieve the organization's goals. b. ​produce high-quality products. c. ​increase sales. d. ​coordinate its activities to increase production. e. ​increase market share.

a. ​achieve the organization's goals

Although they become part of a larger product, ____ can often be easily identified and distinguished on the larger product. a. accessory parts b. component parts c. process materials d. raw materials e. MRO supplies

b. component parts

During the search for products and evaluation of possible suppliers stage of the business buying decision process, marketers sometimes use ____ analysis to examine the quality, design, materials, and possibly item reduction in order to acquire the product in the most cost-effective way. a. strategic b. value c. cost d. vendor e. profit

b. value

Services delivered through machinery such as computer kiosks, ATMs, and vending machines can reduce the ____ that comes from increased contact with human employees. a. perishability b. inseparability c. heterogeneity d. tangibility e. intangibility

c. heterogeneity

Demand for a business product is ____ when two or more items are used in combination to produce a product. a. fluctuating b. inelastic c. joint d. partnered e. derived

c. joint

Any group of people who, as individuals or as organizations, have needs for products in a product class and who have the ability, willingness, and authority to buy such products is a(n) a. undifferentiated market. b. market variable. c. market. d. business market. e. segmented market.

c. market.

According to the textbook, a manager's duties in an environmental analysis include a. observation and assessment. b. observation, market research, and fact finding. c. checking the company database, conducting research, and reporting. d. checking information for accuracy, resolving inconsistencies, and assigning significance to the findings. e. conducting research, assessment, and reporting.

d. checking information for accuracy, resolving inconsistencies, and assigning significance to the findings.

One disadvantage of test marketing a new product is that a. the product is distributed on a regional basis. b. it might fail before it can be commercialized. c. the results give little indication of the product's future success. d. competitors may copy the product. e. price, advertising, and packaging cannot be varied from market to market.

d. competitors may copy the product.

By installing automated check-in kiosks in some airports, airlines have increased production capacity and reduced the number of personnel. This results in a decrease in a. perishability. b. intangibility. c. customer service. d. inseparability. e. customer contact.

e. customer contact.

Product-related ethical issues arise when marketers a. provide consumers with inadequate information about how a product is priced. b. bribe salespeople to push one product over another. c. manufacture a product that is very similar to a competing product. d. force channel intermediaries to behave in a specific manner. e. fail to disclose information to consumers about the risks associated with using a product.

e. fail to disclose information to consumers about the risks associated with using a product.

Services are usually provided through ____ directed at people or objects. a. ideas and other intangible efforts b. tangible and intangible products c. physical labor d. knowledge and technology e. the application of human or mechanical efforts

e. the application of human or mechanical efforts

​A ____ is created when a company matches its core competency to opportunities it has discovered in the marketplace. a. ​market requirement b. ​strategic window c. ​competitive opportunity d. ​market opportunity e. ​competitive advantage

e. ​competitive advantage

​A marketing plan document usually begins with a(n) a. ​introduction to the company's marketing objectives. b. ​summary of current performance as compared with past performance. c. ​situation analysis. d. ​opportunity and threat analysis. e. ​executive summary

e. ​executive summary.

shopping products

items for which buyers are willing to expend considerable effort in planning and making purchases

specialty products

items with unique characteristics that buyers are willing to expend considerable effort to obtain

MRO supplies

maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product

depth of product mix

the average number of different products offered in each product line

customer relationship management (CRM)

using information about customers to create marketing strategies that develop and sustain desirable customer relationships

During the introduction stage of a successful product, profits are usually a. negative and decreasing. b. declining. c. at their highest point. d. negative and increasing. e. positive and increasing

d. negative and increasing.

A business advantage of the concentrated targeting strategy for any company is that it a. allows a firm to develop a special marketing mix for a single market segment. b. requires less intensive analysis of customers' characteristics and needs. c. maintains the firm's flexibility in moving into other market segments. d. requires less market research and information. e. allows a firm to utilize all of its production capacity.

a. allows a firm to develop a special marketing mix for a single market segment.

Deciding to add gel insoles to its running shoes would be a change in the ____ element of the marketing mix for Nike. a. price b. promotion c. product d. good e. distribution

c. product

Facilities, factories, and production lines with very large equipment are all classified as a. accessory equipment. b. MRO facilities. c. permanents. d. installations. e. component parts.

d. installations.

The psychographic variable that includes numerous characteristics related to people's activities, interests, and opinion is a. motive. b. personality. c. stage of family life cycle. d. lifestyle. e. social class.

d. lifestyle.

Perception is a three-step process that involves a. motivation, personality, and attitudes. b. classifying, recording, and eliminating information received through the senses. c. collecting, eliminating, and organizing information inputs. d. selecting, organizing, and interpreting information inputs. e. anticipating, classifying, and discarding information inputs.

d. selecting, organizing, and interpreting information inputs

​A target market a. ​is a customer group classified as people with similar demographic characteristics. b. ​involves a large number of customers. c. ​is the same as a salesperson's prospective client list. d. ​is a specific group of customers on whom an organization focuses its marketing efforts. e. ​already has several competitors vying for customers' business.

d. ​is a specific group of customers on whom an organization focuses its marketing efforts.

The focal point of all marketing activities a. is the marketing mix. b. are sales. c. are products. d. are profits. e. are customers.

e. are customers.

