MKTG 721 - Module 2
Niche marketing offers smaller companies an opportunity to compete by focusing their limited resources on serving niches that may be unimportant to or overlooked by larger companies.
True
Vernon Inc. would like to set the best price for a new product. The firm conducts an experimental study by selling the new product at two different prices in two different locations keeping other factors constant to see if a lower price results in better sales. This is most likely an example of ________ research.
causal
Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Hammond's purpose?
competitive marketing intelligence
A brand difference is said to be preemptive if ________.
competitors cannot easily copy the difference
Lilly's, a furniture retailer, sells low-end furniture and accent pieces that are targeted toward lower-income consumer groups. Lilly's most likely segments the consumer market based on ________ variables.
demographic
Coolers Inc. has decided to launch a new energy drink that will have the fewest calories among its competitors. To understand the market potential for the new drink and the demographics and attitudes of consumers who are likely to buy the product, Coolers should most likely use ________.
descriptive research
A marketing firm has been assigned the task of watching trends in spending, personal income, savings, and interest rates. The marketing firm is most likely gathering information about consumers' ________.
economic situations
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.
generating person-to-person brand conversations
A successful niche marketing strategy relies on a firm's ________.
knowledge of customer needs
Gold Class Electricals, a consumer-electronics firm, targets market segments based on factors such as country, age, social class, usage rate, and benefits sought. The company divides its markets based on ________.
multiple segmentation bases
Which of the following is the first stage of the buyer decision process?
need recognition
________ is the degree to which an innovation may be tried on a limited basis.
Divisibility
Vincent Cosmetics decides to launch a cream with a claim that it makes skin "nine times smoother." The claim is based on a study of 30 respondents who used products of other brands as well. However, a second study on a larger sample reveals only a mild correlation between the use of the cream and smoother skin. In these circumstances, which of the following is the most ethical approach that Vincent Cosmetics can follow?
It should report the result as it is, or improve the product to match its claim.
________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Marketing research
Hallmark's classic "When you care enough to send the very best" slogan appeals to which need category in Maslow's hierarchy?
Social
Becca wants to buy a new coat. She asks her friends to recommend a store and/or a style of coat. She looks for sale advertisements for coats in newspapers and also visits nearby stores to check if she can find a coat in her budget. In this case, Becca is most likely in the ________ stage of the buyer decision process.
information search
Although internal databases can be accessed more quickly and cheaply than other information sources, one of the challenges of internal databases is ________.
maintaining the current database
Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy?
market segmentation, market targeting, differentiation, and positioning
Marketing the same product to a huge customer base without any customization is referred to as ________.
mass marketing
Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and service in comparison to cheaper alternatives available in the market. In this case, Rad offers a(n) ________ value proposition.
more-for-more
A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________.
reference group
A company regularly purchases cleaning supplies from a vendor and orders relatively consistent amounts of the same products on each purchase from the same vendor. This is an example of a(n) ________.
straight rebuy
Which of the following demonstrates the real value of a company's marketing research and information system?
the customer insights it provides
Which of the following sources constitutes the internal database of a company?
the company's sales transactions