MKT EXAM1

Worldwide, the number of people ________Blank is expected to more than double in the coming decades.

60 years and older

For-profit organizations pursue several different types of goals such as profit, sales, market share, and quality, among others. Which statement is most accurate?

A satisfaction goal can be measured with surveys or by the number of customer complaints.

________Blank is a grassroots movement started in the 1960s to increase the influence, power, and rights of customers in dealing with institutions.

Consumerism

Marketing researchers must do which of these to completely define a problem?

Determine objectives that are neither too broad nor too narrow.

Promotion and advertising are aspects of marketing closely monitored by the

Federal Trade Commission.

In terms of net worth, ________Blank is the first generation to have less than the previous one, but it is becoming a dominant force in many markets. Multiple Choice

Generation X

Market segments are homogeneous in two ways: prospective buyers have common needs and they

Market segments are homogeneous in two ways: prospective buyers have common needs and they

Which of the following is the most important reason that tobacco companies should not consider preteens to be in the market for their products?

Preteens do not have the ability to buy because of legal restrictions.

Which of these is the final step of the five-step marketing research approach?

Take marketing actions.

__________Blank often triggers a business model change, as it has for companies like Netflix and Uber.

Technology innovation

Which of these is a reason that a buyer will have high levels of power in transactions with a seller?

There are few other buyers.

All of these are true of cross tabulations except which?

They are controversial because of issues with privacy.

________Blank is simple because it assumes that the underlying relationships in the past will continue into the future, but that assumption may be flawed.

Trend extrapolation

________Blank is a registered trademark, and competitors cannot use this name

Whopper

Members of Elizabeth's sorority volunteer at an elementary school tutoring students in math. She spends each Monday afternoon helping out, and feels satisfied because she contributes to her community. Is this an exchange?

Yes, because tutoring is exchanged for something of value—a feeling of satisfaction.

Marketers can identify key trends such as the growing popularity of personal shoppers, the increasing emphasis on reuse rather than disposal of products and resources, and the importance of new e-commerce purchasing alternatives by conducting

an environmental scan.

Western Union and MoneyGram dominate the $600 billion money transfer market because of their huge distribution networks of branch offices and global pickup locations, which makes it hard for potential competitors to get started. This is an example of which factor that drives competition?

barriers to entry

Marketing expertise is gained

by even the average person, who has a great deal of shopping experience.

A country club is conducting focus groups with its members to develop ideas about how to improve its pool, golf facilities, and services. The club is

collecting primary data.

The ________Blank law gives the author of a literary, dramatic, musical, or artistic work the exclusive right to print, perform, or otherwise reproduce that work.

copyright

A __________Blank is a special capability, such as of skills, technologies, or resources, that distinguish a firm from other organizations and provide customer value.

core competency

The chief marketing officer is considered part of which organizational level?

corporate level

The internal response that customers have to all aspects of an organization and its offerings based on direct and indirect contacts is referred to as

customer experience.

Venmo's ________ can be described as providing P2P money transfers with seamless utility, while engaging a messaging feed that allows users to see when, where and why their friends are spending money.

customer value proposition

Supermarkets may use ________Blank on information collected at checkout to determine that beer and diapers are often purchased together, and they may act on this information to place those items near one another in stores.

data mining

Customer relationship management (CRM) is the process of identifying prospective buyers, understanding them intimately, and

developing favorable long-term perceptions of the organization.

The marketing program part of the planning phase of the strategic marketing process includes which of these?

developing the budget

The goal of marketing is to both ________ the needs of prospective customers.

discover and satisfy

When you begin your first full-time job, you have a monthly income of $4,500. Your federal and state taxes are $1,000. You pay $1,600 in rent, have a $300 car payment, and spend $300 on food and $200 on clothes. The remaining $1,100 would be considered your

discretionary income.

Gantt charts are useful for implementation of a marketing plan in that they

distinguish tasks that must be done sequentially from those that can be done concurrently.

When its beer sales were flat, Budweiser became interested in entering the premixed cocktail segment by providing a product that would appeal to those who don't enjoy traditional beer. It launched Bud Light Lime-A-Rita, a margarita-flavored, beer-based cocktail, sold in cans and bottles and best served over ice. This is an example of

diversification

The activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services are known as

electronic commerce.

Benefits to society from effective marketing include

enhanced competition and lower prices.

The uncontrollable forces in a marketing decision involving social, economic, technological, competitive, and regulatory forces are referred to as

environmental forces.

Best Buy studied in-home use of fitness equipment and conducted "shop-alongs" and discovered that consumers wanted integration of consumer electronics with fitness equipment. This is an example of ________Blank research.

ethnographic

Comparing the results of the marketing program with the goals in the written plans to identify and act on deviations occurs during the

evaluation phase.

An arrangement a manufacturer makes with a reseller to handle only its products and not those of competitors is called a(n)

exclusive dealing arrangement.

When they didn't know much about how children would use extensive LEGO MINDSTORMS kits, researchers used both interviews and focus groups to determine that children need to have a basic LEGO device put together and doing tricks in 20 minutes to be satisfied with the effort. This is an example of ________Blank research.

exploratory

When a marketing researcher uses information from the Census Bureau's American Community Survey to make tactical decisions about a product, she is using

external secondary data.

Under current law, price ________Blank is illegal while some forms of price discounting are acceptable.

fixing

A new KitchenAid refrigerator has a separate cooling system for the freezer, which lessens the humidity in the refrigeration section and reduces spoilage. The change adds to the refrigerator's ________ utility.

form

A new development in trademark law is that the U.S. Patent and Trademark Office has begun issuing trademarks for ________Blank used on social media, though recent court rulings make the future uncertain for these marketing efforts.

hashtags

All of the following are parts of marketing that provide value to the consumer and other stakeholders except which?

human resources

The second phase of the strategic marketing process is known as

implementation.

