mkt 300 test 1
What do brands gain when they position their products well? - Neither sustainable advantage or competitive advantage - Competitive advantage - Both sustainable advantage and competitive advantage - Sustainable advantage
Both sustainable advantage and competitive advantage
A _____ is a tool used by marketers to bring their target market to life. - Customer persona - Buyer Persona - Buyer sheet - Buyer Profile
Buyer Persona
How does market segmentation provide value to marketers? - By allowing more efficient marketing and by bringing more value to the customer - By reaching the broadest group of customers possible - By marketing with the least amount of advertising funds possible - By communicating one message to all existing segments
By allowing more efficient marketing and by bringing more value to the customer
Differentiated marketing is defined as _____. - A targeted marketing strategy where a company chooses only one segment to target and customizes a marketing mix for that target market - The process of selecting one or more market segments for focused marketing efforts - The marketer uses only one strategy or marketing mix for the entire market - A targeted marketing strategy where the company targets more than one market segment and develops a unique marketing mix to target each segment separately
A targeted marketing strategy where the company targets more than one market segment and develops a unique marketing mix to target each segment separately
Positioning is _____. - A space in a market for which a product is ideally suited - A strategy for defining and portraying brands/products in ways that cause ideal customers to perceive them as the best solution for their needs - An advertising copy - When a product claims benefits or differentiation that no group of customers care about
A strategy for defining and portraying brands/products in ways that cause ideal customers to perceive them as the best solution for their needs
What is a positioning statement? - A succinct expression of a product's market position - A detailed description of where the product sits in the market - An explanation of how they chose that position - All of these options
A succinct expression of a product's market position
What items are generally listed for a buyer persona? - Pain points - Goals - All of these items are generally listed for a buyer persona - General demographic information
All of these items are generally listed for a buyer persona
Which one of these is not included in Maslow's Hierarchy of Needs? - Self-actualization needs - Interactive needs - Esteem needs - Safety needs
Interactive needs
Exploratory research is useful when _____. - Marketers have many broad research questions and need to narrow them down into more precise questions - Marketers aren't sure what to research - Marketers want to do something brand new - Marketers have plenty of data but aren't sure what it means
Marketers have many broad research questions and need to narrow them down not more precise questions
Which answer below is an example of psychographic segmentation? - Marketing to women - Marketing to ages 45-55 - Marketing to regular gym goers - Marketing to an engineer
Marketing to regular gym goers
customers who are unhappy and can hurt your brand through negative word-of-mouth communications
Detractors (scores between 0 and 6)
_____ positioning occurs when the way a product is positioned touts benefits that are simply not believable or too good to be true. - Under - Over - Confused - Doubtful
Doubtful
True or False: A smaller market segment will always be more effective.
False
True or False: Routine purchases are an example of high-involvement purchases.
False
True or False: The buying process can be much shorter for B2B purchases.
False
Which of these is not a responsibility of marketing? - Finding the best ways of reaching those customers with product information - Ensuring that a firm understands its customers - Encouraging customers to make purchase decisions - Fulfilling product shipments
Fulfilling product shipments
Which of the factors below do NOT suggest you have chosen a desirable target market? - If it is stable - If it is accessible - If it is controversial - If it is sizable
If it is controversial
T of F: The marketing mix framework shows that promotion is not all marketing is
True
True of False: Surveys are a type of market research
True
True or False: A great product comes from having good differentiation.
True
True or False: Consumption can be either actual physical consumption or consuming a service.
True
True or False: Marketing research is used when marketers need insights into customer needs, product preferences, buying behavior, satisfaction, and many other things and the data is not readily available.
True
True or False: One of the biggest mistakes a brand can make is having a product positioning that is inconsistent with the brand's positioning.
True
True or False: The customer should ideally be at the center of the marketing process.
