MKTG 3650 1-14 Final (Strutton)
The four steps that unfold inside every consumer decision making process are the following:i. Decision-makers perceive, attempting to make sense of situations.ii. Decision-makers decide which action to pursue.iii. Deciders deliberate possible courses of action that are available in these situationiv. Deciders calculate which choice, from a menu of possible actions, best serves their interest by solving their problemsWhich of the following is the correct order of these steps?
i, iii, iv, ii
Marketing strategists' two-headed goal is to (1) manage their _____________ in ways that create differentiating value and uniquely-desirable positions for their brands (2) as their organization ______________
(1) marketing mix, (2) targets specific market segments
Customers typically do not notice price hikes of less than ____ percent.
10
The average age of an automobile on American streets and roads has risen to __________ years, indicating the extent which overall domestic quality has risen.
11.8
When designing any sort of product or message which total number of attributes, features, roles, etc. appears to be most powerful?
3
What is the difference in the 4Ps of marketing and the 7ps?
4Ps are in play when marketing products. 7Ps are in play when services are marketed
Yankelovich Research reports that American consumers were exposed to around _____ advertisements a day during the 1970s. Whereas today, as many as ______ daily.
500; 5000
How many social class categories exist in the U.S., that is, according to your book?
6
How many commandments did the Jews eventually write to supposedly govern their moral behaviors?
613
What is the approximate ratio at which unhappy (or dissatisfied) customers are likely to evangelize to others about their product or purchase experiences, relative to how often happy (or satisfied) customers are likely to evangelize?
8:1
How many participants usually make-up a focus group?
9 - 12
During 2018 what percentage of every dollar spend on online advertising went to Google or Facebook
99%
The best new ideas typically are derived from:
Combining new ideas
When organizations form partnering relationships in the supply chain they are usually planning to:
A & B only.
Co-branding occurs when:
A and B and C are each correct.
Which description best describes the true nature of marketing and marketing strategies?
A and C only
What two factors interact and usually provide answers to "why" consumers decide what to buy or not to buy questions?
A combination of genetics and the environment
Which group would provide the most "representative sample" of the UNT student population?
A group consisting of a proportional number of male and female UNT students
Vermont, a northeastern U.S. state, currently offers $10,000 a year for people to move there even if they elect to work in another state. What is being marketing here? Be as specific and as exact as possible in your response.
A place
A representative sample represents:
A population of interest
Which answer is NOT a marketing service?
A retail clothing store
The physical surroundings in which services are delivered illustrate:
A tangible dimension of an intangible product
In purely competitive market sectors, which statement is true?
A+B
Advertising often can reach large numbers of targeted customers quickly, but drawbacks exist. Which of the following represents a limitation associated with advertising?
A+C
The best branding stories are _______
A, C & D only
Conventional Marketing Systems exist
A, b, and c are all correct.
Core competencies:
A, b, and c are each correct.
Which percentage of professionals say they do their best thinking - creatively foraging through ideas- at work?
About 10%
Effective, viable and potentially attractive market segments should be measurable, _________________, substantial, differentiable and actionable.
Accessible
Balance, the context of strategic planning, would entail
Acting like a person of thought but thinking like a person of action
AIOs can be used to measure preferred lifestyle choices. AIOs include:
Activities, Interest and Opinions
What does AIO stand for?
Activities, Interests and Opinions
To solve problems, researchers should not confuse the symptoms of problems with the ...
Actual causes of problems
Most marketing promotions, at some level, entail manipulations. But especially __________
Advertising
___________________ is any form of one-way, paid (with sponsor identified), and impersonal communication aimed at targeted customers.
Advertising
Many domestic (US) shoppers are drawn to ___________ grocery stores for the rock-bottom prices even though they require their customers to endure several minor inconveniences.
Aldi
Which of the following items can be marketed as products?
All can be marketed as products
A market position is best described as an:
All of the above
Anthropologists suggest that humanity's most basic fears are?
All of the above
Behavior-based segmentation is one of the several segmentation strategies marketers use. Several types of behavioral based segmentation exist. Which one or ones is the behavioral based segmentation strategy?
All of the above
Good design can signal higher quality. Great design can solve customer problem s. What other benefits does great design provide?
All of the above
In the increasingly globalized and technologically-driven markets that predominate today, what type of competitors are able to perform the same job just as well and less expensively than most domestic professionals?
All of the above
Market share is the ratio between the firm's sales volume and the entire industry's sales volume. Firms often find it difficult to maintain their current market shares. Why?
All of the above
Marketers should develop plans to manage ____ before they actually commercialize new products and introduce them to targeted B2C market segments.
All of the above
Planners should accept that the nature of some strategic marketing problems is truly-wicked. Truly-wicked strategic problems include the need to:
All of the above
Strategic planners should take into consideration
All of the above
The best brands ____________________ to many of the products that most customers consume.
All of the above
The emergence of new technology has fundamentally changed:
All of the above
The success of marketing messages depends, in large part, on how persuasive the messages are. Which characteristics usually must be present in order to make messages more persuasive?
All of the above
What does strategy mean?
All of the above
What is a product?
All of the above
When can marketers best utilize market skimming (skimming-the-cream) pricing strategies?
All of the above
When organizations know themselves, their competitors, and the market conditions in which they compete, often results.
All of the above
Which answer, as shown below, is considered a product?
All of the above
Which core competency helps marketers achieve sustainable differentiation and more desirable positions?
All of the above
Which of the following activities represents a routine (common) supply chain function?
All of the above
Which of the following communication outcomes is widely used as an advertising goal?
All of the above
Which of the following intellectual assets should marketing professionals seek to develop and exploit as they develop strategic plans?
All of the above
Why is every organization a marketing organization? For example, organizations such as places of worship, schools or military branches? The best answer is because each entity:
All of the above
Why should marketers evaluate the role played by consumers' social class membership as they (the marketers themselves) develop positioning strategies?
All of the above
Which of the following terms does not describe a basic supply chain flow?
All of the above are basic flows.
Successful brands help:
All of the above are correct
Which of the following is not an environmental trend?
All of the above are environmental trends
Which of the following entities is not a product:
All of the above are products.
In an effort to revive fragmenting audiences (or target segments) brand managers can engage in:
All of the above are true
The term supply chain indicates
All of the above are true
Which statement is most true about laws and regulations?
All of the above are true.
Consumers usually move from one stage of the family life cycle to the next as they age. Consumers occupying each life cycle stage can be treated as a different market segment because:
All of the above.
Which of the following items are not associated with brand names:
All the above are associated with brand names.
Accurate answers to "Why" questions inside the consumer behavior field are often difficult to find. The "why" question is often so difficult to answer because:
All the responses accurately describe a source of the difficulty in answering "why"
Marketing strategy entails:
All three answers, dependent on context, are correct.
Which of the following descriptions of marketing information systems is wrong? Marketing information systems:
All three preceding answers are correct.
The argument that innovative successes are "written in sand" implies the marketers should _________.
Always be innovating
Which of the following is the best example of a downstream business partner of marketing manufacturers such as Boeing or Airbus?
American Airlines
What behavioral tendency would most hinder a marketer's ability to make predictions in an unpredictable market?
An over-reliance on their own opinions
Elon Musk's Tesla is now one of the most valuable car companies in the world. What makes this brand more interesting is that Tesla is much more than a car company; it is a high-tech battery company with multiple technology solutions. The key to Elon Musk's success was that he understood that there was high demand and low supply for green energy. Which of the three steps of the marketing plan process best describes Elon Musk's success?
Analyzing and choosing the right marketing opportunities
Successful marketers sometimes use a tactic known as because they know when consumers see ridiculously high prices first, the still-high but lower prices that follow these "ridiculously-high" price appear less expensive by comparison.
Anchoring pricing
Which of the following is not generally important for marketing researchers?
Ancient history
Which of the following is not an example of a personal factor that influences consumer behavior?
Annual income
Advertising is best described as:
Any paid form of non-personal communication about an organization, good, service, or idea by an identified sponsor.
People, in general, ____________.
Are lying most of the time
Thressa Strutton corrected suggested that humans are not naturally herd-like creatures because they:
Are more likely than actual herd-like species to prey on their own kind.
What is the best reason for firms to scan and study their environments, according to classroom discussion? Firms should study their environments because:
As Willie Sutton said, that's where the money is.
Various types of consumer reference groups exist. Which among the following reference groups is the one to which consumers would most prefer to belong?
Aspirational reference groups
The term _____________ refer(s) to those typically intractable notions that professionals or organizations should not change because "we have always done things this way."
Associative barriers
______________________ distinguish one brand from another and are used by consumers as they evaluate the qualities, characteristics, value and appeal of different brands.
Attributes
The prejudice known as ________________________ occurs when marketers place too much confidence in the accuracy of information provided by technology
Automation bias
Why is listening so important to marketers?
B and C only
The problem with the BCG product portfolio matrix is that the matrix only works accurately when managers are looking _______, which is really difficult to do successfully when managers are trying to go and grow forward.
Backward, into past results.
Sometimes retailers such as Best Buy promote a great low price, for a limited time, for a new hot technology toy, and specify that this ridiculously low price is available for one day only, leaving unsaid that only three such items are in the store. Whenever consumers by the hundreds show up to the store incentivized by the deal and can't find the product, retailers show them an alternative brand. What is this practice called?
Bait and switch
__________________________ is an economic concept that describes the existence of high start-up costs and other marketing-based obstacles that prevent new competition from easily entering existing markets.
Barriers-to-entry
Which of the following statements does not reflect one of Don Miguel Ruiz's four agreements as covenant business promises that all supply chain managers should make?
Be empathetic.
Constructive criticism leads to more and better new ideas. What is the best reason why this is true?
Because constructive criticism encourages us to more fully reengage with our work
Why does the arrival of crises often prove so important inside the context of marketing strategy development?
Because crises offer opportunities to initiate change.
Why did Patagonia stop selling custom-made vests to some marketing organizations operating inside the business and financial sectors?
