MKTG 330 - Midterm Exam

Which of the following can be said regarding buyers/ customers for the business-to-business (B2B) market?

Business marketers typically deal with far fewer buyers than consumer markets

When positioning, a firm assumes that consumers

Compare products and brands on the basis of benefits

A strategy designed to put the customer at the cent of all marketing activities by focusing on value, satisfaction, and quality of service is known as...

Customer excellence

Which of the following contains an example of an independent variable that cannot be manipulated by researchers?

Customer's ages

A retailer inflated the price of its leather jackets so that when it put the jackets on sale, it appeared to customers that they were getting a better deal than they really were. This is an example of which social criticism of marketing?

Deceptive pricing

Quentin is a realtor selling high-end homes priced over $750,000. Before showing a property to prospective clients, Quentin makes sure they are prequalified for a home loan commensurate with the price of the house. This prequalification is based mainly on the client's income, which is what type of segmentation variable?

Demographic

When a firm decides to grow its market by offering new products unrelated to its existing products and services to new customers, this is known as ...

Diversification

Which of the following scenarios would most likely require an extensive external search for information?

Dustin and Janelle are looking to buy their first home

Which of the following is true of making ethical decisions?

Ethical decisions do not only make good business sense but can also make profits

Devin and Claire are in the process of buying their first home. They told their station because that is how they commute back and forth to work. Being close to the train station is part of Devin and Claire's

Evaluative criteria

When consumers seek information beyond their personal knowledge and experience to support them in their buying decision, they are engaging in an ...

External information search

A firm that redesigns its product packaging in order to use less material and water to manufacture is involved in tactical greening. (T/F)

False

If a B2B relationship were described as transactional, it would most likely be characterized as ...

Lacking a history and a defined future

Variations of the consumer buying process may be summarized according to four key factors: coverage of decision-making stages, frequency of purchase, experience in purchasing, and ...

Level of involvement

Market penetration, product development, market development, and diversification are all examples of...

Managing growth strategies

Flying Tiger Copenhagen is a Danish variety store that now has nearly 1,000 stores in the United Kingdom, United States, Spain, and Italy. This expansion of the brand correlates with which type of marketing growth strategy?

Market development

Market segmentation produces relatively homogenous groups of consumers called

Market segments

A targeting strategy that involves pursuing a large share of a small market segment is referred to as

Niche Marketing

A key aspect of strategic planning is the thoughtful defining of a firm's ____ and how to achieve them.

Objectives

Which of the following best defines the marketing growth strategy of diversification?

Offering new products that are unrelated to the existing products produced by a company

One way that companies can capture value from customers is through

Price

Apple's classic and iconic white packaging makes its brand among the most recognizable and visible in the computer, tablet, and smartphone market. Which area of excellence does Apple's iconic white packaging exemplify?

Product

When people think of what marketing entails, they typically think about the element of ...

Promotion

Shibu has completed his review of different types of laptops and has decided on the model that best suits his graphic design needs. He prefers to pay off the laptop installments, so he is talking with the sales representative about payment options, which is a common consideration during which stage of the consumer purchase decision process?

Purchase

Which of Celo's actions during the process of buying a new car took place in the problem recognition stage?

Realizing that driving a car was the only practical way to get to work

The Holiday Market Company is preparing for the upcoming holiday season by focusing on their product excellence. Which of the following should The Holiday Market Company do?

Review product ideas and seek customer input

Demographic, geographic, psychographic, and behavioral characteristics make up the four bases of market _____. This process helps firms develop ____ profiles that highlight the similarities and dissimilarities within and across market segments.

Segmentation; consumer

Mercedes was asked to develop a medium-term marketing objective for her department. She came up with the following: "The department needs to increase ad revenues by 8 percent over the next quarter and can do this by developing relationships with Colgate-Palmolive, Kimberly Clark, and Unilever." Which of the three aspects of developing a quality marketing objective has Mercedes accomplished?

Specific

E-commerce is most likely to be associated with what type of B@B buying situation?

