mkt 230 final exam review
The ability of a product to provide the same level of quality over time is called
consistency.
Channel cooperation can do all of the following except
increase cycle time
Extended decision making is the type of consumer decision-making process that
is the most complex decision-making behavior, which comes into play when a purchase involves unfamiliar, expensive, or infrequently bought products
Even when reciprocal buying arrangements are legal, they can lead to
less-than-optimal purchases
Dorito's has expanded to Nacho Cheese Doritos, Cool Ranch Doritos, and Salsa Verde Doritos, to name a few. These are examples of
line extensions
Phillips calculates that the total number of light bulbs sold to consumers in the next year by all light bulb producers is 1 billion, given anticipated marketing efforts by the firms involved. This figure represents the industry's
market potential.
The ____________ section of the marketing plan states what the company wants to accomplish through marketing activities, using a(n) ___________ of where the firm stands in the market.
marketing objectives; SWOT analysis
Dyson is known for product innovation and the creation of products that go beyond consumer expectations, such as the AirBlade hand dryer, AirMultiplier bladeless fan, and the Supersonic hair dryer. In order to develop and deliver products to consumers that are high in value and successful, the firm implements a variety of ________ activities in order to stay abreast of consumer trends and preferences and to determine the potential for success of new products.
marketing research
To build long-term customer relationships, marketers are turning to
marketing research and data analytics
Sales usually start to decline during the ____ stage of the product life cycle.
maturity
Product deletion can best be described as the process of deleting a product from the product mix when it
no longer satisfies a sufficient number of customers.
Juliette Draper is a marketing consultant for Third Eye Research Inc., and often recommends ______ focus groups, which are more convenient for participants and enable a company to gather data from large and geographically diverse groups in a less intensive manner than traditional focus-group interviews.
online
An item on the University Bookstore's survey asks respondents to tell the store, in their own words, what they like least about textbook shopping. This item would be an example of a(n) ____ question.
open-ended
As a media buyer for the Walker Agency, Rick knows that no one ever checks to see if his phone calls are business related or personal. With regard to ethical behavior, this situation relates most closely to
opportunity
A firm's culture may be expressed informally through
organizational stories.
A brand manager in a multiproduct firm would be responsible for
performance of a specific brand.
Marketing channels create four types of utility for consumers including
position, price, possession, and place.
Target's tagline "Expect More, Pay Less" emphasizes which marketing mix variable?
pricing
The two basic types of sampling that marketing researchers use are
probability and nonprobability.
The five major stages of the consumer buying decision process, in order, are
problem recognition, information search, evaluation of alternatives, purchase, and postpurchase evaluation.
The decisions and activities intended to create and maintain a certain concept of the firm's product, relative to competitive brands, in customers' minds is
product positioning.
A potato chip company advertises that its newly launched product can lower cholesterol, although the company cannot provide evidence to substantiate this claim. This situation involves an ethical issue related to which element of the marketing mix?
promotion
Which of the following relates to activities used to inform and persuade or create a desired response?
promotion
Assuming that inflation is low, high buying power characterizes the ____ stage of the business cycle.
prosperity
The development of a person's self-concept is a function of
psychological and social factors.
When a customer is aware that a brand exists and considers it a possibility if his preferred brand is out, he exhibits brand
recognition
Benjamin is concerned about not having enough air conditioning units in inventory during June, July, and August so he keeps extra inventory to guard against stockouts during this critical period. Benjamin is keeping
safety stock.
Common problems in failing companies are improper planning and unrealistic
sales forecasts.