Because of the brand's virtue-signaling positioning strategy.
Why do marketers need primary information
Because the exact sorts of information that marketers need often cannot be entirely found through secondary information
If a firm and its brands cannot be first to market or first to a category, then what should the firm do?
Become first of in the collective mind of the segment the firm is targeting
Consumer _________________ are perceptually and attitudinally driven
Beliefs
___________ are descriptive thoughts that consumers develop, have, and hold about something. By contrast, ____________ capture consumers' relatively enduring, consistent, and more deeply-held evaluations, feelings, and tendencies toward stimuli such as ideas, objects, experiences, or people.
Beliefs, attitudes
Who said that the primary role of U.S. Presidents "was to tell the best possible story about who we are as a country?"
Ben Rhodes
The term _____________ is used to identify the core element of any advertising message; the idea or point intended to meaningfully differentiate the advertised brand because it resonates with the problems or emotions of targeted segments.
Big advertising idea
Which type of information can usually be collected at the lowest costs by marketing researchers?
Secondary information
The innovative act known as ____________ involves mixing solutions from previously related or unrelated sources together in new ways
Blending
Environmental trends offer _______ to marketers:
Both A and B
Successful positions are usually grounded in differences that customers perceive as determinant. What does determinant mean?
Both A and B are correct
Firms can grow revenues by:
Both A and C
Strategic planners must manage which type of risk?
Both A and C
What is one easily controllable means of demonstrating genuine respect and love for other people?
Both A and C
The discussion involving male peacocks and their gaudy tails was used to illustrate:
Both answers a and b are correct.
Marketing research entails collecting and analyzing information relevant to a specific marketing problem or opportunity/threat facing the marketer that is conducting the research. Insights generated through marketing research links customers or prospective customers to marketers through information.
Both statements are correct.
If a marketing organization partners with many other firms in its quest to source or sell products, the organization is said to have a short supply chain featuring many levels. If an organization partners with but few firms, the organization has a long supply chain featuring few levels.
Both statements are false
Micro-environments are easy to control. By contrast, macro-environments are not controllable.
Both statements are false
The risks associated with engaging in innovation are high. But the long-term rewards associated with innovation usually outweigh the risk.
Both statements are true
Changes don't always represent progress. But changes are always necessary for progress to occur.
Both statements are true.
Hedonism, the word, relates to the pursuit of pleasure and pleasurable sensations. Hedonism is a big deal in the marketing world where most consumer decisions are driven, directly or indirectly, by the pursuit of pleasure or the desire to avoid pain.
Both statements are true.
Marketers that enjoy _________________________ can generally raise prices without losing market share. (Choose the absolute best answer.)
Brand equity
Public relation communications can and should be used to build and protect _________________.
Brand equity
The extent to which consumers willingly pay more for one branded product than another branded product from the same product category is best described as:
Brand equity
The most powerful brands are those that have strategically created which type of distinction?
Brand equity
The most powerful brands are usually those that have earned ______ and ______.
Brand equity and brand loyalty
A consumer who only uses Apple products for communication illustrates the idea known as _______.
Brand loyalty
The term _______________ is used to describe strongly-held customer preferences for particular brands.
Brand loyalty
The term _____________________ is used to describe strongly-held and positive customer preferences for particular brands.
Brand loyalty
The presence of ______ provides depth, feelings, affinity, and liking to the relationships that exist between brands and those who purchase and use them.
Brand personality
Marketers often attempt to align elements of their ____ to consumers' ideal self-concepts to build positive attitudes towards a brand
Brand's personality
The primary mission of _______is to name and brand new products.
Branding agencies
Who is usually in charge of the branding of new pharmaceutical products?
Branding agencies
The arrow in the Amazon logo is meant to look like a smile which supports the company's mission to keep customers happy. The arrow is part of (a): ________.
Branding story
The Democrat and Republican political party's use of an elephant and donkey illustrates which strategic marketing tool?
Branding symbol
Successful _______________ exist as powerful barriers to competitive entry into the market.
Brands
The primary goal of positioning is to:
Build brands that deliver certain images inside targeted market segments' collective minds.
Several normal and expected marketing activities are shown below. Which activity will likely contribute most to marketing success?
Building appealing differentiating brands Delivering these brands successfully to a targeted market segments
In the contemporary marketplace two primary outcomes contribute most to marketing success. The two outcomes are:
Building appealingly differentiating brands and delivering them successfully to targeted market segments.
Organizations that seek to lower costs through supply chain design should choose a _______ decision.
Buy
The NPD strategy that entails outright acquisition of entire companies or licenses to produce another organization's products is called a(n):
Buy NPD strategy
Caveat emptor means?
Buyer beware
How do most Americans actively pursue happiness?
By pursuing economic and consumption means
__________________ is such a powerful and effective economic force that most marketers and indeed the entire country (U.S.) can accommodate a little ___________________.
Capitalism; socialism
Who said "You must know the past to understand the present and predict the future"?
Carl Sagan
Which of the following factors does not influence the stage of a product's life cycle? Changing consumer tastes
Changing brand features
Marketing messages are conveyed by means of a __________ such as a salesperson, advertising media, website, blog, or public relations tools.
Channel of communication
Which of the following is not a good word to describe low brand prices?
Cheap
Which product has become a flashpoint in trade negotiations making it somewhat risky for marketers participating in international trade?
Chicken
Amazon is currently leveraging its branding power to push customers to shop more at Whole Foods. Also, Apple and Goldman Sachs teamed up during 2019 to jointly issue a credit card. These are good examples of:
Co-branding
What term best describes what happens when two well-established brands from different firms are joined together in one product?
Co-branding
What is the situation where consumers' thoughts, beliefs and attitudes are inconsistent usually called - and definitely called inside this book?
Cognitive dissonance
Which stages belong to the traditional marketing research process?
Collect data (raw information).
____________involve secret agreements or unspoken acts of cooperation between competing firms and usually result in higher final prices for customers.
Collusion practices
Inside the written Chinese language, crises are pictorially represented as:
Combinations of both opportunities and threats
_________________ are products produced by many different firms that struggle to achieve differentiation.
Commodity products
Cash cow brands:
Compete inside slow growth markets but boast high shares of those markets.
The highest levels of ____ occur throughout the entire marketplace during the "Maturity Stage" of the product category's product life cycle.
Competition
Successful differentiation usually generates a:
Competitive advantage.
_______________________ can be described as strong points of differentiation that firms either possess or seek to create through strategizing.
Competitive advantages
Which statement is NOT true about a product category that is currently experiencing its "Decline Stage?"
Competitive pressures will remain constant at this point.
Which of the following words does not belong to the set of five criteria that can be used to identify the best NPD ideas.
Complex
Which targeting strategy is the best option when marketing resources are limited?
Concentrated targeting
Honey badgers, the animal, best illustrate what key marketing success criterion?
Concentration
Marketers should strategically arrange their strengths and then target these advantages, their core competencies, against their competitors' comparative weaknesses. This principle, or law, is best described as the principle of:
Concentration
______________ is usually the first step in most strategic marketing planning processes (according to your book).
Conducting a SWOT analysis
The type of bias that encourages consumers to seek out evidence that supports what they already believe; to view any new facts or ideas that they encounter as further affirmation, and to discount or ignore bits of factual information that support alternative views is called:
Confirmation bias
When present, _____________________ encourages consumers to seek out evidence that supports their own beliefs.
Confirmation bias
Marketers should usually do everything reasonable and possible to make their messages more persuasive. Which key message trait emphasizes that persuasive messages should trigger an emotional or intellectual response?
Connectedness
Surrounding oneself, as a path to creativity, entails
Consciously immersing oneself around or with interesting people or ideas
Two primary schools of ethical philosophical thinking exist. They are:
Consequentialism (Utilitarianism) and Deontology
The term ______________________________ refers to the factors that influence the buying behavior of final consumers.
Consumer behavior
Which type of goods is not typically associated with B2B marketing?
Consumer goods
Why do consumers typically choose certain brands rather than others?
Consumers choose the brand that, in their mind, offers the best solution to their problems.
The key aspects of promotional messages should be presented quickly to targeted audience because:
Consumers have short attention spans
Which one of the 4C's of persuasion emphasizes that persuasive messages should often motivate, or drive, recipients to share the message with others?
Contagiousness
Most innovations are ____in nature.
Continuous
The sort of consumer goods that individuals purchase without much effort and that are highly available (widely distributed throughout the marketplace) called a ...
Convenience good
Which of the following phrases best captures those laws and regulations that allow consumers to extricate themselves from the consequences of purchases where those customers feel they were pressured into buying products they now regret?
Cooling-off regulations and laws
CEO Jack Welch created a competitive advantage for General Electric by subdividing the company into strategic business units (SBUs) with individual strengths and concentrations. GE created a competitive advantage by focusing on:
Core Competencies
_____________________ are the truest, most basic problem-solving attributes associated with branded products.
Core benefits
The concept known as _____________________ can provide foundations on which differentiating marketing values can be established, promoted, and delivered in order to provide a base (foundation) from which firms can establish sustainable competitive advantages.
Core competencies
The presence of _____ permit marketers to charge lower-than-average prices while also possibly growing the market shares of their brands.
Cost-based leadership advantages
The pricing tactic that involves adding standard markups to whatever amounts, cost-wise, are required to make, distribute, promote and/or merchandise products is called:
Cost-plus pricing
Which of the following firms (and brands) is not an example of a pyramid scheme?
Costco
______________________________ entail(s) "Being impeccable with your words, not taking everything personally, not making assumptions; particularly about the other party's motivations, and always doing your best."
Covenant business promises
The absolute best way to ensure huge marketing success is to:
Create a solution for a problem that customers don't realize they have yet.
When honored, which marketing law leads to the greatest marketing success?
Creating solutions to new "problems," "problems" marketers themselves have created
The process of ________________________ entails the effects that result whenever long-standing products or processeses or solutions become obsolete and get displaced by new and superior products (or solutions).