Problem recognition occurs when a consumer a. searches for information to resolve a problem. b. recognizes a need and evaluates information to resolve a problem. c. evaluates her or his purchase. d. is exposed to a television advertisement desired state and an actual condition. e. becomes aware that there is a difference between a desired state and an actual condition.

e. becomes aware that there is a difference between a desired state and an actual condition.

____ competitors are those that compete in the same product class, but their products have different features, benefits, and prices. a. Product b. Service c. Price d. Generic e. Brand

a. Product

How would marketers most likely benefit from the consumer's right to be heard? a. The company can use the information to make its products better. b. They gain valuable information about their competitors. c. Consumers will drop their complaints if companies hear them out. d. More information about the products can be posted online. e. Consumers will tell others about their bad experience with the company.

a. The company can use the information to make its products better.

What should marketers do to promote the consistency and reliability of their services most effectively? a. Require employees to be shining, happy people all day long b. Train employees and develop standard procedures for dealing with customers c. Limit the number of employees in their organization d. Encourage employees to be creative in solving customer issues and complaints e. Perform as much of the service as possible before the customer arrives

b. Train employees and develop standard procedures for dealing with customers

Demand for business products is characterized as derived. From what is the demand derived? a. Modified demand b. Demand for consumer products c. Industrial demand d. Future product demand e. The business cycle

b. Demand for consumer products

Which of the following products is most likely to be marketed using an undifferentiated approach? a. Bicycle b. Table salt c. Oscillating fan d. Notebook e. Computer

b. Table salt

What is the primary distinction between a line extension and a product modification? a. Line extensions are strictly aesthetic changes to an existing product whereas product modifications consist of changes in quality and functionality. b. With product modifications, the original product is replaced in the product line while both the old and the new products remain in the case of line extension. c. In both cases an existing product is altered, but the alteration is more dramatic with a product modification than it is with a line extension. d. Line extensions are designed to better meet the needs of the existing market segment while product modifications target entirely new segments of the market. e. A product modification results in a completely new product while a line extension is simply changing an old product.

b. With product modifications, the original product is replaced in the product line while both the old and the new products remain in the case of line extension.

An attitude is a. a competence in performing activities. b. a person's behavior caused by information and experience. c. one's evaluation, feelings, and behavioral tendencies toward an object or idea. d. a set of actions that a person in a particular position is supposed to perform. e. an internal trait that makes a person unique.

c. one's evaluation, feelings, and behavioral tendencies toward an object or idea.

A business that contributes resources to the community to improve the quality of life is taking on a(n) ____ responsibility. a. ethical b. economic c. philanthropic d. cost e. legal

c. philanthropic

In an attempt to attract customers, service marketers often promise great results and satisfaction to customers, but marketers should be careful not to a. make the appearance of their facilities consistent with their promises to customers. b. make the quality of their services too tangible in the eyes of the customer. c. promise too much and cause customer expectations beyond what they can deliver. d. deliver on these promises and risk financial losses and the success of the company. e. promise less than they can actually deliver and keep customers away.

c. promise too much and cause customer expectations beyond what they can deliver.

The most significant factor influencing a buyer's level of involvement is a. social media. b. price. c. risk. d. product attributes. e. cognitive dissonance.

c. risk

In today's marketing environment, competitors can take on many forms. For example, a Starbucks latte can be seen as a competitor to an issue of The New York Times. In this circumstance, these two products are described as ____ competitors. a. product b. primary c. total budget d. pure e. generic

c. total budget

Product specifications are best described as a. numbers of quality inspections required. b. comparisons to similar products. c. defective product return policies. d. necessary characteristics and level of quality. e. descriptions of a product.

d. necessary characteristics and level of quality.

Procompetitive laws are those designed to a. protect the consumer. b. limit business lobbying of government officials. c. ensure product safety. d. preserve competition. e. reduce competition.

d. preserve competition.

The percentage of a market which actually buys a specific product from a specific company is referred to as that product's a. ​market position b. ​market cut c. ​target market d. ​market share e. ​strategic segment

d. ​market share

An organization's business goals should be derived from its a. ​marketing strategy. b. ​strategic plan. c. ​strategic business plan. d. ​mission statement. e. ​marketing plan.

d. ​mission statement.

When charitable organizations such as the American Cancer Society, Second Harvest Food Bank, and the Red Cross make purchases for goods and services to use in their daily operations, they would be considered to be _______ buyers. a. government b. producer c. reseller d. corporate e. institutional

e. institutional

marketing concept

A managerial philosophy that an organization should try to satisfy customers' needs through a coordinated set of activities that also allows the organization to achieve its goals (customer satisfaction)

The three major categories of influences on the consumer buying decision process are a. social influences, situational influences, and marketer-dominated influences. b. situational influences, demographic influences, and psychological influences. c. situational influences, social influences, and psychological influences. d. marketer-dominated influences, psychological influences, and person-specific influences. e. demographic influences, situational influences, and marketer-dominated influences.

c. situational influences, social influences, and psychological influences.

​The first step in the strategic performance evaluation is to a. ​take corrective action. b. ​reduce the difference between actual and desired standards. c. ​establish performance standards. d. ​compare actual performance and standards. e. ​evaluate actual performance.

c. ​establish performance standards.

Which of the following is an example of a behavioristic segmentation variable? a. Family size b. Personality characteristics c. Climate d. Age e. Usage rate

e. Usage rate