BUS 346 - Midterm 1

From a marketing perspective, what separates __________ from the generation before them is that they are individualistic, value leisure time as a high priority, and are trying to maintain their youth.

Baby Boomers

In ______________-Based Pricing, an organization considers competitors' prices and chooses a price below, equal to, or above the competition depending on factors such as product costs.

Competition

________ is the shared meanings, belief, morals, values, and customs of a group of people.

Culture

Consumers consider universal, retrieval, and evoked sets during which stage of the consumer decision process?

Evaluation of alternatives Different sets of alternatives are a factor during the third stage of the consumer decision process, evaluation of alternatives

The __________ Act created the FDA

Federal Food and Drug

Marketers selling to the ___________ generational cohort need to recognize that these consumers are not too interested in shopping, are cynical, and are less likely to believe advertising claims than the generation(s) before them

Generation X

_________________ are groups of people of the same generation who have similar purchase behavior because they have shared experiences, and are in the same stage of life.

Generational cohorts

Many Hollywood movie stars were among the first to buy electric and hybrid vehicles. These stars often became __________, influencing other consumers' behavior.

Reference groups Celebrities can serve as a reference group, since some consumers like to identify with celebrities and to follow their lead

What is value-based pricing?

Setting price based on buyers' perceptions of value rather than on the seller's cost

Google and other search engines allow marketers to bid to have their ads shown when consumer search on keywords related to the firm's products. These marketers are attempting to create value through a) Promotion b) Place c) Price d) Primary e) Product f) All of the above

a) Promotion Ads displayed in search engines are examples of promotion

As part of her company's SWOT analysis, Valerie is assessing the company's internal environment, including: a) Strengths and Weaknesses b) Opportunities and Threats c) Threats d) Strengths

a) Strengths and Weaknesses

Which of the following groups has never lived without easy access to cell phones or the Internet? a) Tweens b) Generation X c) Baby Boomers d) Generation W e) Generation Z f) None of the above

a) Tweens 'Tweens' is the term for the youngest component of Generation Y, who have had access to cell phones and the Internet all their lives

When pursuing a market development strategy, expanding into international markets is generally a) more risky than expansion in domestic markets b) the only option offering substantial opportunities for growth c) simplified by creating new products for export markets d) impossible due to negative attitudes about American products e) executed with the help of international trade subsidies

a) more risky than expansion in domestic markets International expansion is usually riskier because there are many differences--cultural differences, economic considerations, and political and legal differences, for example--to consider

Generally, people buy one product or service instead of another because they: a) perceive it to be the better value for them b) are unaware of key determinant attributes c) prefer to avoid doing extended problem solving d) get the lowest price possible e) have conducted a thorough internal search for information

a) perceive it to be the better value for them Value, the difference between what the customer gives and gets in an exchange, drives most consumer decision making.

When senior citizens or recent immigrants are pressured to take out loans they cannot pay back (often containing high fees, hidden costs, and higher rates of interest), these are referred to as: a) predatory loans b) consolidated loans c) opportunistic financing d) low yield loans e) prime rate loans

a) predatory loans The loans provided by predatory lenders, which target vulnerable consumers, are referred to as predatory loans

We often see advertisements touting a product as being made with natural ingredients, or being long-lasting. Marketers using these types of promotions are positioning their products based on: a) product attributes b) competitive comparisons c) value d) symbols e) all of the above

a) product attributes Ingredient lists and long-lasting effects are examples of attributes that may be salient (important) to the target market.