Creative destruction
Which of the following statements about creativity is not true (false)?
Creative people are more difficult to work with because they are so "scientific-like in nature."
The act of ______________ entails the ability to produce intangible or tangible things that are novel or original and useful or adaptive.
Creativity
The word ____ is best defined as seeing or experiencing the same stimuli as everyone but being willing and able to think about and develop something new that others don't think about or develop.
Creativity
Which asset contributes the most to marketing professionals' ability to produce successful innovations?
Creativity
Which answer best explains how culture affects the acceptance of specific marketing mix stimuli?
Cultural membership functions as a driving factor on consumers' acceptance or rejection of marketing mix stimuli.
When a collective group's attitudes and beliefs change environmental dimension has been altered?
Cultural trends
_________ are an entire set of values, ideas, or attitudes shared among or learned from the members of a group.
Cultures
What core competency creates feelings of closeness to a brand?
Customer intimacy
When one organization knows more about its customers than competing organizations know about their customers the better informed organization enjoys opportunities to leverage ---------------- and to develop superior differentiation.
Customer intimacy
The satisfaction of ________________ typically is emphasized during B2B marketing efforts. By contrast, the satisfaction of _________________ typically is emphasized during B2C marketing efforts.
Customer needs, customer wants
Which phrase describes an element that exists inside all marketing organization's micro-environments?
Customer relationships
The adoption of Birkenstock sandals as a stylish shoe among college-study consumers illustrates a(n)_______ .
Customer trend
____________________ refers to changes in targeted segments' customer attitudes, likes/dislikes, and preferred lifestyles.
Customer trends
The ever-present need to manage demand successfully is why supply chain mangers have moved from being _______________ to being _________________.
Customer-aware; customer-driven
Positioning entails the way a branded product is defined by _______________________ on important attributes.
Customers
Value-based marketing is based on strategically-organized marketing activities that seek to create more true value for ______________.
Customers
According to this Module, what is the most precious resource for most marketers?
Customers' attention
The most precious marketing resource in today's noisy, crowded markets is
Customers' attention.
What term describes what happens when marketers attempt to decrease demand for a product; i.e. cigarettes or alcohol?
De-marketing
Any marketing organization's sunk costs and switching costs will most likely need to be evaluated during which PLC stage?
Decline
___________________ products are the most difficult to market.
Deficit
What is the first step in the marketing research processes?
Define the research problem
The number of customers who want to purchase a specific product inside any market is best described as:
Demand
Which of the following factors does not increase the risk of NPD failure?
Demand within a target segment is underestimated.
Which word or phrase describes an entity that should be included inside macro-environments?
Demographics
What strategic phrase most suggests that if marketers get and stay ahead of demographic trends it will be difficult for them to lose?
Demographics are destiny
What sort of marketing research knowledge explains what is going right or wrong, and why people - such as customers - choose what they choose?
Descriptive knowledge
________________ essentially diagnoses and explains what is going right or wrong, and why. By contrast, _______________________ informs marketers about what they should do.
Descriptive knowledge, prescriptive knowledge
The positions that marketers choose to pursue should be based on ______________ differences.
Determinant
The premise of __________ theory is that the threat of using strong weapons, such as advertising, against an enemy prevents the enemy's use of the same weapons (here, again, advertising).
Deterrence
A primary goal of marketers, as they develop strategies, should entail:
Developing products that already align with values that targeted segments already embrace and seek
Which of the following product categories does the best job of illustrating the powerful ability of marketing to create meaning and value for a product in the minds of consumers?
Diamonds
Think market targeting. The strategy in which marketers target a number of different market segments and target each segment through a uniquely designed marketing mix is called the ___________.
Differentiated strategy
Which targeting approach usually costs the most to execute?
Differentiated targeting
Which targeting approach works best for products or brands that have entered the mature stages of their product life cycles?
Differentiated targeting
Marketers can establish brand personalities and then use those brands' personalities for purposes of achieving:
Differentiation
Positioning always comes down to __________________ in the end.
Differentiation
The word _____________ is best understood as a natural process whereby bad and good news move from areas of high concentration to areas of lower concentration.
Diffusion
__________ is a natural process whereby molecules, atoms, and bad- or good-news messages move from regions of high concentration to areas of lower concentration.
Diffusion
Which type of innovation is most disruptive?
Discontinuous
The activity known as _____________________________ occurs when a marketer inserts the same product into different packaging so that they can charge different prices to different income level customer segments.
Discriminatory pricing
What is the final stage (or level) inside supply chains that manage the production, marketing and delivery of tangible products?
Disposing of or recycling old products
Recently Audi released a new line of electric vehicles and made the promise of developing electric vehicles for all the categories in which Audi competes. Audi expects to target new consumer segments that characterized by extremely high level of environmental awareness. Which type of growth strategy best explains Audi's innovations?
Diversification
At times marketers develop new products and target the new products toward new target segments. The tactic combines the market development and product development growth strategies. Video game marketers pursued this strategy when developing new, more relationally-oriented (as opposed to violence-oriented) games, and targeting the new products toward female gamers. This example illustrates a:
Diversification Growth Strategy
A technology firm began producing a gaming device and integrated this new product into its product portfolio. The firm offered this product to a completely new market that it (this firm) has never served before. This example illustrates a:
Diversification strategy
Market segmentation involves a process of:
Dividing broader, larger, more heterogeneous markets into narrower, smaller, more homogeneous market segments
Successful market segmentation entails the act of:
Dividing heterogeneous large markets into more homogeneous and small groups.
Market segmentation is the process of:
Dividing markets into more homogeneous groups
The marketing segmentation process primarily entails and act of:
Division
What does the Chinese Proverb "Dig wells before you are thirsty" imply?
Do not wait until is too late. Instead, plan ahead
Situations arise where one firm prices below its actual cost of making and marketing a product in order to injure another firm and eventually to eliminate that marketer as a competitor. This unethical practice is known as
Dumping
What recent development in the modern global marketplace has drastically influenced brand loyalty?
E-WOM
The proliferation of ________ has created market conditions in which dynamic pricing is becoming an increasingly popular choice among strategic marketers.
E-commerce
Which answer represents/captures an important environmental dimension?
Each answer represents/captures an important environment dimension
The main goal of promotion is to:
Each preceding answer captures a main goal
What does Apple have in common with Big Pharma?
Each preceding choice represents a "commonality" between the two entities
The presence of boredom facilitates greater creativity inside people's lives. One problem, however, is that today too few people permit themselves to get bored.
Each statement is correct.
What outcome is indispensable to the success of marketing organizations, which includes all organizations, of course?
Earned differentiation
The primary objective for the vast majority of pricing strategies entail:
Earning targeted profit margins returns.
Barriers-to-entry were originally a/ an
Economic concept describing existing obstacles that prevent new competitors from easily entering new markets.
___________ refer(s) to the reduced costs associated with making and marketing products on a per unit that essentially automatically emerge from increased total output of product and their marketing processes.
Economies of scale
The reduced manufacturing, distributing, merchandising, and marketing costs that naturally occur on a per unit basis when an increased total output of products and marketing processes is generated best described by the phrase ----------·
Economies of scale.
The concept known as ___________________ allows manufacturers to specialize on making fewer products in far larger quantities.
Efficiency
_________________ is an activity that entails establishing a business or businesses, taking on the associated financial risks, and doing these things with the hopes of earning market share and profits foremost in one's mind.
Entrepreneurship
___________________________ consists of the surroundings in which people, animals, plants and organizations strive to thrive.
Environment
__________ are environmental trends that are breaking favorably for marketers because they enhance the success prospects of their current strategic marketing plans or future strategic marketing plans that they could develop.
Environmental opportunities
The process of observing, researching, and interpreting various uncontrollable environment trends that might impact an organization, is known as:
Environmental scanning
The purpose of is to identify trends that pose opportunities or threats that increase or decrease marketers' survival and future success prospects.
Environmental scanning
_______________________________ helps firms identify trends that can create opportunities or threats for a strategic organization.
Environmental scanning
Which statement is true about environmental scanning?
Environmental scanning can be used to generate actionable market information that strategic planners can use.
The emergence of cremation as popular way of dealing with the passing of loved ones represents an _________ to funeral homes as they seek to market and profit from their services?
Environmental threat
What is an environmental opportunity?
Environmental trends that are breaking favorably for the success prospects of marketers' current strategic marketing plans or the ones they can develop in the future.
_______ consist of the surroundings in which people, animals, plants, or organizations live or operate—and in which those persons, animals, plants, or organizations strive to survive or hopefully thrive.
Environments
__________________ consist of the surroundings in which people, animals, plants or organizations live or operate - and in which those persons, animals plants or organizations strive to survive or hopefully thrive
Environments
Who said "You would be amazed to find how often we mislead ourselves, regardless of how smart we think we are, when we attempt to explain why we are behaving the way we do?
Ernest Dichter
Which step in the pre-planning process entails aligning resources, actions and energies to accomplish the organizations goals?
Establishing priorities
________________ often arise in exchanges between firms and their customers, other firms, or society. (Choose the absolute best answer)
Ethical conflicts
---------- addresses questions about and/or situations involving decisions regarding the right or wrong choice for marketers or B2C/B2B customers to make. The right choice would generally be deemed moral; the wrong choice would generally be deemed either as immoral or less moral.
Ethics
____________ arise(s) whenever and wherever questions or doubts about the right or wrong choice to make in a particular situation arises
Ethics
Ford Motor Co.'s decision to stop producing traditional sedan passenger cars illustrates a strategic response to:
Ever-changing customer preferences
The limited (three to five) group of brands that come to mind first when problems that brands from known product categories can solve arise inside customers' lives is best known as a:
Evoked set
When Monica thinks about soft drinks, the first brands that come to her mind are Coke, Dr. Pepper, and Pepsi. These three soft drink brands are known as her
Evoked set
The term _________ refers to the limited, usually three to five, number of brands that come-to-mind first when problems that brands from known product categories can solve, arise inside customers' lives
Evoked sets
What is the core concept of marketing?
