MKTG EXAM 2
Which of the following are tradition-bound, suspicious of changes, and adopt the innovation only when it has become something of a tradition itself? A. Innovators B. Late mainstream C. Lagging adopters D. Early mainstream E. Early adopters
Lagging adopters
The business buying process can be a complex and complicated process with eight basic stages. Which of the following is the first stage in this process? A. General need description B. Supplier search C. Proposal solicitation D. Supplier selection E. Problem recognition
Problem recognition
Consumers go through five stages in the process of adopting a new product. In the ________ stage, the consumer considers whether trying the new product makes sense. A. adoption B. trial C. evaluation D. interest E. awareness
evaluation
You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a payment. You are participating in a(n) ________. A. experiment B. immersion group C. ethnographic study D. focus group E. individual interview
focus group
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________. A. developing print and radio advertisements B. generating person-to-person brand conversations C. pushing one-way commercials at customers D. identifying and targeting late adopters E. withdrawing from online social networks
generating person-to-person brand conversations
The type of segmentation that forms segments of consumers who have similar needs and buying behaviors even though they are located in different countries is known as _________. A. geographic segmentation B. behavioral segmentation C. intermarket segmentation D. demographic segmentation E. lifestyle segmentation
intermarket segmentation
Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as __________. A. mass marketing B. market segmenting C. market targeting D. differentiation E. positioning
market segmenting
Firms that manufacture seasonal products target their consumers primarily through ________ segmentation. A. occasion B. psychographic C. income D. age and life-cycle E. demographic
occasion
Marketers of brands understand that they must figure out how to reach ____________ that can exert social influence on others. A. opinion leaders B. millennials C. cultural segments D. social groups E. baby boomers
opinion leaders
If competitors cannot easily copy the benefit a company chooses to promote, that benefit is said to be _________. A. superior B. affordable C. distinctive D. profitable E. preemptive
preemptive
H2Coast, an automobile manufacturer, produces fuel-efficient hybrid vehicles that are targeted toward high-end exotic-vehicle collectors with ample leisure time. H2Coast most likely segments the consumer market based on ________ variables. A. universal B. demographic C. geographic D. psychographic E. behavioral
psychographic
The buyer makes the fewest decisions in the ________ and the most in the ________ decision. A. straight rebuy; modified rebuy B. new task; straight rebuy C. modified rebuy; straight rebuy D. modified rebuy; new task E. straight rebuy; new task
straight rebuy; new task
The customer journey concept ________. A. is a narrow and reductive interpretation of how consumers engage with brands B. views the buying process only as a specific set of stages C. has fallen out of favor in recent years D. takes a holistic view of all the experiences a consumer has with a brand E. charts the specific steps a customer engages in to make an online purchase
takes a holistic view of all the experiences a consumer has with a brand
Which stage of the product life cycle is characterized by negative profits and high costs per customer? A. Growth B. Decline C. Product development D. Maturity E. Introduction
Introduction
User status, usage rate, and loyalty status are examples of which type of segmentation variable? A. Economic segmentation B. Behavioral segmentation C. Geographic segmentation D. Demographic segmentation E. Psychographic segmentation
Behavioral segmentation
________ is the step of the new product development process during which a review of the sales, costs, and profit projections for a new product is conducted to determine whether the new product is likely to satisfy the company's objectives. A. Marketing strategy development B. Test marketing C. Business analysis D. Product development E. Concept development and testing
Business analysis
Which type of sample involves dividing the population into mutually exclusive groups (such as blocks), and then drawing a sample of the groups to interview? A. Convenience sample B. Stratified random sample C. Quota sample D. Cluster (area) sample E. Simple random sample
Cluster (area) sample
Consumers obtain information from numerous sources. Which of the following involves dealer and manufacturer websites, packaging, and displays? A. Commercial sources B. Public sources C. The internet D. Media sources E. Personal sources
Commercial sources
Which of the following refers to the degree to which an innovation fits the values and experiences of potential consumers? A. Relative advantage B. Divisibility C. Complexity D. Communicability E. Compatibility
Compatibility
What is the first step of the marketing research process? A. Defining the research problem B. Comparing research findings to other studies C. Implementing the research plan D. Interpreting and reporting the findings E. Developing the research plan
Defining the research problem
________ demand is the term used for business demand that ultimately comes from the demand for consumer goods. Question content area bottom Part 1 A. Elastic B. Derived C. Inelastic D. Fluctuating E. Structural
Derived
Which adopter group is first to adopt a new product? A. Early adopters B. Innovators C. Late mainstream adopters D. Lagging adopters E. Early mainstream adopters
Innovators
Technological, political, and competitive influences are categorized as which type of major influence on business buyer behavior? A. Organizational B. Environmental C. Interpersonal D. Procedural E. Individual
Environmental
________ involves sending trained observers to watch and interact with consumers in their "natural environments." A. Social targeting B. A focus group C. Telephone interviewing D. Behavioral targeting E. Ethnographic research
Ethnographic research
Through its mobile Whopper Detour promotion, Burger King offered discounted Whoppers to people close to a competing McDonald's restaurant. This is an example of which of the following? A. Gender-neutral marketing B. Occasion marketing C. Demographic segmentation D. User status segmentation E. Hyperlocal social marketing
Hyperlocal social marketing
In which stage of the new product development process would a company use a hackathon? A. Commercialization B. Product development C. Idea screening D. Idea generation E. Marketing strategy development
Idea generation
Which of the following is NOT one of the typical advantages of e-procurement systems? A. Allowing buyers to focus on more strategic issues B. Reducing time between order and delivery C. Finding better supplier resources D. Improving customer-supplier relationships E. Eliminating paperwork
Improving customer-supplier relationships
Which of the following statements about new product development strategy is correct? A. Innovation can be very expensive and very risky. B. Good advertising creates successful new products. C. New products are not a major source of growth for companies. D. A new product will succeed as long as it is priced correctly. E. New products are usually successful because consumers like new things.
