MKT 304A Exam #1

During a SWOT analysis, a company should assess the opportunities and uncertainties of the marketplace due to changes in several factors, given the acronym CDSTEP. Which of the following is not one of these factors? technological ethical cultural demographic political

ethical

Digital billboards embedded with ________ software can identify passersby and then display ads targeted to them, based on their age, gender, and attention level. Internet tracking data mining facial recognition neuromarketing social media

facial recognition

Lamar owns four dry cleaning stores in the suburbs of Orlando, Florida. He recently updated his STP analysis, and has just finished adjusting his marketing mix based on the STP results. His next strategic marketing decision will most likely involve determining what new government regulations might create opportunities or threats. when to shift from a customer excellence to an operational excellence strategy. which employees to promote or fire. how Disney World crowds will impact his business. how to allocate resources among his four stores.

how to allocate resources among his four stores.

The purpose of ________ is that it provides information needed to confirm insights and hypotheses generated and helps managers pursue appropriate courses of action. statistical sourcing data mining qualitative research primary data collection quantitative research

quantitative research

A marketing research project often begins with a review of the relevant ________ data. unfocused structured secondary quantitative primary

secondary

In the past, manufacturer's representatives did not have real-time inventory data about the products they were selling. Today, manufacturer's representatives are often provided online access to inventory data for the companies they represent. These online inventory systems allow companies to become more value driven by

sharing information across the organization.

Traditionally, marketing activities have been divided into product, price, place, and promotion. Select the term that best describes the four Ps.

Marketing Mix

Which of the following statements reflects the philosophy of the market-oriented era?

The customer is king

Imagine that you currently operate a clothing boutique, and you want to add another boutique in a new location. You need to obtain data to determine the size of your potential market. Which data source would you use? J.D. Power and Associates National Purchase Diary Chanel NOP World U.S. Bureau of the Census Mediamark Research Inc.

U.S. Bureau of the Census

The idea of value-based marketing requires firms to charge a price that prioritizes customer excellence above operational excellence. matches competitors' prices. captures the value customers perceive that they are receiving. includes the value of the effort the firm put into the product or service. covers costs and generates a modest profit.

captures the value customers perceive that they are receiving.

When conducting a research study attempting to understand what features were most important to automobile consumers, Gary's Research Company used a questionnaire containing ________ questions, with a predetermined set of response options.

structured

The "onboard, online retail business" refers to

the options airlines offer passengers to shop through their mobile devices while they fly toward their destination.

Not only does GIS technology help Starbucks determine the ideal locations for new stores, but it also can enable the company to decide

which kinds of stores to open

When a pharmaceutical company develops a new medication, it typically applies for a patent in order to prevent competitors from developing copycat products for several years. Pharmaceutical companies apply for patents to establish an efficient supply chain. a market penetration growth strategy. a sustainable competitive advantage. an operational excellence macro strategy. product efficiency.

A sustainable competitive advantage

Marney bought a dress from a retail store. Which type of transaction was Marney participating in?

B2C

When retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts it is considered ________ marketing.

B2C

Before deciding on a new promotional campaign, Jeffrey's Muffins looked at its customers' buying patterns over a 15-year period as determined by their use of a loyalty card. What method did Jeffrey's use to make sense of the data that were available?

Data Mining

Marketing enriches society by

Sponsoring charitable events

By allowing consumers to sell their unwanted goods to other consumers, auction sites like eBay and Etsy cater to ________ marketing.

C2C

Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. These bulletin boards increase ________ marketing.

C2C

The four Ps make up the marketing mix, which is the ________ set of decisions or activities that the firm uses to respond to the wants of its target markets.

Controllable

The fundamental goal of marketers when creating goods, services, or combinations of both is to

Create Value

Anita has gone to the same hair salon for the past ten years. She believes that her stylist, the salon owner, does a better job of cutting and styling her hair than anyone else could. Other salons have opened closer to Anita's home, some offering more plush facilities or lower prices, but she isn't tempted to switch. Anita's attitude toward the salon is an example of a sustainable competitive advantage. a customer retention program. customer loyalty. the benefits of a locational excellence strategy. an opportunity, in SWOT analysis.

Customer Loyalty

Many catalog companies create special-run issues based on what customers have purchased in the past. For example, customers who frequently order bedding items like sheets and pillows receive a catalog with a larger section of bedding items than do customers who mostly order kitchen tools. This is an example of

Customer Relationship Management

A local art gallery keeps information on its customers regarding their preferences for certain artists as well as the style of art that interests them. The gallery uses this information to inform the customers when new products arrive from their favorite artists and targets them with special promotions. In this way, the gallery is using ________ to build loyalty among its customers.