Exchange
__________ involves a trade of things of value between buyer and seller so that each is better off.
Exchange
What sort of consumer problem-solving behavior occurs in situations where the best solution is not already known but it is critical that the absolute best brand solution be found?
Extensive problem-solving
A good or a product is an entity or a thing that has intangible attributes that customers can perceive through their five senses.
FALSE
A primary truth that frames and explains how decisions are made inside modern capitalist markets is that consumers primarily seek utility (usefulness, or pure problem-solving ability) from the products they buy. This statement is:
FALSE
Almost everyone cheats given the presence of one key condition. (Read this question carefully, no one is trying to fool anyone.)
FALSE
Beliefs are more enduring and influential on CB than are attitudes.
FALSE
Bending-inside NPD settings-entails taking whole things apart and then re-assembling something new and useful from the fragments, as in re-engineering.
FALSE
Differentiation is critical to any brand and/or organization. Yet it's impossible to create a differentiation strategy for commodities such as rice, sugar or salt. Is the second statement true or false?
FALSE
Icebergs were metaphorically used to describe and summarize the sort of relationship that exists between marketers and their environments. Is the preceding statement:
FALSE
If you do not have a strategy yet, it is better to be honest and let the public know that you are working on it.
FALSE
In statistical analyses, often enormous amounts of numbers are compressed into larger, but more meaningful, understandable and actionable numbers.
FALSE
Lowering prices only works well as an ongoing pricing strategy if firms are continuously engaging in successful NPD
FALSE
Macro-environments can also be described an "internal-environments."
FALSE
Macro-environments consist of organizations' (a) customer relationships; (b) relationships with suppliers and other marketing intermediaries (together, summarized as the supply chain); (c) competitors; (d) relationships with various publics (i.e., stockholders, public interest groups—who may or may not support what the firm is doing or plans to do), and so forth.
FALSE
Market-penetration pricing is best understood as setting premium prices; as going high.
FALSE
Marketing organizations generally pay high premiums (prices) for public relations press releases.
FALSE
Marketing research always allows marketer to be make more accurate bets about future human behaviors.
FALSE
Micro-environments primarily consist of demographic, economic, natural, technological, and/or cultural environments. Macro-environmental factors typically harbor and generate threats and opportunities for organizations. Key macro-environmental dimensions include, for example, the economy, society, culture, demographics, technological, governmental/regularity factors, and so forth.
FALSE
Prescriptive knowledge describes changing trends—say, changing customer likes or dislikes; or economic surges and declines. Prescriptive knowledge diagnoses and explains what is going right or wrong, and why.
FALSE
The absence of a religious preference inside consumers' lives do not change their purchasing preferences.
FALSE
The concept test is conducted to determine whether the proposed product that would emerge if the idea (the concept) can be successfully commercialized through the firm's current or prospective marketing mix.
FALSE
The marketing concept is a business philosophy that puts the wants and needs of customers first even in situations where organization does not profit from the marketing activities that executed to solve customers' problems (and wants & needs).
FALSE
The presence of switching costs makes it easier for customers to switch from old to new products, or for that matter, switch to from old to new supply chain partners.
FALSE
The product life cycle (PLC) concept applies only to brands, as opposed to the entire product category in which brands complete against other similar brands.
FALSE
The same opinion leader generally enjoys the opportunity to influence consumers' thoughts and decisions across a wide range of product categories.
FALSE
The success of B2B marketing efforts, generally, is driven by the satisfaction of customer wants. The success of B2C marketing efforts, generally, is driven by the satisfaction of customer needs.
FALSE
When consumers choose to select nothing at all, they have not made a choice. Is this statement true or false?
FALSE
When firms sufficient resources, it becomes relatively easy to earn success along all three differentiation strategies.
FALSE
Whenever research metrics are used, marketers can be confident that the information they have generated is perfectly accurate.
FALSE
Who said "The only thing we have to fear is fear itself?
FDR
Research has shown that one moral characteristic is highly important to almost all consumers. What characteristic?
Fairness
Societal critics have often rightfully accused marketers of creating ______________ and too much _________________ inside domestic markets.
False needs; materialism
_________________________ is a term marketers use to indicate inexpensive apparel designs that move quickly from catwalks to stores (websites).
Fast fashion
Marketing message are often designed to make people ______________ rather than _______________.
Feel, think
Customers are more likely to purchase something when they are given _____________ choices.
Fewer
The Pareto Principle suggests that marketers should segments markets into ______________ group(s) based primarily on ________________.
Five; usage rates.
The process through which raw materials, component parts, and eventually finished goods are able to ___________ downstream should be _________________ in nature.
Flow; seamless
Extreme differentiating and positioning value is associated with owning something; specifically, owning a word inside the mind of a targeted market segment. This principle, or law, is best described as the principle of:
Focus
Google, Kleenex, and Band-Aid are all examples of this marketing principle, whereby a brand develops ownership of a word:
Focus
Entities known as __________________________________ are designed and executed to secure consumer perceptions and insights about particular topics or areas of interest in non-threatening environments.
Focus group discussions
Austrian-born Ernest Dichter, like his mentor a Freudian, was best known for pioneering the process known as:
Focus groups
Changes do not always represent progress, but change is always necessary:
For progress to occur
When referring to sales promotions, "near-time" customer responses would usually involve____________________________ hours.
Forty-eight to seventy-two
As illustrated in your book, how many stages make up the product life cycle concept?
Four
Consumer sovereignty reflects consumers':
Freedom to choose
Which of the following positive (desirable) outcomes is least likely to arise when marketers are creative and deliver successful new products?
Fresh and fair feelings
The overarching goal of supply chain activities is to create and sustain flows that operate as ____________ as possible.
Friction-free
Business strategies exist at two levels. Marketing planning is an example of which level of business strategy?
Functional Strategy
Which of the following traits is not a characteristic of a service?
Functionality
Sales promotions usually should not be the sole basis for a promotional campaign because:
Gains from sales promotion are often temporary and sales drop off when the deal ends.
A surfboard company that markets its boards exclusively inside U.S. coastal towns probably does so based on _______.
Geographic segmentation
Which of the following would most likely embody an important segmentation criteria for an organization that markets winter clothing such as heavy coats?
Geography
Which two characteristics make glaciers a useful analogy when describing the effects of marketing practice?
Glaciers and marketing practices each change and are each changed by their surrounding environment.
The surprisingly important communication human activity known as _________ entails two or more people telling things about a third person or entity like a brand that the third party would prefer not to be known or said.
Gossip
According to Module 9, ____________________ are most likely to create success and wealth.
Great ideas
---------- arises when marketers promote or infer that their branded products or organizations themselves are green-as in beneficial to the environment-when they are not.
Greenwashing
During which PLC stage are marketing organizations most concerned with gaining and maintaining market share?
Growth stage
The statement that "People perform to their metrics" underscores (emphasizes) the degree to which:
Having the right measurements and rewards in place inside firms is key to their planning success.
What individual coined the phrase "the only constant is change?"
Heraclitus
Markets are relatively more -------------- in nature
Heterogeneous
A cash cow is a branded product that enjoys a:
High market share of a low growth market
As compared to marketing penetration prices, marketing skimming prices are:
Higher
Marketing organizations' choices to offer ______________________ often attracts competitive entry; whereas a decision to offer ________________ generally discourage market entry by new competitors.
Higher prices; lower prices
Which of the following characteristics is not generally viewed as strength of advertising:
Highly effective at persuading
Market segments are generally in nature.
Homogeneous
The number of rolls of toilet paper consumed in the Metroplex was discussed in order to illustrate:
How supply chains fulfill consumers' rights.
Who refocused original version of the Starbucks brand from coffee, tea and spices to strictly coffee?
Howard Schultz
What does the Latin phrase incurvatus in se mean?
Humans are all curved inward - selfishly
Which automobile brand was first to position its automotive products based on the promise of a 100,000 mile bumper-to-bumper warranty?
Hyundai
Consumerism:
Seeks to expand the rights and power of consumers.
Which car company was first to successfully position its brand to nervous consumers by allowing buyers to return their car and receive full refunds if they lost their job after they purchased the auto?
Hyundai
Which organization said "More than a symbol. It's the way we do business." About their positioning symbol?
Hyundai
The human mind is fundamentally wired to operate at three levels.
I will, I won't, or I want
The seemingly crazy word _______________ is the actual name for scientists who study the behaviors and habitats and other factors that influence the reproduction and well-being of sea (or water) creatures.
Ichthyologists
The marketing concept prescribes that firms should focus almost all efforts on:
Identifying and satisfying customer needs.
The actual written content of mission statements should focus primarily on:
Identifying how the firm will profitably satisfy customer needs.
When addressing an organization's weaknesses a good strategic planner should never:
Ignore that weaknesses exist
For a dimension of differentiation to be determinant, the difference in question must be
Important to consumers as they make decisions about what to buy.
A(n) ______________________________ is a factor or stimuli that motivates people to do something.
Incentive
The term ___________________ could describe anything, factor or stimuli that motivates or encourages people to do something. Choose the best answer, from a strategic and controllable answer.
Incentives
Which of the following is not a response that B2B marketers seek from customers when they (marketers) adjust their prices downward?
Incentivizing customers to perceive and to position the brand as low-cost.
When the demand for a particular brand is inelastic, the organization that markets it usually should .
Increase prices (but not too much)
The best innovations ________________ efficiency and ____________ demand.
Increase, stimulate
Which of the following is usually not an advertising communication objective?
Increasing consumers' purchase intentions
The infamous swastika sign originated inside which culture?
Indian
If demand the for branded products hardly changes (either up or down) when the prices of those products has changed, then demand for those products should be described as:
Inelastic
In marketing contexts, ___________ relates to the tendency of customers to decide or buy nothing or to remain locked in on decisions or behaviors they have already made or are living out.
Inertia
The promotional mix can be used to:
Inform, persuade, or remind customers or prospects.