True
"According to Nielsen research, 40 percent of U.S. consumers are responsible for 75 percent of music spending" This quote is an important example to remember why we segment the market by _____. - Usage rate - Geographic location - Psychographic - Demographic
Usage rate
One of the mistakes marketers can make is positioning product around features or technical aspects of products, rather than positioning around the _____ products create. - Revenue - Attention - Value - Differentiation
Value
customers who are satisfied but not enthusiastic about the brand; they are vulnerable to competitive offerings
Passives (scores of 7 and 8)
Which of these is NOT a common failure in creating surveys? - Asking too many questions - Forgetting to introduce your survey - All of these are common failures in creating surveys - Failing to understand the survey population
all of these are common failures in creating surveys
Which of these is NOT an example of price? - Frequent-customer discounts - Odd pricing (.99) - Bundle Pricing - All of these are examples of price
all of these are examples of price
Why are relationships important in marketing? - Happy customers are more immune to competing offers. - Happy customers are willing to pay more for solutions from the brands they love. - Happy customers will readily advocate for their favorite brands through word-of-mouth marketing. - All of these are reasons why relationships are important in marketing.
all of these are reasons
Which of the questions below is NOT a valuable research question? - How do customers rate our solutions against competing solutions? - All of these are valuable research questions. - How likely are our customers to recommend our solutions? Which new product ideas would customers most likely purchase? - What criteria do customers use when making purchase decisions?
all of these are valuable research questions
measure consumers' feelings, convictions, or beliefs about a brand
attitudes data
measure the knowledge consumers have of brands, products, and solutions
awareness data
a semi-fictional representation of an ideal consumer that is based on real research
buyer persona
intensive studies of representative examples (cases) of the subject under study
case analyses
research that is quantitative in nature and focuses on discovering the cause- and- effect relationship between variables
casual research
a targeted strategy wherein a company chooses only one segment to target and customizes a marketing mix for that target market
concentrated marketing strategy
occurs when a product is positioned by claiming too many benefits, or worse, benefits that are contradictory
confused positioning
the process of searching or "mining" for insights from the patterns, trends, and relationships within data sets
data-mining
segmenting the market according to statistics such as age, gender, income, ethnicity, and education
demographic segmentation
measure characteristics of consumers, such as income, gender, education level, marital status, social status, and many other; analyses of this data often reveals certain segments of consumers with strong affinity or loyalty to a brand
demographic/ socioeconomic data
interviews with people who are knowledgeable about the general subject under investigation
depth interviews
quantitative in nature and focusses on determining how often something occurs or how two things are related to each other
descriptive research
a targeted strategy wherein the company targets more than one market segment and develops a unique marketing mix to target each segment separately
differentiated marketing strategy
what makes a product unique and stand out to customers above other products
differentiation
occurs when the way a product is positioned touts benefits that are simply not believable, or too good to be true
doubtful positioning
a basic business function that takes place when a person or company satisfies a need by exchanging money for products or services
exchange
measure future, anticipated behaviors; this data help marketers predict demand or future consumption
intention data
a poll designed to gather input, information, or opinions from a specific population of people
survey
process of selecting one or more market segments for focused marketing efforts
target marketing
a search for statistics and content in various blogs, books, newspapers, or magazines for data or insight into the research subject
literature search
segmenting the larger market into smaller segments based on meaningfully shared characteristics and shared needs
market segmentation
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
marketing
the process of setting marketing goals, the planning and execution of activities to meet these goals, and measuring progress toward their achievement
marketing management
the building blocks that a marketer can adjust to affect the overall marketing strategy of a product Product, Price, Place, Promotion
marketing mix
the process of collecting and analyzing information from and about consumers to influence marketing strategy and decisions
marketing research
measure the motives of consumers so as to understand what conditions drive behavior
motivation data
Which of these is NOT true about the 7 P's of marketing? - The pieces are interdependent - The mix of the 7 P's can provide differentiation - The 7 P's focus on advertising - The customer is at the center
the 7 P's focus on advertising
What is top of mind awareness? - The most recent interaction a consumer had with a brand - The last brand that comes into a consumer's mind - The brands a consumer first recalls from memory - The brands consumers already know
the brands a consumer first recalls from memory
encompasses the human actors who provide good, services, and ideas to the customer
people
the tendency to focus on selling current products and services to customers
the selling concept
tangible items in the place that the good or service is sold
physical evidence
a means of getting the product, service, or idea to the consumer
place
focuses on gaining ideas or insights and is particularly helpful in funneling broad research questions into more precise ones
exploratory research
a set of individuals from whom a researcher wishes to gain insights using a structured interview process that is moderated by a facilitator
focus group
True or False: Customer behavior is the most important thing that marketers attempt to measure through market research
true
the amount that is being charged for the good, service, or ideas
price
new data that marketers collect when no data exist to help marketing researchers pursue answers to research
primary data
The research question, when referred to in marketing research, is the _____.