Customer relationship management

Scanner data are used in quantitative research obtained from scanner readings of Universal Product Code (UPC) labels at checkout counters. The data from these purchases are likely to be acquired by leading marketing research firms such as ________, which use this information to help leading consumer packaged-goods firms (e.g., Kellogg's, Pepsi, Kraft) assess what is happening in the marketplace. MediaMark Research and NOP World IRI and Nielsen Yankelovich and Research and Markets NOP World and Yankelovich Roper Center for Public Research and Research and Markets

IRI and Nielsen

Nadia stood outside the mall and asked people which stores they visited and if they bought anything. If they said yes, she asked them what they bought and how they came to the decision to buy that item. What form of research was Nadia most likely conducting?

In depth interviews

Marketers must determine the price of a product carefully, based on potential buyers' beliefs about

Its value

Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-book or a paperback. Brian is addressing which core marketing aspect?

Making Product decisions

H&R is a small, local heating and air conditioning business. The local military base is a potential source of growth, and H&R already installs and services the type of equipment the military would require, but it is difficult to get established as a certified government contractor. H&R is considering a ________ growth strategy. market penetration market development product proliferation diversification product development

Market development

Many states create licensing requirements for a variety of professionals (such as lawyers and accountants) designed to restrict entry into their market by professionals from other states. This strategy limits ________ growth strategies. diversification product development product proliferation market development market penetration

Market development

Samantha is charged with assessing her company's external environment as part of a SWOT analysis. Samantha will study her company's strengths and weaknesses. opportunities and threats. sales history. pension plan. product specifications.

Opportunities and Threats

Jeff is going to sell sporting apparel, which he has already purchased from manufacturers, and has signed a deal agreeing to the volume he will sell monthly. He has researched his competition, talked to some customers, and decided on prices he will charge. Jeff has also developed a plan for promoting his business. Based on this description, which element of the marketing mix does Jeff still need to work on? A) Promotion B) Place C) Product D) Price

Place

Which element of the marketing mix is most relevant to the activity "delivering value"?

Place

________ represents all the activities necessary to get the product to the right customer when that customer wants it.

Place

Jeff opened a sporting apparel store and signed a lease on the property. He also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on?

Price

________ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.

Promotion

The prevailing marketing strategy of the ________ era was to find customers for inventories that went unsold.

Sales-Oriented

Jami sells construction equipment. Whenever she calls on her building contractor customers, she asks if they are having any problems. In doing so, Jami is addressing which of the following core aspects of marketing?

Satisfying customer needs and wants

How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of

a marketing plan

Nordstrom, an upscale department store, has a well-known reputation for going the extra mile to serve its customers. This reputation for excellent customer service will most likely result in mission statement satisfaction. producer excellence. a sustainable competitive advantage. sustainable price decreases. product design excellence.

a sustainable competitive advantage.

Georgia, the outside sales rep for a major building supply company, reads a report stating that building permits are down dramatically in her sales territory. She had noticed that things were slowing down, but now she has data confirming her impression. Based on this information, Georgia will help her company become more value driven if she

advises the production and purchasing departments to produce or order smaller quantities of products.

Jenny, the delivery and sales representative for a beer distributor, is calling on a retailer and sees the shelves are almost empty. An unexpected sporting event held nearby resulted in a huge increase in sales. She calls her company's distribution manager and requests a special delivery for her customer. Jenny is providing the important marketing function of

alerting the logistics department when to ship products

Jenny, the delivery and sales representative for a beer distributor, is calling on a retailer and sees the shelves are almost empty. An unexpected sporting event held nearby resulted in a huge increase in sales. She calls her company's distribution manager and requests a special delivery for her customer. Jenny is providing the important marketing function of

alerting the logistics department when to ship products.

Randall wants to do an online survey of college professors about the factors that influence their textbook selection. He would like to use a structured survey but is not sure what responses to include for each question. Randall could use ________ to help him develop his survey.

in-depth interviews

Brian is struggling with the choice of publishing his new book, How to Cook Polish Barbeque, as an e-book or a paperback. Brian is addressing which core marketing aspect?

making product decisions

The marketing goal of getting the "right quantities to the right locations, at the right time" relates to

managing the supply chain

For many years, Southwest Airlines distinguished itself as the low-cost airline. Now, many other low-cost competitors have entered the market. Similarly, Southwest was one of the first airlines to offer online ticketing. Now, all airlines have online ticketing. These examples suggest that no single strategy is likely to be sufficient to build a sustainable competitive advantage. a situation analysis does not accurately predict a firm's strengths. innovation is pointless because competitors will develop copycat offerings. product excellence is the only true source of a sustainable competitive advantage. customer excellence cannot be achieved.

no single strategy is likely to be sufficient to build a sustainable competitive advantage.

All of the following are guidelines provided by the American Marketing Association for conducting marketing research except selling or fundraising should not be conducted under the guise of conducting research. researchers should not misrepresent data. researchers should not omit pertinent data. personal information about research participants should not be shared, except with a designated member of senior management. clients and suppliers should be treated fairly.

personal information about research participants should not be shared, except with a designated member of senior management.

Internet sites, physical stores, and kiosks are most closely associated with which element of the marketing mix?

place