Absent efficient ___________ supply chains cannot operate seamlessly.
Information flows
The most important flow that transpires between one partner firm and other partner firms inside supply chains is:
Information flows
The most important supply chain flow is:
Information flows
What is the most important supply chain flow? Without it, supply chains cannot flow seamlessly. Which one is it?
Information flows
Which statement least effectively characterizes what actually happens during the "routine decision-making process" for products and brands?
Information search and brand evaluation are likely to be very extensive.
Which one of the basic supply chain flows is most important?
Informational
Firms should never get so focused on ________________ that they forget the fundamentals such as quality, reliability, and promised and delivered performance.
Innovation
The term __________ refers to an overall process whereby inventions are transformed into commercialized and marketable products that can be sold profitably.
Innovation
The term _______________ describes the overall process whereby inventions are transformed into marketable products?
Innovation
All of the following marketing practices can harm other companies and reduce competition except:
Innovative product development
Logistical managerial processes primarily occur _______________ organizations while supply chain managerial processes occur ________________ firms?
Inside; between
The contemporary word _______________ means in-between and describes the organizations and people who deliver services inside supply chains and operate between original source firms and retailers.
Intermediaries
__________________ __________________ refers to marketing efforts targeted toward the marketing organization's own service providers
Internal marketing
What communication medium features an essentially endless number of communication channels through which marketers can present promotional messages?
Internet-based media
The act of grouping together consumers or organizations that share certain characteristics in common is called:
Segmentation
A fireman and an ecologist working together to develop ideas about how best to prevent future forest fires inside the state of California illustrates the concept of __________.
Intersectional thinking
The world's largest library that formerly existed inside Alexandria, Egypt is a good example of why _____________ are critical for creative success.
Intersections
Which of the following is not an NPD stage?
Introduction
__________ is the term that marketers use when describing the extent to which decision-makers are or are not paying attention; fully-engaged; and "feel" that what is happening and what they are evaluating is important.
Involvement
What does the phrase concentrated or niche market-targeting mean?
It means a targeting technique in which marketers target large shares of narrowly-defined segments, fine-tuning their marketing mix programs in order to satisfy the special needs and solve unique problems within precisely defined segments.
Which statement is least accurate? In contrast to products, services are:
Less variable in quality
Integrating multiple perspectives, avoiding psychological traps, and committing to learning from and managing failure are three methods that marketing professionals can learn and leverage in order to _______________________.
Lessen or eliminate associative barriers.
Which brand discovered that workplace productivity materially increased when professional workers could dress more casually, and developed a brand that could meet these new needs?
Levi Strauss & Co.
Consumers usually engage in one of three different types of problem-solving behavior. Those behaviors are ...
Limited, Extensive, Routine ... problem-solving behaviors
What is an essential first step when marketers engage in the service failure recovery process?
Listen
Salutary products deliver:
Little short-term satisfaction but substantial longer-term benefits
Which of the following is not a strategy to create lasting core competencies through which brands can be differentiated and positioned?
Location leadership
The execution of _____________ processes are driven by the presence and reciprocal (back and forth) flows of information inside individual firms that are operating inside chains.
Logistical
The most persuasive marketing stories usually involve narratives that "frame" customer or prospect choices as decisions that feature potential rather than potential if decision-makers fail to make the "right" choice.
Losses/gains
Negative framing processes entail presenting choices as situations in which something will be __________ by customers if they fail to make the "right choice" - with the "right choice" being positioned as what the marketer suggests customers should do.
Lost
_______ is what happens when proper preparation and the right opportunities intersect?
Luck
The first rule of successful storytelling is:
Make me care.
Which of the following is not one of the keys to marketing success?
Making fun and entertaining advertising
The management of what key factors is necessary in order to execute NPD successfully?
Managerial execution, strategic planning, and creativity
The word _____________________ is defined as the entire set of potential or actual users of products, who can actually also afford those products.
Market
At times, marketers identify new market segments to pursue and do so by using existing products and the same marketing mix. The sales of Estee Lauder's premium priced cosmetics took off after the cosmetics marketer began selling them extensively throughout airports. This example illustrates a:
Market Development Growth Strategy
An image and set of benefits or problem-solving values, that presumably is associated with branded products refers to ___________
Market positioning
Which tool and analytical practice should marketers routinely use to identify threats and opportunities in the environment quicker than their competition?
Market research
____________________ exist when there not enough products are available to satisfy demand.
Market scarcity
Which statement is true?
Marketers can create wants but not needs.
The strategic marketing activity known as is conducted in order to generate fact-based insights about the probability that certain managed or unmanaged events will happen.
Marketing Research
What is the origin (source) for most useful marketing insights about environmental trends?
Marketing Research
What is the best description of how marketing effects the world?
Marketing affects everything, everywhere
The contemporary concept known as the supply chain emerged directly from an older idea known as:
Marketing channels
Although the terms marketing channels and supply chains are synonymous in many ways, one key difference remains. The primary difference is that:
Marketing channels fail to capture the roles played by source firms
A well-designed _______________________________ helps deliver the exact information actually needed to develop and execute a tactical marketing plan.
Marketing information system
Product, Price, Promotion and Place are all part of the _______________
Marketing mix
The first issue that should be considered as organizations develop their strategic pricing plans is what the organization intends to do or is currently doing with the rest of their _______________.
Marketing mix
What is the one and only complete tool that marketers can use to initiate marketing growth?
Marketing mix
What is the primary tool that organizations use to create value?
Marketing mix
The phrase ________________ entails thoughtfully mixing and matching the four or seven Ps in order to create new and more appealing values.
Marketing mix management
If marketing strategists know the life cycle stage that their brand current occupies, they will also better understand how to manage the brand's:
Marketing mixes.
What does the existence of unsatisfied customers create for marketers?
Marketing opportunities
Which of the following is not true about marketing mixes, targeting, and positioning?
Marketing organizations should only target one market segment using multiple, well structured, marketing mixes
A primary difference between marketing researchers and novelists is; the one emphasized in the book, is ....
Marketing researchers must base their stories on data-based facts whereas novelists can invent those stories.
The word _______ describes sets of potential/actual purchasers and/or users of products who also can actually afford a product.
Markets
The primary marketing consequence that has arose dud to the environmental trend that American men are graduating from college at materially lower rates than American women is that:
Marriage is experiencing an open retreat.
Price competition between firms is most likely the result when which of the following target marketing strategies is used?
Mass-marketing
What statistical value captures the average response among the entire data set?
Mean
Marketers should evaluate several criteria in order to determine the attractiveness of market segments they have created. These criteria are:
Measurable, accessible, substantial, differentiable-able, actionable
Powerful brand names should be ---------------------.
Memorable
Deciding to not tell the truth requires that one have an incredible amount of ___________________.
Memory
Which statement is true about macro-environments and micro-environments?
Micro-environmental factors are easier than macro-environments to manage.
Which type of market targeting approach treats each of a small number of customers (perhaps only one customer) as unique and then creates a highly focused marketing mix aimed at satisfying those unique needs.
Micro-targeting
Strategy originates as an ancient Greek word that means:
Military commander
The English word "strategy" is rooted in ancient Greek word that signified:
Military commander
Aldi's reliance on the merchandising of private-label brands is winning over the patronage of which segment of consumers?
Millennials
American author Mark Twain said the two most important days in people's lives are when they are born and when they figure out the reason why. What is the concept that best relates to Twain's statement?
Mission Statement
An organization's _______________ equals that organization's current __________________ that equals that organizations future _______________________.
Mission, vision, direction
, by definition, are the only or the overwhelmingly-dominant competitor marketing inside monopoly market. ---------- enjoy extreme pricing power and can generally maintain this power so long as they do not price at exploitative levels. Price exploitatively, and government regulators step in and either impose price ceilings or break out the monopoly.
Monopolies (Monopolists)
In which type of market do marketing organizations enjoy the highest pricing power?
Monopoly
Ethical guidelines and philosophies exist to help people to make informed decisions about which choices are _________ in certain situations.
Moral or Immoral
The word obese is generally used to describe people who are dangerously (for their own health) overweight. Growing amounts of obesity is definitely an American environmental trend. According to the book, ___ of Americans are obese.
More than 1/3
Which statement(s) best describes the nature of environmental change?
Most people fear change.
Why did movie theaters hit a twenty-five-year low in 2017?
Movie ticket prices went through the roof
Opportunities are environmental trends that are
Moving in favor of the best interests of the firm.
What product category changed everything, culturally-speaking, during the 1950's and 1960's?
Music
Questions about what features and attributes, and thus which benefits of the firm's existing products should be changed, added, deleted, and in what ways, are:
NPD and positioning questions
Poor management of the marketing mix contributes materially to _______________________.
NPD failure
Their ability to effectively execute _____________ and _____________ initiatives successfully allows marketers to raise and maintain higher prices.
NPD; branding
Motives or drives exist as __________ that are sufficiently pressing to direct individual consumers to seek satisfaction and solutions to whatever problems are triggering their motives (drives). (Readers must provide the absolute best answer.)
Needs
Many marketers routinely convey negative information when they messaging. Marketers generally follow this tactic because:
Negative messages are usually more contagious than positive messages
Is planned obsolescence illegal and/or unethical?
Neither illegal nor unethical
Which of the following marketing brands should do everything possible to make prices matter less to its customers?
Nike
__________ entails physical/psychological barriers, distractions, or sources of interference that degrade recipients' willingness or ability to decode messages successfully. On average, __________ levels are louder today than at any point in history.
Noise
Which advertising budgeting approach is developed based on established goals and analytic outcomes to determine the right amount to spend on advertising?
Objective and task method
Consumers often purchase one brand of wine to drink with their spouse or partner at home but an altogether different brand of wine to give as a gift to a friend. What approach to segmentation does the preceding (accurate) statement illustrate?
Occasion-based
Which market type features only a few dominant, large competitors?
Oligopolistically competitive
The term ___________________ is used to describe individuals who are generally well-known to other consumers that they influence and who are viewed as experts about one or so product categories by those consumers that they influence.