Marketers who design and offer new products and services to their existing customers are pursuing a ____________ growth strategy. a) product development b) diversification c) market development d) market penetration e) product proliferation

a) product development

Almost all U.S. political candidates use some combination of red, white, and blue in their campaign posters. They are trying to position themselves in voters' minds using: a) symbols b) the competition c) value d) salient attributes e) all of the above

a) symbols Red, white, and blue colors serve as symbols in this context because they call to mind the U.S. flag

In 2006, Ford Motor Company announced it would severely cut back automobile production. For parts companies supplying Ford Motor, this represented a(n): a) threat b) strategic plan c) opportunity d) strength e) weakness f) all of the above

a) threat For parts companies, Ford's actions represent external factors. A possible cutback in orders is a negative factor. An external negative factor is a threat

In order to effectively communicate value to target markets, marketers must first a) understand their customers b) redesign ads to meet media specifications c) hire the right ad agency d) use the Internet e) all of the above

a) understand their customers All of these steps might factor into a value communication strategy, but the only one that is necessary in all cases is understanding customers

The consumer buying process begins when a) A consumer's performance risk is minimized b) A consumer recognizes an unsatisfied need c) Consumers' functional needs are greater than their psychological needs d) A consumer enters a store e) Learning follows perception

b) A consumer recognizes an unsatisfied need Need recognition is the first step in the consumer buying process

For U.S. businesses with strong export capabilities, expansion of U.S. trade agreements with other countries creates: a) Weaknesses b) Opportunities c) Threats d) Strategic plans e) Strengths

b) Opportunities Expansion of trade agreements is an external factor that could be favorable for firms that can take advantage. An external positive factor is an opportunity

E-books, in addition to being an alternative product form, provide _________ value creation since they can be downloaded via the internet immediately when they are needed. a) Promotion b) Place c) Price d) Primary e) Product f) All of the above

b) Place Place refers to getting products to customers when and where they need them. This is what electronic downloading of e-books offers.

Braddock University allows recent graduates to come back and take additional courses for free. By offering additional educational services, the university is enhancing its _____________ in an attempt to create value for its customers. a) Place strategy b) Product strategy c) Locational excellence strategy d) Segmentation strategy e) Diversification strategy

b) Product strategy The product the students buy--a degree--is enhanced by the ability to take extra courses at no additional cost. Thus, this special offer is related to the product strategy.

After conducting STP analysis for her custom auto parts store and developing strategies for each of the four Ps, Monique now has to make _____________ decisions. a) Mission statement b) Resource allocation c) Competitive response d) Market growth e) Product line

b) Resource allocation Monique has chosen a target market, determined positioning strategies, and developed marketing mixes. She mow has to consider available resources and determines how they will be allocated across the different options available for implementation

Marcus does not make any impulse purchases and tends to purchase high-quality items from brands known for providing quality products. Marcus has plenty of time to research and identify the best product to buy. Which generational cohort does Marcus belong to? a) Generation X b) Seniors c) Baby Boomers d) Generation Y e) Tweens

b) Seniors

Markets should not assume that they can target all Asian consumers in the United States with one strategy because: a) There are not enough Asians in the United States to effective target b) They speak different languages and comer from different cultures c) Each major city tends to have only one group of Asians in large numbers d) One strategy is likely to be more expensive than multiple strategies e) Asians do not respond to marketing efforts f) All of the above g) None of the above

b) They speak different languages and comer from different cultures Asian consumers are not a single group-they come from many nations (i.e. China, Japan, Korea...) with different languages and cultures

Select the statement that best describes the key traits of Generation Y: a) This generation mostly uses the Internet for the purposes of checking email, the news, and the weather b) This generation puts a strong emphasis on work/life balance and are experts at using various media forms c) This generation was the first generation of latchkey children d) This generation focuses on healthcare and wellness services e) This generation-including its oldest members-has had access to the Internet for their entire lives

b) This generation puts a strong emphasis on work/life balance and are experts at using various media forms Generation Y puts a strong emphasis on work/life balance. its youngest members have had access to the Internet for their entire lives, but this is not true of its older members of the generation

Jim wants to position his firm against his competitors. In doing so he should: a) avoid making the competitor's product look undesirable b) avoid looking too much like the competitor so that he'd confuse the target segment c) avoid discussing the strengths of his product so that competitors won't be aware of his product quality d) never select a competitor in the same neighborhood e) none of the above

b) avoid looking too much like the competitor so that he'd confuse the target segment One danger in positioning against competitors is that the firm may end up confusing customers unless a clear distinction is made between the firm's products and those of competitors.