Innovation can be very expensive and very risky.
_________ consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance. A. Touch points B. Marketing information C. Big data D. Marketing analytics E. CRM
Marketing analytics
Which value proposition offers not only higher quality, but also confers prestige upon the buyer? A. Less for much less B. More for less C. More for more D. More for the same E. The same for less
More for more
What is the first step of the buyer decision process? A. Purchase decision B. Alternative evaluation C. Post-purchase behavior D. Information search E. Need recognition
Need recognition
Which of the following statements about big data is correct? A. Big data is only used by big companies. B. Big data actually refers to very small data sets. C. Analyzing big data always leads to useful customer insights. D. Analyzing big data is a very easy task. E. One result of big data is that marketing managers are often overloaded and overwhelmed with information.
One result of big data is that marketing managers are often overloaded and overwhelmed with information.
Which of the following statements about online research is correct? A. Experiments cannot be conducted online. B. Online research is only feasible for large companies. C. Online surveys generally have higher response rates than those conducted by mail or phone. D. Focus groups are rarely conducted online. E. It is more expensive to conduct online research than to do a mail, phone, or personal interview.
Online surveys generally have higher response rates than those conducted by mail or phone.
Which of the following statements is true regarding standardizing products for international markets? A. Standardization increases product design, manufacturing, and marketing costs. B. Markets and consumers all over the world are alike, so a company should always standardize international products. C. Standardization helps a company develop a different image in different countries. D. Standardization ensures that products will succeed in foreign markets. E. Standardization decreases product design, manufacturing, and marketing costs.
Standardization decreases product design, manufacturing, and marketing costs.
_________ is one problem with business-to-business e-procurement. A. Increased paperwork requirements B. Reduced purchasing efficiency C. Increased transaction costs D. Increased time between order and delivery E. Suppliers being pitted against one another
Suppliers being pitted against one another
Which of the following statements regarding socially responsible product decisions is correct? A. Safety legislation has been passed to regulate chemical substances, drugs, and poisons, but not toys, automobiles, or fabrics. B. Companies can safely ignore patent laws. C. When companies drop products, they do not have any obligations to suppliers, dealers, and customers. D. The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition. E. Manufacturers are generally not concerned with product liability.
The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition.
Which of the following statements is true regarding product life cycle curves? A. Marketing strategies do not change for different life cycle stages. B. Managing products through their life cycle is an easy task. C. Once a product reaches the decline stage, it cannot be recycled back to growth. D. The sales of a typical product follow an S-shaped curve made up of five stages. E. All products follow the traditional five-stage PLC model.
The sales of a typical product follow an S-shaped curve made up of five stages.