Opinion leaders
Recent conflicts in the Middle East have caused gas prices in the US to rise. For the electric car division at General Motors, this represents a:
Opportunity
Which answer best explains why marketing organizations continue to advertise even when those marketers know that most consumers that are targeted are no longer paying attention to advertising?
Organizations are attempting to remain in consumers' evoked sets
The __________ of marketers derives from the fact that everything marketers say is directly or indirectly said for the money. And from the fact that B2C or B2B customers widely recognize this condition, at least implicitly.
Original sin
Which playwright and poet wrote: "A cynic is someone who knows the price of everything and the value of nothing"?
Oscar Wilde
The best long-term hope for domestic professionals seeking to compete successfully with their foreign competitors entails:
Out-creating them.
A current US environmental trend that provides an opportunity for marketers that are promoting exercise and fitness solutions is the increasing percentage of American adults that are _________________ or ______________.
Overweight or obese
The 80-20 principle suggests that 20% of the consumers buy 80% of the products sold by most marketing companies. This principle has another name. What is it? The:
Pareto Principle
When applied in marketing settings, the 80-20 Rule usually accurately suggests [approximately] 80% of profits emanate from (about) 20% of customers; 80% of product sales from 20% of products present in a product line (marketing organizations generally sell multiple products); 80% of sales are generated by 20% of advertising, and so forth. The 80-20 Rule is also known as the:
Pareto Principle
Planning processes should include carefully examining the:
Past, present, and future
Since the 1960s the National Football League has staked a large portion of its brand personality and brand position on:
Patriotism
A(n) _________________________pricing strategy is best understood as what happens when firms drastically lower their prices for the purpose of grabbing and/or sustaining high market shares
Penetration
The process by which consumers select, organize and interpret information is known as
Perceptions
Maslow's hierarchy of needs features five stages. Which item among the following answers does not belong to those five stages?
Personal needs
Ethical guidelines are often grounded in ________________ and/or __________________bases.
Philosophical; religious
What are the 4ps of marketing?
Place, Product, Promotion and Product
Which approach (tactic) should marketers follow when attempting to manage change?
Plan for change and attempt to lead it in a productive direction
Apple's decided to remove the headphone jack from their latest iPhone's. This decision illustrates the use of a ________ strategy.
Planned obsolescence
_________ is a strategic marketing practice wherein marketers design or market products with artificially limited useful lives so they become prematurely outdated in terms of function or fashion.
Planned obsolescence
Which of the following is not true about strategic planning?
Planners should understand that complicated explanations processes or solutions are ceteris paribus always the best
What three manageable factors must be developed and executed successfully in order to do NPD successfully
Planning, execution, and creativity
___________ deliver immediate satisfaction and consequently are easier to market than __________
Pleasing products; deficit products
With most products, higher prices reduce demand. However, __________ products, services or experiences invert this economic law
Positional
During what stage of the consumer decision making process are consumers most likely to engage in WOM?
Post-purchase processes
Social class membership heavily influences consumers' product __________________.
Preferences
Actionable insights about which strategic actions marketers should pursue to solve customer problems, secure gains from environmental opportunities, or avoid disastrous losses from environmental threats are best described as ____________?
Prescriptive knowledge
Strategic inferences are based on:
Prescriptive knowledge
What type of knowledge is developed through marketing research inferences about how marketing organizations should strategically address problems or opportunities?
Prescriptive knowledge
If marketing managers create sufficient perceived and actual value for their brands by effectively managing their marketing mix, they should never need to __________________ consumers. (Choose the best answer as described in the Module.)
Pressure
In marketing, there are five primary types of utility. Which of the following words is not one of these five types of utility:
Prestige
---------- entails marketers setting higher prices based on the premise that quality-, social status-, or positional-conscious buyers will be attracted to the product, due to its price and the potential buyers' ability to afford it, and thus become more likely to purchase the product.
Prestige pricing
---------- is the amount of value that any customer must give up to get (obtain) a product
Price
Consumers should be aware that ____________ is only one of several product attributes that should be considered when determining the value of something.
Price
_________ represent(s) the sum of ALL values customers must give up in order to get the benefits and values that result when customers own and/or use/consume products or services.
Price
When building profitable services, marketers should usually avoid:
Price competition
---------- measures how changes in price elicit changes in demand for the brand or product being priced.
Price elasticity
What type of competition should marketers usually avoid - because use of the strategy typically leads to negative outcomes for all marketing organizations competing inside a particular market?
Price-based competition
Which ethical pricing strategy is used when marketers establish relatively higher prices for a new or existing product and then gradually lower prices, in a planned fashion, creating perceptions that the brand has a higher value in customers' minds?
Price-skimming
__________ is/are the product attribute that most consumers can most easily understand.
Prices
Brand equity can also accurately be described as:
Pricing power
The term known as ____________________ exists when firms can raise product prices or sustain already high product prices without losing substantial market share.
Pricing power
_______ is developed, collected, refined and analyzed by marketing researchers in order to identify trends or to develop insights that can be used to solve particular marketing problems or to exploit specific opportunities.
Primary data
The accurate development of _______ allows marketing researchers and strategic planners to quantify, measure, and assess the level of uncertainty—risk—embedded in given strategic marketing decisions.
Probability assessments
At times, marketers develop entirely new or tweak existing products that are subsequently targeted toward current market segments. Apple essentially has pursued a product development strategy since it first introduced iPhones in 2007. This example illustrates a
Product Development Growth Strategy
What is the name of the factor that best permits marketers to distinguish their products from similar products in the category?
Product attributes
The recent rise in the popularity of alcoholic seltzer water provides an example of a new entering _____ the restaurant and bar marketplace.
Product category
The most accurate reason why marketing organizations that want to sustain their revenues should engage in new product development is because:
Products usually pass through a life cycle that culminates in the demise of the product.
________________ can be considered the communication arm of the marketing mix.
Promotion
The _____________________ mix consists primarily of some combination of advertising, personal selling, public relations, sales promotions and direct marketing.
Promotional
________________ without ______________ is/are destined to fail in the long-term.
Promotions; value
Marketers can effectively position their products to target segments by:
Properly managing the marketing mix
As a psychological measure, __________ is a combination of consumers' preferred AIOs, lifestyle choices, and their dominant personality traits.
Psychographics
Marketers are using a tactic when they price a product at $9.99 instead of $10.00.
Psychological pricing
The use of is/are especially effective at spreading good news to targeted others.
Public relations
When marketing firms use tools such as special events, lobbying efforts, news releases, or annual reports for communication purposes, they are using:
Public relations
In advertising contexts, --------- entails purposefully exaggerating benefits, attributes, qualities, and so forth associated with branded products, but doing so in ways that consumers realize is exaggerated.
Puffery
The use of promotional strategies generally seek to create greater brand loyalty and build repeat consumption.
Pull
In markets that feature _________________ competition no single firm has the absolute size or power to influence price levels.
Pure
Inside markets characterized by ______________ competition conditions no single firm possesses the absolute size, EOS, or branding power to exercise much effect on pricing.
Pure
Firms should pick, choose and then target those segments that those firms are best able to ......
Pursue (reach), serve and satisfy
Assume a firm is marketing inside in a market that features a high market growth rate. Further assume that the market share of the firm's brand is low. The firm's brand should be treated as a:
Question mark
According to experts, what emotion is shared most frequently inside social media domain?
Rage
___________________ reference information that passes back and forth, in each direction, between partnering supply chain organizations.
Reciprocal flows
The first step in the five-step decision making process involves:
Recognition of a problem
What is the name of the group that consumers consciously look toward in order to secure insights and implicit/explicit recommendations regarding what they should or should not choose to consume?
Reference groups
__________ (marketing research) information is collected from questions (measurements) that are free from systematic or statistical error. An absence of systematic error implies that the respondents (i.e., the sampled people) who answer questions actually understand what the questions were asking.
Reliable
The primary communication outcome that marketing statements such as "Hey! We're still here and here's why we're still the best option" are seeking to achieve is to .
Remind customers
Similar to nuclear weapons, ______ exist(s) and operate(s) as power cards that almost certainly prove more effective when held in your hand rather than played.
Reputations
Aldi charges customers a quarter deposit is refunded when those customers return their carts. This practice is known as:
Reverse-incentivizing
Planners must manage two types of risks. Those two risks are
Risks of sinking the boat or risks of missing the boat
Which promotional element ___________ primarily delivers short-term incentives?
Sales promotions
__________ deliver(s) short-term incentives aimed at encouraging near-term customer purchases of products or services. Near-time, here, would usually involve forty-eight to seventy-two hours. __________ also deliver(s) short-term incentives.
Sales promotions
The use of __________________________ work(s) effectively because the promotional approach is infused with _________________ that encourage recipients to engage in behavior in order to obtain this reward.
Sales promotions; incentives
The word---------- suggests that unpleasant or unwelcome experiences sometimes actually generate beneficial longer-term effects. ---------- products are characterized by low immediate appeal (failing to deliver much short-term satisfaction) while featuring high potential for benefitting customers longer-run
Salutatory
Who pioneered the everyday low pricing tactic in 1962?
Sam Walton
What is the best supply chain design? The supply chain that:
Satisfies customers' needs at optimal costs.
At its core, the marketing activity known as _______________ entails grouping together consumers that share various immutable traits (such as race) and variable characteristics (such as attitudes or beliefs) in common.
Segmenting
When they evaluate the attractiveness of similar smaller groups existing inside much larger markets, marketers are examining:
Segments
Logically summarized as how consumers feel about themselves, the term known as __________ can also be defined as the mental images consumers possess and enjoy/endure about themselves and their strengths, weaknesses, or social status.
Self-concept
Is the NFL (the National Football League) primarily a service or a product?
Service
Starbuck's addresses and solves the problem known as ____ by using the LATTE recovery approach to solve customers' problems.
Service failures
In which type of market is brand loyalty influenced more by customers' experience than by advertising and other promotional efforts?