Behavior Scan, a research company, provides information on household demographics, television viewing habits, and purchases tracked with Hotline cards. This is
single-source data
Less randomness and more difficulty in obtaining a sample size are disadvantages of
social media
Any constituent who has a claim in some aspect of a company's products, operations, markets, industry, or outcomes is known as a(n)
stakeholder
During the Industrial Revolution demand for manufactured goods was
strong
A consumer may receive a marketer's information and perceive it differently from the way the marketer intended.
t
A product's classification can influence its price, distribution, and promotion
t
Brand licensing gives a company the ability to gain more revenue and low-cost or free promotional exposure.
t
Business customers generally seek to obtain detailed information about a product before purchasing it.
t
Crowdsourcing refers to the process of taking tasks usually performed by a marketer or researcher and outsourcing them to a crowd, or potential market, through an open call.
t
Customers are the ultimate judges of good service quality.
t
Focus-group interviews are useful if the researcher is interested in observing group interaction.
t
Full-line forcing requires that channel members purchase the supplier's entire line to obtain any of the products.
t
In general, corporate executives prefer research reports that are short, clear, and simply expressed.
t
Intangibility of services creates promotional challenges because it is difficult to display a service in a store and to demonstrate the quality of a service.
t
Many laws that directly influence marketing activities were enacted either to preserve a competitive atmosphere or to protect consumers.
t
Marketing activities can occur even when an exchange doesn't take place.
t
Selecting an appropriate target market may be the most important decision a company makes in the strategic planning process.
t
Technological developments have a direct impact on creating and maintaining a marketing mix.
t
Technology can help marketers become more productive.
t
The Federal Trade Commission would be the most likely regulatory agency to curb false advertising.
t
The Sherman Antitrust Act, along with several other laws, is a procompetitive law because it was created to preserve competition.
t
The impact of environmental forces on value can be extensive as market changes can easily influence how stakeholders perceive certain products.
t
For a business organization to remain healthy and to survive, it must sell products and make profits.
t
The analysis of strengths and weaknesses focuses on internal factors that give the organization certain advantages and disadvantages in meeting the needs of its target markets.
t
The distribution variable in a marketing mix is directed toward making products available in the quantities desired to as many target market customers as possible and keeping the total inventory, transportation, and storage costs as low as possible.
t
Consumerism is
the efforts of independent individuals, groups, and organizations to protect the rights of consumers.
The major source of cultural values is
the family.
Two difficulties that often arise during the introduction stage of the product life cycle are that sellers may lack the resources to launch the new product successfully and
the initial product price may have to be high to recoup costs
Surveys, focus groups, and customer comment cards are all methods used by service companies to
understand customer needs and expectations.
The Federal Drug Administration (FDA) has established the following requirements relating to the ingredientslabeling on food products: Labels must be placed on the product in a location most likely to be seen by the consumer. Labels must include quantity of and type of ingredients included in the food product. Labels must be printed in a specific font size Regarding these requirements, which one of the following statements is correct?
This is an example of marketing ethics as determined by a government regulator.
The marketing concept is
a management philosophy.
Changing the hours of operation for a service business involves the ____ component of the marketing mix.
distribution
Inelastic demand simply means that
. a price increase or decrease will not significantly change the demand for an item.
Which of the following forecasting methods is least dependent on historical sales data?
A market test
After several children became ill while playing with toys imported from outside the United States, medical researchers found several illegal chemicals, including lead in the paint. These toys were sold primarily through websites on the Internet. Which of the following agencies would most likely have jurisdiction over the problem with lead in the paint of children's toys?
Consumer Product Safety Commission
____________ are relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort.
Convenience products
Of all the federal regulatory units, the ____ most heavily influences marketing activities.
Federal Trade Commission (FTC)
What are the three primary tasks of order processing?
Order handling, order entry, order delivery
Within the information search step of the consumer buying decision process, what two primary aspects exist?
Internal search and external search
Matias has just finished collecting data about the texting habits of students during their lunch hour. He used both online surveys to ask the students about their texting behavior, as well as observational techniques in the cafeteria. What is the next step in the marketing research process for Matias to begin?
Interpreting research findings
Which of the following provides protection for and regulates brand names, brand marks, trade names, and trademarks?