According to the model of buyer behavior, what is in a buyer's "black box"? A. The buyer's attitudes and preferences B. The buyer's wants, needs, and preferences C. The buyer's purchase and post-purchase behavior D. The buyer's economic and social preferences E. The buyer's characteristics and decision process
The buyer's characteristics and decision process
According to Maslow's hierarchy, which of the following needs would a person seek to satisfy first? A. Status B. Thirst C. Recognition D. Protection E. Love
Thirst
Which of the following BEST describes the purpose of customer insights? A. To develop new markets of customers for the company B. To instruct other company departments in customer service C. To advertise new products to customer bases D. To represent the company to its customers E. To create more value for customers
To create more value for customers
Which of the following is the primary reason firms use competitive marketing intelligence? A. To gain an understanding of a competitor's channels of distribution B. To understand more about a competitor's new product development efforts C. To make early decisions regarding pricing strategies of competitors D. To assess and respond to a competitor's social media strategies E. To gain early insights into competitor moves and strategies, and to prepare quick responses
To gain early insights into competitor moves and strategies, and to prepare quick responses
A company can obtain new products by buying a whole company, a patent, or a license to produce someone else's product through _________. Question content area bottom Part 1 A. product enhancements B. new product brands C. acquisition D. new product development E. product improvements
acquisition
Using online consumer tracking data and analytics to target advertisements and marketing offers to specific consumers is known as ________. A. sampling B. segmentation C. behavioral targeting D. social targeting E. neuromarketing
behavioral targeting
Primary data ________. A. have been collected for another purpose B. must be evaluated as to accuracy, currency, and impartiality C. consist of information collected for the specific purpose at hand D. is usually the first type of data researchers start gathering E. already exist somewhere
consist of information collected for the specific purpose at hand
All the individuals and households that buy or acquire goods and services for personal consumption are known as the ________ market. A. subcultural B. B-to-B C. consumer D. derived E. business
consumer
Goldtone is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors of short-listed ideas will be adequately rewarded. In this case, Goldtone is using ________ to generate new product ideas. A. test marketing B. marketing strategy development C. concept development D. crowdsourcing E. business analysis
crowdsourcing
Social class is a type of ________ characteristic that influences consumer buying behavior. A. psychological B. social C. ethnic D. cultural E. personal
cultural
The real value of marketing information rests in the _________. A. marketing intelligence it uncovers B. customer insights it provides C. amount of big data it analyzes D. social media data it uses E. support of a company's marketing research
customer insights it provides
Which of the following is NOT a psychological factor influencing consumer buying behavior? A. Beliefs and attitudes B. Self-concept C. Perception D. Motivation E. Learning
Self-concept
Amazon is now promising same-day pick-up of goods as well as local secure pick-up points. What point of differentiation is this? A. People differentiation B. Services differentiation C. Image differentiation D. Product differentiation E. Channel differentiation
Services differentiation
___________ consists of many different people who play multiple roles in the buying process. A. The buying nucleus B. The purchasing team C. The buying center D. Buying agents E. Buying actors
The buying center
__________ determines if a buyer is satisfied or dissatisfied with a purchase. A. The number of alternatives considered in the purchase decision B. Whether or not the buyer experiences cognitive dissonance C. The amount of information gathered in the decision-making process D. The relationship between the consumer's expectations and the product's perceived performance E. How others feel about the purchase
The relationship between the consumer's expectations and the product's perceived performance
Which of the following statements is correct concerning service marketers going global? A. The growth of global service companies is expected to decline in the near future. B. Due to the nature of their business, professional service firms cannot expand their business to foreign markets. C. Compared with product marketers, service marketers do not face any additional challenges when going global. D. The trend toward growth of global service companies is expected to continue in the near future. E. One industry that still has not globalized is retailing.
The trend toward growth of global service companies is expected to continue in the near future.
Which of the following correctly describes customer purchases, sales force contacts, service and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, and market research studies? A. Purchases B. Sales calls C. Satisfaction surveys D. Service calls E. Touch points
Touch points
When a company engages in ________marketing it ignores market segment differences and targets the whole market with one offer. A. concentrated B. mass C. differentiated D. segmented E. niche
mass
The type of segment characteristic in which the size, purchasing power, and profiles of the segments can be quantified is known as __________. A. accessible B. actionable C. measurable D. substantial E. differentiable
measurable
A purse company's ads feature the members of a popular reality show about housewives. Product sales increase significantly among fans. From fans' viewpoint, the reality show is a ________. A. family group B. reference group C. membership group D. lagging adopter E. late-majority adopter
reference group
To create successful new products, a company must _______. A. cut costs to keep the price of new products low while delivering acceptable quality B. obtain successful products through acquisitions instead of doing internal development C. understand its consumers, markets, and competitors and develop products that deliver superior value to customers D. focus its new product development efforts only on consumers and deliver value E. spend more on research and development (R&D) than its competitors and understand its consumers
understand its consumers, markets, and competitors and develop products that deliver superior value to customers
Intuit Labs, a division of Intuit, the accounting and payroll software developer, follows a "Design for Delight (D4D)" development philosophy, which states that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit using? A. Marketing strategy development B. Crowdsourcing C. Systematic new product development D. Team-based new product development E. Customer-centered new product development
Customer-centered new product development
In 2015 Target eliminated its "pink" and "blue" aisles, and it now sells lines such as a collection of back-to-school clothing, accessories, backpacks, and bedding that appeals to both boys and girls. This is an example of which type of marketing? A. Gender-neutral B. Hyperlocal C. Lifestyle D. Income E. Age and life-cycle
Gender-neutral
Which type of research seeks to define and characterize things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product? A. Primary research B. Exploratory research C. Causal research D. Secondary research E. Descriptive research
Descriptive research
Which type of market-coverage strategy involves targeting several market segments and designing separate offers for each? A. Differentiated marketing B. Undifferentiated marketing C. Micromarketing D. Concentrated marketing E. Niche marketing
Differentiated marketing
__________ is a characteristic important in influencing an innovation's rate of adoption and described by the degree to which the innovation may be tried on a limited basis. A. Relative advantage B. Complexity C. Communicability D. Motivation E. Divisibility
Divisibility