Service markets
Intangible products are also known as:
Services
Which statement is most true?
Services are intangible
The average American consumer spends more than ______________ hours per day staring at a screen.
Seven
__________ is the normative belief that when promises are made they prove to be promises kept.
Shared trust
Which answer describes a logistical function that is performed inside all supply chains?
Shipping
Which pricing objective can be best described as highly customer self-interested in nature?
Signaling socially responsible virtues
Supply chains and their management are __________________ and ________________.
Simple; indispensable
What type of risk involves losing overly huge bets that could ultimately ruin the organization?
Sinking-the-boat
Professionals guided by _________________________________ generally do whatever the situation allows them to get away with, without regard to the wider longer-term good of their firm or themselves.
Situational ethical values
Which of the following social media platforms facilitates the lowest viral-ability?
Snapchat
The most creative professionals often excel at problem-solving because they conscientiously couple ____________ questions with _____________ questions.
So what; why not
____________ _______________ exist as relatively enduring and ordered divisions inside the American population.
Social classes
_____exist(s) as relatively enduring and ordered divisions inside a population.
Social classes
__________________ often create feelings of envy, covetousness and dissatisfaction.
Social comparisons
Consumers' involvement levels are materially impacted by all of the following except:
Social group-initiated word-of-mouth
The third level of needs inside Maslow's Hierarchy of Needs is:
Social in nature.
Earning the reputation for making decisions and behaving in __________________ fashions generally elevates the value of marketing brands across the long run.
Socially responsible
The supply chain norm called ___________ is embodied in the sense that even when times are challenging, we are will work things out together.
Solidarity
The primary purpose of marketing strategies is to develop the best way to ________:
Solve customer's problems.
"Breaking bulk" is that refers to the _________________ function inside supply chains.
Sorting
What supply chain function entails creating right-sized product assortments in order that 1) customers can buy the quantities they seek to acquire and that 2) organizations can make the larger quantities they typically seek to manufacture?
Sorting
At what point do traditional supply chains begin?
Source firms
The term marketing channels fails to account for the role played by:
Source firms.
Which sales promotion tool would Kroger be using if the grocery store chain offered a 10 for $10 sale on Frosted Flakes cereal?
Special price deals
The need to achieve---------- invariably prevails inside supply chains and generally plays out in the form of one marketing organization's ability to perform a given supply chain function more effectively than its partnering firms can perform the function for themselves
Specialization
What value that is routinely delivered by supply chains permits partnering firms to concentrate on doing what they do best?
Specialization
Candice insists on buying only Revlon cosmetics. Rather than purchasing other brands when Revlon is not available, Candice will postpone her purchase or drive substantial distances to find her preferred brand. To Candice, Revlon is what marketers refer to as a (select the best answer):
Specialty product.
_________________ is/are money paid by manufacturers to a retailer's sales force to motivate those people to do something sales-promoting manufacturers seek to have done.
Spiffs
During which stage of the NPD process should marketers ask and answer what are our primary firm's goals and what are our targeted customer's primary (or only) problem(s)?
Stage 1
During which new product development stage are most ideas eliminated?
Stage 3
Which brand category generates the most cash?
Star Brands
When conducting a SWOT analysis _______ and ________ exist within (i.e., are internal to) the firm.
Strengths and Weaknesses
---------- describes the appearance of products, down to their websites, packaging, or the colors that accompany or complement their brands products. In fact, everything that directly or indirectly communicates anything about branded products relates to their ----------
Style
___________________ describes the entire package of product characteristics or features that directly or indirectly communicate anything about a branded product.
Style
________________________ effects can be described as people's whims, desires and fears that operate and influence people below the threshold of human awareness.
Subliminal
Which answer best explains how marketers can succeed?
Successful marketers stand-out rather than fit-it.
The "Concept Test" is most closely affiliated with developing
Successful new products; the test weeds out good ideas from bad.
Nair is a good brand name because the name
Suggests the product's benefits
The author of the book The Art of War was:
Sun Tzu
__________ are costs that have already been made and cannot be recovered.
Sunk costs
__________________ are costs that have already been made and cannot be recovered.
Sunk costs
Nestle seeks to reduce its dependence on fossil fuel by using more renewable energy sources. What sort of ethical decision making framework is Nestle using?
Sustainable ethical decision -making
Professionals guided by __________________________________ make decisions as if they realize they or their descendants will always be there resulting in behavior that sustains or lifts up.
Sustainable ethical values
Prior to making an important decision, intelligent marketers should consider:
Suzy Welch's 10-10-10 rule
Regardless of their dominant form, brands primarily exist as:
Symbols
The symbols that marketers use to differentiate their brands matter greatly because :
Symbols can say in an instant what words cannot.
Almost every marketer should wake up thinking, how can I ethically make price a less important consideration inside my customers' or prospects' minds as they deliberate purchasing decisions?
TRUE
As compared to products, services are intangible, inseparable (from their point of production and producer); perishable; and variable (in terms of their quality).
TRUE
Brands are not just symbols, they are also psychological constructs
TRUE
Brands, regardless of their dominant form (colors, designs, signs, names), exist as symbols.
TRUE
By themselves, symbols such as Nike's swoosh or McDonald's golden arches have no value
TRUE
CB, or Consumer Behavior, generally relates to the factors that motivate or otherwise stimulate different types of consumer decision-making (i.e., high/low involvement; extensive or routine problem-solving).
TRUE
Change is rarely linear regardless of whether changes are unfolding under harsh warlike conditions or emerging as normal and expected, cultural, economic or scientific transitions and progress.
TRUE
Conflict is inevitable inside supply chain relationships.
TRUE
Consumer decisions are often motivated (driven) by subliminal fears.
TRUE
Defined technically, environmental-scanning entails observing, researching, and interpreting various, almost inevitably uncontrollable environment trends that might impact an organization. Explained more practically, environmental-scanning is a process that entails continuously monitoring firms' external and internal environments
TRUE
Descriptive / diagnostic information must come before prescriptive information.
TRUE
Domestic marketers manipulate too many American consumers to purchase products or services that those individual consumers don't need and/or cannot afford.
TRUE
During most consumer decision-making processes consumers fail to engage deeply with branded products.
TRUE
Environmental trends are patterns of gradual or more rapid change unfolding along an environmental dimension.
TRUE
Failed pricing strategies rarely prove fatal to firms.
TRUE
For determinant differences to exist, actual or perceptual differences must exist between brands. And the brand difference must be important to customers as they decide which brand to purchase.
TRUE
In today's marketing world the primary reason for using public relations is to clean up messes and issue apologies to key segments or publics.
TRUE
Invention-the word refers to a dimension of uniqueness-newness related to the form, formulation, or function of something.
TRUE
Market(s)—consist(s) of all actual or potential customers for products or services.
TRUE
Marketers should listen to understand, not to decide if someone or the information their communication dance partner is conveying is right or wrong.
TRUE
Marketing channels are organized collections of independent organizations that interdependently partner in executing distribution processes.
TRUE
Most new product development efforts involve are simple additions to/deletions from existing products.
TRUE
Most of the time, no matter what the decision, consumers choose the choice that they perceive will deliver the most value to them.
TRUE
On any given day, more than half of the women in the US are dieting.
TRUE
One major reason supply chain relationships are so important is the cost advantages or disadvantages that are gained or lost inside the supply chain directly affect firms' bottom lines; i.e., their profits or losses.
TRUE
One of the best ways to understand needs is as states or conditions of felt or perceived deprivation.
TRUE
Positioning can capture either the way a branded product is defined by consumers on important attributes or the place a brand occupies inside consumers' minds.
TRUE
Positioning is something marketers (i.e., firms) should do to customers before customers do positioning to marketers. The statement is:
TRUE
The BCG Market Share-Product Portfolio Panning matrix exists to identify the best or worst brands (inside any firm's product portfolio) in which marketers might invest their limited resources.
TRUE
The Marketing Mix is the tool that marketing firms manage with the intent of creating hopefully-differentiating communication messages for the branded products.
TRUE
The Viagra brand name is based on an intersection between the words "vigorous," "virile" or "vigor," and "Niagara."
TRUE
The best designs are those that are conceived and constructed to be as simple as possible, easy on the eyes, as well as easy to use.
TRUE
The marketing of positioning goods often inverts (turns upside down) traditional pricing laws; meaning that higher brand prices often actually increase demand for the branded item.
TRUE
The opportunity to pay through installment pricing options allows customers to feel more in control of their cash flow.
TRUE
The terms luxury brands and positional goods are often synonymous.
TRUE
To a surprising extent, customers often view price cuts as a bad thing. This statement is:
TRUE
Too many marketing firms lack the right sort of information as needed to plan and perform at optimal levels of efficiency.
TRUE
When marketing new songs, movies, or fashion, the best spot-the sweet spot-for new product developers to target is new stuff that simultaneously feels fresh and familiar
TRUE
Which of the 3T's is the least finite resource?
Talent
The statement that marketers should not just "Fish where the fish are" [but rather] "Fish where the fish are more likely to take your particular type of bait" was used to the importance of:
Targeting and positioning.
Which answer is NOT a brand level?
Technological brand characteristics
The most successful brands are usually those that are best able to _____________________.
Tell the best stories
The Honey Badger is used as a metaphor to illustrate:
That marketers should stay concentrated by focusing on their strengths and core competences
Which answer best reflects the principle that marketers' strategic plans should either increase revenues or decrease costs, or generate both outcomes.
The "Gold Rules" Rule
Which rule emphasizes the importance of evaluating the consequences of a strategic decision?
The 10-10-10 Rule
The reason why consumers typically ascribe (assign) higher value to goods (assets) than they are actually worth to products they already own is called (the):
The Endowment Effect.
What marketing planning law emphasizes the importance of a marketing organization and its brand/brands acquiring and controlling a word in the market?