Lanham Act
Fiona works at the large corporate headquarters of a multinational company. She is a bit of a clean freak. Every week she cleans her office, including the windows. Her favorite window cleaner to use is Windex. In this case, Windex Window Cleaner is which of the following types of business products?
MRO supplies
After deciding to order replacement parts for aging machinery, the buyer for a construction company examines catalogs and trade publications looking for these parts. The buyer is at which stage in the business buying decision process?
Product-supplier search and evaluation
_____ data yields information that can be communicated through numbers or metrics.
Quantitative
Thoughts about who is around when the product is purchased relate to which of the following situational influences?
Social surroundings
The major drawback to using aesthetic modifications is
The major drawback to using aesthetic modifications is
An accountant buys a supply of pencils to be used in calculating the taxes of other business firms. Based on this information, pencils in this case would be considered what type of product?
business
Describe the three areas marketers should examine when they evaluate relevant market segments.
The three areas that marketers should examine when they evaluate relevant market segments are the pricing, their target market, and their competition. They should look at what other companies are doing and if it is similar to their product Also they should look at what type of prices other competiors are charging to make sure they can saty in the market The target market is also a big one because you need to know who you are going after within your marketing.
Explain how a period of recession might affect the marketing of a product.
There are a couple of reasons that a recession might affect the marketing of a product. One reason is that the company may decide to decrease their advertising cost because many consumers do not have the same purchasing power and discretionary income as they did before. Another in that the companies may decrease their products price so that people will still buy their product. The last one is to scale back their company so they do not get trmedous loss.
Which of the following creates entirely new products, often aimed at new markets?
Venture team
You are watching an episode of a new game show that tests contestants' knowledge by giving them phrases they must respond to with a question. The following marketing-related phrase comes up in the bonus round of the game: "It's an informed guess or assumption about a problem or set of circumstances. It is based on all the insight and knowledge available about the problem or circumstances from research studies and other sources." What should the contestant's response be?
What is a hypothesis?
Which of the following terms refers to consumers' propensity to buy?
Willingness to spend
According to the text, a market is defined as
a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchase those products.
When Snapple takes the information collected through research and attempts to assess and interpret what it means for its beverage marketing efforts, Snapple is engaged in environmental
analysis.
According to the text, a product is defined as
anything the customer receives in an exchange
The spray bottle for Windex Glass Cleaner could be considered a secondary-use package because
customers can reuse it for other purposes.
The United States Postal Service works hard to get priority mail from the sender to the recipient as quickly as possible in order to compete with companies such as UPS and FedEx. The postal service is competing with UPS and FedEx in terms of
cycle time.
The marketing channels for services are usually
determined by the customer.
A commonly used computerized means of integrating order processing with production, inventory, accounting, and transportation is
electronic data interchange.
When Bud Light Orange beer was introduced as part of the Anheuser-Busch product line, the company most likely used ____ distribution.
exclusive
Research that allows marketers to make causal inferences about relationships is called
experimental research.
All members of an industry are bound to follow trade association guidelines.
f
Disposable income is used to pay taxes, spend, and save.
f
If a person's interest in the product category is ongoing and long term, it is referred to as situational involvement.
f
Marketers use market segment profiles to assess whether customers will buy their products.
f
The ability to identify individual customers allows marketers to shift their focus from increasing their share of an individual customer's purchases to targeting groups of similar customers.
f
Using surveys to conduct marketing research is an example of environmental analysis.
f
Price is seldom used as a competitive tool
f
Manny has just been hired as a product manager for a major technology firm. Currently, he is making purchases for his new apartment and upcoming job. His purchase of _____ would most likely be done through extended decision making, while his purchase of ____ would be made through limited decision-making behavior.
flat screen TV; bath towels
A market orientation is an organization-wide effort that includes all of the following activities except
focusing just on the marketing department.
A product that is simply labeled with the product category is considered a
generic brand.
Which type of business market tends to have the most complex buying procedures?
government