primary goal of the market research
the flow of activities involved in providing goods, services, and ideas to the customer
process
a good, service, or idea to satisfy the consumer's needs
product
the 7 P's of marketing
product, price, place, promotion, people, physical environment, process
form of research that uses indirect methods — usually some sort of task — that causes study participants to reveal their feelings, thoughts, and opinions or express behaviors
projective methods
segmenting the market by consumer activities, values, interests, and opinions
psychographic segmentation
measure personality traits, interests, opinions, or lifestyle characteristics of consumers; this data are frequently combined with demographic data to let marketers create a persona of the ideal consumer
psychographic/ lifestyle data
Pre-existing data is also known as _____. - Primary data - Online data - Free data - Secondary data
secondary data
pre-existing data that was originally gathered for another purpose but is helpful for current research projects
secondary data
the marketer uses only one strategy or marketing mix for the entire market; also known as mass marketing
undifferentiated marketing strategy
segmenting the population based on how consumers use (usage situation) or how much they use (usage rate) a product
usage behavior segmentation
segmenting the market according to where the consumers are located
geographic location segmentation
A restaurant's decor would be considered which of the 7 P's?
Physical Evidence
Consider a candy bar sold in a vending machine. The vending machine would represent which of the Ps of the marketing mix?
Place
What is the most important thing a marketer can do to ensure success of product? - Position it well - Acquire the biggest marketing budget - Have the coolest product features - Make the most creative advertising material
Position it well
Which data is more expensive to collect? - Quantitative data - Qualitative data - Primary data - Secondary data
Primary data
the 4 P's of marketing
Product, Price, Place, Promotion
customers who are loyal enthusiasts, tend to buy more, stay in relationships with brands longer, refer friends, and provide feedback and ideas
Promoters (scores of 9 and 10)
Which tool is useful when trying to visualize how the product is positioned compared to competitors? - Chart - Sketch - Diagram - Matrix
Matrix
How should you decide what to divide the market based on? - What you think will sell the most - Meaningful characteristics - What your coworker told you to - Customers' income
Meaningful characteristics
Which one of these is NOT an example of a common positioning error? - Doubtful positioning - Irrelevant positioning - Under-positioning - Mixed positioning
Mixed positioning
A survey which often is just a single question, "How likely is it that you would recommend [brand] to a friend or colleague?" and measures customer experiences is called a _____. - NPS or Net Promoter Score Survey - Brand Awareness Survey - Brand Image Survey - Customer Satisfaction Survey
NPS or Net Promoter Score Survey
a specific type of survey, used by many marketers, to measure the experience customers have with brands; a brand's net promoter score is calculated by subtracting the percent of detractors in the survey from the percent of promoters
Net Promoter Score (NPS)
Which of these is NOT a reaction hoped for by a marketer? - The product or service exceeds customer expectations - The customers will tell others about the product through positive word out of mouth - The customer forgets about the product - The entire experience would cause the customers to repurchase in the future
The customer forgets about the product
Which of these is correct about a low involvement purchase? - The buyer goes through all the stages of the buyer behavior process - The purchase is expensive - The decision isn't risky - It is a seldom purchase
The decision isn't risky
How do the selling concept and the marketing concept differ?
The marketing concept focusses increasing a product around a demand. The selling concept focusses on creating demand around a product.
How many "P's" are there in marketing
7
What are the product attributes that are important to consumers called? - Evaluative criteria - Alternative consideration - Significant qualities - Consideration set
Evaluative criteria
What is a trigger in the environment that signals a need? - Internal cue - Esteem needs - External cue - Need recognition
External cue
Demographic Segmentation is defined as _____. - Segmenting the market by consumer activities, values, interests, and opinions - Segmenting the market according to statistics such as age, gender, income, ethnicity, and education - Segmenting the market based on location - Segmenting the market based on rate of usage
Segmenting the market according to statistics such as age, gender, income, ethnicity, and education
What is the buyer behavior process? - The stages that consumers go through when deciding to purchase and consume a product - The strategic process of a brand to convince consumer to make purchase - When a consumer recognizes a need - The detailed thoughts of consumers during purchase
The stages that consumers go through when deciding to purchase and consume a product
a management orientation that focuses on identifying and satisfying consumer needs to ensure the organization's long-term profitability
the marketing concept