The Law of Focus
The __________________ refers to a planning issue related to making decisions that allow strategists to learn from their mistakes (if the mistake is not devastating in nature), while at the same time taking risks that are big enough to benefit their organization if "the bet"
The Waterline principle
When setting prices, the price floor is usually defined by _________ of producing and marketing the product.
The average total costs
Occam's razor implies that:
The best solutions to complicated problems are usually the simplest.
The core element inside any advertising message that also drives the message is typically described as the:
The big-idea.
Which answer best describes Dr. Martin Luther King's response as he almost immediately organized a bus boycott after the Rosa Parks incident?
The boycott resulted from his opportunistic mindset.
The main reason that Burger King lost its branding edge and has never fully recovered follows from the fact that:
The brand dropped its "have it your way" big idea.
Which of the following reasons (i.e., factors) is often associated with high rates of new product failure?
The dogs won't eat the dog food.
Many if not most consumers take things, even formerly new and exciting things, for granted after a while. This statement is correct/true. Does this fact represent a threat or opportunity to new product developers, or does this fact represents an opportunity something else altogether?
The fact represents an opportunity.
Which idea suggests that managers should be judicious about the measurements they instill inside their units, because individuals may try to anticipate the effect of a policy and take actions that alter its outcome.
The good-heart principle
Which of the following statements was economist's Milton Friedman referencing when he said: "If the U.S. were in charge of the Sahara Desert the nation would quickly run out of sand"?
The governments poor treasure management
The three ellipses depicted in the Toyota logo symbolizes a number of hearts. Which of the following is not one of the hearts in the Toyota logo?
The heart of opportunity
Two students, Jeff Spicoli and "The Dude," were studying for an exam in their marketing course. While studying the supply chain Module, "The Dude" made the following statement: "If it weren't for wholesalers and other supply chain intermediaries, the products we buy would cost a lot less!" After contemplating The Dude's words, Spicoli replied, "Wait a minute. We learned that supply chain intermediaries actually provide different types of utilities for customers that producers and retailers either cannot or do not want to perform for themselves." The Dude's statement refers to:
The highly specialized value that can be created by intermediaries.
___________ represents the lowest common ethical denominator on which a majority of the members of a society can agree.
The law (or legal standards)
Every firm must make its plans and execute its decisions in light of what is happening in its micro- and macro-environment. You already knew this. You should also know that:
The micro-environment exists inside the firm, the macro-environment exists outside the firm.
Brands must be positioned in the most important place:
The minds of targeted customers or prospects.
The phrase "replacement rate" is a measure that indicates:
The number of babies each woman needs to birth to replace a county's population.
Which of the following is not something a mission statement should ideally describe?
The organizations greatest weaknesses
Consumers are typically not motivated by brands or marketing firms themselves but rather by ____.
The people associated with a brand
Australia's effort to closely associate its national brand with sharks illustrates ...
The power of branding.
Which analysis (or test) provides insights about how changes in pricing strategies will impact demand for individual brands or branded product lines
The price elasticity test
This test is conducted to determine whether the prototypical product, as it will be developed, will actually satisfy the customer's want or need (solve the problem) that it was intended to satisfy (solve). This test is called:
The product use test
Which word or phrase is not one of the three main motives for consumers (as referenced in your book)?
The pursuit of pain
All serious strategists should quickly realize that they must successfully manage two types of risk:
The risks of sinking the boat or missing the boat.
If citizen consumers slip up for whatever reason, often for reasons not of their own making, some advanced democracies offer several programs to help citizens get back up. These programs, as a whole, are usually known as:
The safety net
When firms use market penetration growth strategies they seek to serve:
The same market segment they have been pursuing with the same product while changing other elements of marketing mix
The best branding stories are those that are appropriate for _________________________.
The segments being targeted
What does the statement "the best solution to any problem is always the most parsimonious one" actually mean?
The simplest solution is almost always the best.
Occam's Razor suggests the best solution to any pressing problem, when planners are analyzing and drawing inferences from data, is always
The simplest solution that accounts for all data.
Brand personalities are generally reflected in:
The type of consumer personality trait that the brand represents.
The concept known as a _____ captures both the potential and actual values that marketers offer to their customers through any one product and service.
Value proposition
American singer Lady Gaga wore an infamous dress made of raw meat at the 2010 MTV music awards. Her decision to wear this particularly odd type of dress best epitomizes which key precursor to marketing success.
The willingness to stand out rather than fit in.
If politicians are marketers, what are they selling?
Their own ideas' value
Which of the following statements are not associated with (or characterize) services?
Their quality
According to Sun Tzu, what are the three sorts of insights should Generals possess?
Themselves, their enemy and their terrain
Who said that "knowing what is right doesn't mean much unless we do what is right"?
Theodore Roosevelt
What do cosmetics marketers market?
They market beauty through cosmetics
Australia has the _______________ lowest population density in the world.
Third
According to this book, "First-in-the-Mind" is the:
Third marketing law
Is the following environmental threat or opportunity to U.S. funeral home marketers? The cultural and social trend that clearly suggests cremation is becoming more acceptable to families.
Threat
When planning, strategists should remember that only three ways to differentiate anything exist. Which of the following statements is not one of the three core pathways to differentiation?
Through managing perceived branding values.
The "3Ts" of planning are:
Time, Treasure and Talent
What is the core purpose of all marketing processes?
To create exchange relationships with customers
Which of the following is not a typical communication outcome?
To create increases in short-term sales
Based on the three baselines for marketing success provided in this Module, which of the following strategies would likely prove more successful?
To find or create and focus on an attribute that is most important for a particular group of consumers, and is also different in a positive way from attributes that competitors offer
What is the best reason for marketers to study consumer behavior?
To help consumers solve their problems
Successful strategic processes often require planners to look backward toward the past. Why is this important?
To provide marketing professionals with contemplative looks into what processes were successful and those process that were not successful in order to guide future decisions.
The Pareto Principle suggests that marketers should target their marketing mix efforts and resources toward the:
Top 20% of heaviest product users.
Danica Patrick has garnered commercial success not by being the first female racecar driver, but by being the first female driver that most people think of. This is an example of which marketing principle?
Top of mind awareness
What famous company's branding symbol is meant to epitomize three beating hearts?
Toyota
________________ are price reductions given to buyers in exchange for turning-in old items as new items are purchased.
Trade-in allowances
Marketers often benefit from lowering customers' expectations. The reason why is because those expectations then become easier to exceed; resulting in greater likelihood of customer satisfaction or delight. The preceding two statements are:
True, true
Sales promotions are usually used by marketers to incentivize (motivate) customers to make a purchase during the next .
Two or three days
When marketing organizations' resources (the 3Ts) are scarce "_______ targeting" approaches usually represent the best option.
Undifferentiated
Which answer is wrong (i.e., does not fit)? The best NP ideas, the ones that do the best job of solving complicated customer problems, are typically:
Unexpectedly brilliant
The best brand stories are _____________________________.
Unique in nature.
---------- are products/brands that few to no customers look for on their own. The implication is that some marketer truly must sell them. Life insurance, gym memberships, burial plots ... these sorts of products illustrate the point.
Unsought goods
Supply chains consist of _______________ and _______________ business partners.
Upstream firms; downstream
The 80-20 principle and the concept of the "heavy half" are most closely associated with the _________________ method of segmenting and positioning to target markets.
Usage rate
For new products to be considered innovations, the products must be ____.
Useful
What one word best describes and summarizes the key difference between invention and innovation?
Usefulness
Jeremy Bentham (1747-1842) wrote, ''The right (ethical) thing to do is that which maximizes utility." Stated differently, inside marketing settings the right thing to do is the choice that generates the highest overall happiness. These two statements illustrate:
Utilitarian principles
To survive inside competitive environments organizations must provide targeted customers with greater ___________ than those customers receive from competitors.
Value
_________ can be defined simply as the grand total of any brand's problem-solving capacity.
Value propositions
Which statements are true about the natural relationship between value and prices?
Value should drive prices.
---------- based pricing uses customers' perceptions of value, rather than marketers' costs, to establish prices. When using ----------• marketers establish desired price levels before other marketing mix program ingredients (product, promotion, distribution, and placement) are considered, developed, and managed.
Value-based
In statistical analysis, which of the following measurements represents the range of a sample of responses?
Variance
---------- entails and measures the degree to which one marketing partner, or firm, owns/controls upstream toward "sourcing-from-the-dirt" suppliers or control/own downstream shippers, other intermediaries such as warehouses, or retailers toward end-use B2B customers or B2C consumers.
Vertical integration
Whenever managers are highly motivated by the desire to control how supply chain functions are performed, they should develop --------·
Vertical marketing systems
____________ are supply chains where one 800-pound-gorilla organization (< a metaphor) controls or owns other firms in the supply chain system.
Vertical marketing systems
---------- entails conspicuous expressions or demonstrations of one's moral values or social superiority. The wealthy might signal their charity; the religious their piety; the environmentally-conscious their green bona fides. Marketers routinely exploit consumers' propensity to engage in---------- .
Virtue-signaling
The attempts of marketing organizations to engage in ____________________ often work like an insurance policy that organizations can use, if necessary, to fend off attacks from social networking "mobs."
Virtue-signaling
Which product would prove most appropriate for an age-based segmentation approach?
Walking canes
The moral compasses of ordinary human beings are established _____________________ they enter college.
Well before
Focus groups are used as marketing research methods that focus on:
What 8-10 individual customers have to say or think about particular issues or problems
Automation bias arises inside marketing research settings:
When the computers they use lull experts into a false sense of security.
Which statement best summarizes what happens when uncertainty prevails?
When uncertainty prevails, planners don't know all the possible outcomes nor do they know the probabilities of those unknown outcomes arising.
Who developed the question: Is the world too small for anything but the truth?
William Sloan Coffin
What current cultural buzzword indicates that consumers are alert and tuned into perceived or actual social injustices?
Woke
What communication activity did the book describe as either marketers' best friend or their worst enemy
Word of Mouth
Careful planning is important. But can marketers over-plan?
Yes, over-analysis has led to paralysis