The College Board reports that since 2000 college tuition and fees have increased 190 percent (from $3,510 to $10,230) while family incomes have increased by just 2 percent, making college unaffordable for many. This is an example of a(n) ________Blank relationship.

inflationary

The Clayton Act can be considered stronger than the Sherman Antitrust Act because

it forbade certain actions that lessen competition, even if no actual harm has yet occurred.

The outdoor brand The North Face intends to capture some of its competitors' business in Europe in the next few years, even amid the stagnant economic conditions there. The firm cites the active lifestyles there and the relatively low cost of entry for its backpacking and hiking sports gear, which attracts those planning a low-budget "staycation." The North Face most likely has a __________Blank goal.

market share

Your marketing dashboard shows sales performance by SBU, which is an example of a ________

marketing metric

Designing a sales presentation for a new product line is an example of which of these?

marketing tactic

The ________Blank at Southwest Airlines is "Dedication to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit."

mission statement

If after running three miles you feel thirsty, marketers might say you have developed a(n) ________ to find something to drink.

need

The National Institute of Cancer used fMRI brain imaging to decide which potential anti-smoking advertising campaign elicited the largest amount of brain activity. This is an example of

neuromarketing.

Researchers often use ________Blank, pictures or verbal descriptions of a product or service the firm might offer for sale, in the early stages of the marketing research process.

new-product concepts

Recidiviz, which aggregates and standardizes data across state and federal prisons to help prevent illness outbreaks and to facilitate decarceration is an example of a(n)

nonprofit organization.

Amazon collects and uses a variety of consumer data about how consumers shop online, including which items are compared and which are added to the shopping cart together. The raw information obtained by Amazon can be considered ________

observational

When a pharmaceutical company purchases a new fleet of Toyota Priuses for its sales staff, each of whom travels many miles daily on client visits, the company is considered a(n)

organizational buyer

Blue Apron delivers to your front door all the ingredients and instructions for preparing full meals for two or four people for several occasions weekly. Delivery to your home would constitute which element of the marketing mix for Blue Apron?

place

The __________Blank phase of the strategic marketing process usually results in __________Blank that sets the direction for the marketing activities of an organization.

planning; a marketing plan

An important __________Blank for Medtronic's Micra pacemaker is its unmatched small size, about the size of a vitamin capsule, which allows it to be implanted directly into the heart without invasive surgery or the need for electrical leads.

point of difference

Analyzing the data collected during marketing research occurs in which stage of the process?

present the findings

The 4 Ps of the marketing mix include product, promotion, place, and

price

Decisions about advertising and personal selling for a product are a part of ________Blank in a marketing program.

promotion

An Iowa corn farmer operates in which form of competition?

pure competition

Organizational ________Blank describes why an organization exists, what problems it wishes to solve, and who it wants to be to every person it touches through its work.

purpose

In BCG's business portfolio analysis, __________Blank require large injections of cash just to maintain their market share, much less increase it. Thus managers must choose the right ones to invest in and phase out the rest.

question marks

Spotify uses data about musical preference to suggest new music to subscribers. This use of technology aids in Spotify's ________ efforts, in which the company can gain insights into how products create value for customers.

relationship marketing

One problem with a ________Blank is that salespeople may paint too rosy a picture if they are enthusiastic about a new product or too grim a number if their sales quota and future compensation are based on it.

salesforce survey forecast

You are asked to complete a short survey after attending a free comedy show on campus. If the first question asked you to give an overall impression of the comedian, and had a five-point scale ranging from "hilarious" on one end to "not funny" on the other end, it would be what type of marketing research question?

semantic differential scale

A college is interested in improving its food offerings on campus. It employs a research firm which selects a representative sample of students who say they currently eat six or more meals on campus weekly. After interviewing these students, the firm then makes generalizations about what all students at the college want in their food choices. The method used is

statistical inference.

A notable change of values in the United States in recent decades is towards

sustainability.

Syma X5C is a small drone that charges fully in 100 minutes, lasts for roughly 8 minutes in flight, and is controllable up to 50m. It has a camera and video storage, and sells for less than $50. The product has been very popular among kids, especially teen boys. Teen boys could be described as the ________ for Syma X5C.

target market

Google Nest Protect, an alarm system that sends alerts of smoke or carbon monoxide to your phone, is easily muted and has a "heads-up" warning before triggering its siren. It also self-tests and has a motion-activated path light. These innovations are an example of a(n)________Blank force that could impact other industries.

technological

The use of CATI occurs with which type of idea evaluation method?

telephone interviews

Social responsibility refers to

the belief that organizations are accountable to a larger society for their actions.

When Tori was looking for housing in the fall, she saw a "for rent" sign on a house near her school. Though she tried the number on the sign repeatedly, no one answered the phone and there was no way to leave a message. Marketing did not occur because

there was no way for the parties to communicate.

Brick-and-mortar retailers like Best Buy are noticing a change in how many consumers shop. Sometimes they visit a store and scan an item on their smartphones, only to find the same product at a less expensive online retailer like Amazon. This turns the store into nothing more than a showroom for products. A SWOT analysis of Best Buy's marketing environment should consider this change in consumer shopping behavior a(n)

threat.

In a marketing decision, constraints are likely to be restrictions on the ________Blank available to solve the problem.

time and money

Marketers conduct marketing research primarily to

to reduce the risk of and improve marketing decisions

Not only do businesses see benefits from the protections of ________Blank, consumers do as well; they allow consumers to correctly identify the products they want to purchase.

trademarks

Important advantages of secondary data include all of these except which?

up to date data