The United States has often been called the "melting pot" society, integrating people from many different cultures into the social fabric of the country. The challenge for marketers is to determine whether a group's culture a) competes with or complements U.S. traditional culture. b) can be used as a relevant identifier for a particular target group. c) is passed from generation to generation orally or by written guides. is an important immediate marketing environment variable. d) is socially important.

b) can be used as a relevant identifier for a particular target group.

The CAN-SPAM Act of 2003 a) strengthened health standards for Spam and other canned meat products b) created penalties for sending misleading commercial email c) created oversight of canned visual advertising d) strengthened the Fair Packaging and Labeling Act e) restricted tobacco advertising f) none of the above

b) created penalties for sending misleading commercial email The CAN-SPAM Act of 2003 restricts the situation in which spam email can be sent

A _________ growth strategy employs the existing marketing offering to reach new market segments. a) product proliferation b) market development c) product development d) market penetration e) diversification

b) market development

American visitors to the Indonesian island of Bali are often aghast when they see the sign for the Swastika resort. Americans associate the Swastika symbol with Nazi Germany while Indonesians associate the symbol with the four major elements on Earth. The two groups have different: a) postpurchase dissonance b) perceptions c) factual norms d) attitudes e) risk factors

b) perceptions The cultural differences between Americans and Indonesians have led to different perceptions of the meaning of the swastika symbol

Many consumers correlate price with quality, thinking that the higher the price, the better the quality. For these consumers, this is: a) Social factors b) Temporal factors c) A decision heuristic d) A compensatory decision rule e) A noncompensatory decision rule f) None of the above

c) A decision heuristic Price is a decision heuristic--a shortcut to simplify and shorten the decision process. The saying "You get what you pay for" is related to this heuristic.

The way a product is presented can influence the decision-making process. Along with brand and price, this is known as: a) A determinant attribute b) The demonstration effect c) A decision heuristic d) An evoked set e) Product leverage

c) A decision heuristic Product presentation is a decision heuristic--a shortcut to simplify and shorten the decision process.

Which of the following would not be considered a 'strength' for Starbucks, using a SWOT analysis. a) Strong brand identity b) Retail and grocery store network c) Expansion in China d) None of the above

c) Expansion in China Expansion overseas is considered an 'opportunity'

Julie is an experienced shopper. She has been doing the family's weekly shopping since she was twelve. She is not very interested in status items, and questions advertising claims. Julie is most likely to be in the ______________ generational cohort. a) Senior b) Generation W c) Generation X d) Baby Boomers e) Generation Y

c) Generation X

Stuart wanted to impress Janet with the perfect engagement ring. He had been saving money for months, and he noticed his attitudes and perceptions about diamond rings changing as he began paying attention to ads for rings. Marketers call this process a) Self-actualization b) A decision heuristic c) Learning

c) Learning

In a SWOT analysis, increasing gasoline prices would represent a potential __________ for manufacturers of electric cars. a) Threat b) Locational advantage c) Opportunity d) Weakness e) Operational advantage

c) Opportunity Higher gas prices should make consumers more likely to consider buying electric cars, so this is a positive factor. It is external to the firm since it is beyond the firm's control. An external positive factor is an opportunity

Which of the following are influenced by the external environment with respect to SWOT analysis. (May choose up to three answers) a) Strong regional brand identity b) Loyalty program c) Retail store growth in America d) Intense competition in the specialty and overall coffee market

c) Retail store growth in America d) Intense competition in the specialty and overall coffee market