Straight rebuy

Which of the following statements regarding strategic planning is not accruate?

Strategic planning is a one-time process completed when a firm outlines its objectives

Once marketers ar Levi's discovered that growing the cotton needed to make its jeans used a great deal or water, it joined the Better Cotton Initiative to teach farmers how to grow cotton with less water. This is an example of Levi's commitment to ...

Sustainable Marketing

Divine Cocoa is a chocolate manufacturing company. While most of Divine Cocoa's competitors produce only milk and dark chocolate varieties, Divine Cocoa sells more than 50 different varieties of flavored chocolates. Divine Cocoas sources fine, rare, cocoa beans that chocolate varieties and makes it difficult for other chocolate manufacturers to copy. Divine Cocoa has a(n) __________ in the chocolate manufacturing market.

Sustainable competitive advantage

Green Leaves seeks to encourage increased use of reusable bags by creating a new market space for "shoppers with a conscience." To achieve this, the firm creates differential value for consumers and makes contributions to society by reducing costs and environmental impact. Which overall environment marketing strategy does this exemplify?

Sustainable value innovation

When marketers segment based on psychographics, the market is divided into groups according to...

The reason why the consumer made the purchase

Select from the following statements that one that accurately describes consumer behavior.

The way in which individuals make decisions to spend their available resources

How do marketers determine whether potential market segments will become target market segments?

They use data reveal which segments are responsive to the firm's marketing efforts

Marketing research shows that many people shop online using their mobile devices. Knowing this, online retailers such as AllModern.com have designed apps that can be easily downloaded onto phones or tablets to make the shopping experience that much easier. This decision was behavioral segmentation strategy based on...

Usage rate

Fields & Greens is a farm-to-table restaurant that boasts great food and unique atmosphere. When you walk into the restaurant, you're immediately struck by the light streaming through the floor-to-ceiling windows, the open floor plan punctuated by picnic-style tables of various sizes, and the soundtrack of birds singing and brooks babbling. Fields & Greens' marketers wanted to bring the outdoors in with the hopes of appealing to nature lovers and outdoor recreationalists. What psychographic variable is Fields & Greens applying in this case?

Lifestyle

The most visible form of excellence that emphasizes high-quality and value-adding products or services is known as ____ excellence, whereas ___ excellence focuses on keeping the customer at the center of all marketing activities.

product; customer

In marketing terms, what is a person looking to satisfy if he or she feels deprived of basic necessities such as food, clothing, shelter, transportation or safety?

A need

Which of the following actions illustrate a market penetration strategy?

A firm features a promotion on current products to existing markets

A new ice cream shop in town allows customers to create their own sundaes using various flavors of ice cream and toppings. The store owners have decided to have a contest for the most unique customer creation. They are asking customers to create a sundae, take a picture of their creation and post it on their Facebook page as well as on Instagram so people can vote for their favorite. The winning creation will be featured on the shop's menu. This use of social media relates to which promotional tool?

Advertising

Which of the following accurately describes a joint venture?

An arrangement where a domestic firm partners with a foreign company to create a new entity, thus allowing the domestic firm to enter the foreign company's market.

Undifferentiated targeting is a strategy that

Approaches the marketplace as one large segment

Which of the following statements is true about high-involvement purchases?

High-involvement products include more significant purchases that carry a greater risk to consumers if they fail

Which of the following questions relates to the place element of the marketing mix?

How much inventory should I have?

Which of the following examples best describes repositioning?

In response to new regulations limiting the sale of win over the Internet in some states, a wine seller began to focus its strategy on in-store consumers in those states

A firm using a market penetration strategy is trying to accomplish which of the following?

Increase market share among existing customers

During this stage of the consumer purchase decision process, consumers will search for both external and internal ____ to help them make the best decision.

Information

Manuel is trying to decide whether to get the latest iPhone or Android phone. He talks it over with friends, reads reviews online, and considers his past experiences with both types of cell phones. In terms of the consumer purchase decision process, Manuel is engaging in ...

Information search