Though Asian Americans comprise only 3 percent of the U.S. population, they represent: a) A large proportion of the minorities in the Midwest b) The easiest minority group to access c) The fastest growing minority population d) A uniform group of consumers with a common language e) All of the above

c) The fastest growing minority population

Since the late 1970s, most American families have seen their income growth stagnate, wit income rising only slightly more than inflation. This has changed many Americans consumers' concept of a) Scenario planning b) Culture c) Value d) Demographics e) Green marketing f) None of the above

c) Value American consumers are increasingly aware of and sensitive to the value provided by different product offerings

Astute marketers recognize that the increasing disparity of income between upper- and lower- income groups: a) will create inflationary expectations. b) will vanish once the recession ends. c) creates opportunities to provide value to each group. d) will disappear as ethnicity becomes a stronger cultural determinant. e) is attributable to technological expertise of immigrant groups.

c) creates opportunities to provide value to each group. Upper-income, middle-income, and lower-income individuals are all consumers, and all can be offered value in different ways.

After assessing the market growth potential and market competitiveness for his company's baby products in Mexico, Harmon wanted to evaluate market access. To do this, Harmon would consider: a) the current size of the market and the expected growth rate b) ease of pricing control and number of promotional outlets c) ease of accessing or developing distribution channels and brand familiarity d) the number of competitors, entry barriers, and product substitutes e) all of the above

c) ease of accessing or developing distribution channels and brand familiarity Evaluation of profitability considers market growth, market competitiveness, and market access, along with ensuring that the profit margin will be sufficient to cover costs. Market access includes ease of developing or accessing distribution channels, and brand familiarity

A consumer's external social environment includes a) impulse, habitual, and limited problem solving processes b) functional and psychological needs c) family, reference groups, and culture

c) family, reference groups, and culture

Value creation through Place decisions for a consumer product involves a) designing creative displays to capture consumers' attention. b) focusing exclusively on internet sales to reduce supply chain costs. c) making sure the product is available in the stores where customers will want to find it, and that it is always in stock so they can buy it when they want to. d) pricing products differently at different stores. e) putting the product in the front of the store.

c) making sure the product is available in the stores where customers will want to find it, and that it is always in stock so they can buy it when they want to. Value creation through Place has to do with making sure the product is available when and where the customer wants it. Some of the other options (like the creative displays, or putting the product in the front of the store) may cause more consumers to notice the product, but the correct answer is the one that best describes ensuring that the product is available to the customer

In value-based marketing, promotion communicates the a) relative market value b) targeted solution c) value proposition d) operational excellence strategy e) target market definition f) all of the above

c) value proposition The value proposition is the value of the firm's offering, as explained to the target market. Promotion is responsible for communicating this value proposition

Marco was assigned to help create a positioning strategy for his employer's products based on product attributes. He should consider: a) the characteristics that helped his firm win a statewide award for excellence in manufacturing b) the features the engineers feel are most important c) what the target market would consider the most important features d) the safety record of the firm and its products e) the ways the sales representatives have been positioning the firm's products

c) what the target market would consider the most important features Positioning should be done with the target market's needs in mind. What matters is which attributes are salient (important) to potential customers

The __________ component of customers' attitude is represented by belief. For example, Apple computer users may feel that Apple is better at innovation than its competitors.

cognitive

The perceptions of __________ are measured in a perceptual map

consumers Perceptual maps measure perceptions of consumers, not of competitors or members of the firm

Zappos.com constantly reminds customers of recently viewed items and informs them when stock is low in an effort to entice the customer to make a purchase. Zappos is trying to improve its ___________ rate

conversion The conversion rate is percentage of purchase intentions that are converted into actual purchases.

Where Caroline grew up, everyone knew everyone else, no one locked the doors on their house, and a person's word could be trusted. When she went to work in another part of the country, she was surprised by how few people had similar values and beliefs. Caroline had to adjust to __________ differences

cultural

In its campaign for Real Beauty, Dove was able to connect with important parts of its customer base by: a) Expanding beyond traditional constraints of advertising b) Creating high impact campaigns at a lower cost c) Connecting directly eith customers via the internet d) All of the above e) None of the above

d) All of the above Dove's campaign for Real Beauty, launced on the internet, allowed the brand to reach out directly to customers, bypassing the typical constraints of mass media advertising and also saving money

Insight Guides, a line of travel books, provides travelers with background information about the peoples' beliefs, values, and customs. Insight's books educate travelers about a country's a) Demographics b) Political parties. c) Social concerns d) Culture e) All of the above f) None of the above

d) Culture

Vacation, restaurant, and entertainment choices require marketers to consider which of the following social factors? a) Purchase anxiety b) Learning c) Lifestyle adaptation d) Family influences e) All of the above

d) Family influences

Laura finds that she spends very little time face to face with her family and friends. Most of her communication is done through text messages on her mobile/cell phone and Facebook. Laura probably is part of which generational cohort? a) Generation W b) Baby Boomers c) Generation X d) Generation Y e) All of the above

d) Generation Y

Samantha is charged with assessing for company's external environment as part of a SWOT analysis. Samantha will study her company's a) Threats b) Opportunities c) Stengths d) Opportunities and threats e) None of the above

d) Opportunities and threats The external components of a SWOT analysis are opportunties and threats

Which of the following would be classified as a 'weakness' of McDonald's, using a SWOT analysis. a) Global retail store network b) Customers nonacceptance of McCafe c) Future sourcing sustainability d) Price elastic target market

d) Price elastic target market

The traditional marketing strategy of selling umbrellas when it is raining is an example of how __________ factors influence consumers' decisions. a) Interpersonal b) Shopping c) Psychological d) Situational e) All of the above f) None of the above

d) Situational This is an example of a situational factor, taking advantage of a weather condition that creates specific needs

Marketers in the United States are paying increasing attention to ethnic groups because: a) government subsidies assist marketers attempting to communicate value to these groups b) they represent a majority of the population in non-urban areas of the country c) they are more susceptible to marketing messages d) approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups e) country culture is replacing regional culture as a key marketing consideration

d) approximately 80 percent of all population growth in the next 20 years is expected to come from minority groups Ethnic groups represent a fast-increasing percentage of the U.S. population

The idea of value-based marketing requires firms to charge a price that a) covers costs and generates a modest profit. b) prioritizes customer excellence above operational excellence. c) includes the value of the effort the firm put into the product or service. d) captures the value customers perceive that they are receiving. e) matches competitors' prices.

d) captures the value customers perceive that they are receiving.

Karen has identified four potential market segments for her Rent-A-Chef home meal catering service. The next step is to: a) develop a positioning strategy b) decide on a targeting strategy c) categorize each market segment by consumer demographics d) establish her overall objectives e) evaluate the attractiveness of each segment

d) evaluate the attractiveness of each segment. After identifying potential market segments, the next step is to evaluate attractiveness of each segment

Gender roles: a) are a constant cultural norm b) are unimportant to marketers c) require firms to produce gender neutral advertising for 100 percent of their products d) have been blurred in the past several years e) are important, and gender boundaries should never be crossed

d) have been blurred in the past several years Gender roles have been becoming less fixed and more blurred for the last several years, with men and women no longer playing traditional roles. While gender neutral promotion is used far more often today, there are still some products that are marketed primarily to a specific gender

Most banks now have customer relationship software which, when a customer contacts the bank, tells the service representative what types of accounts, loans, and credit cards the customer currently has. Service representatives use this information to sell some of the other services the bank currently offers to these customers. This is a _______________ growth strategy. a) product development b) diversification c) market development d) market penetration e) product proliferation

d) market penetration Selling more services to existing customers is a market penetration growth strategy. If these were newly developed services, this would be a product development example

In recent years, cellular (mobile) service providers have worked hard to eliminate "dead zones," providing customers with service wherever they traveled. By working to make the network available in more locations, cellular service companies were focusing on __________ value creation. a) financial b) product c) promotion d) place e) price

d) place By making sure the mobile network is available to use where and when customers want it, cellular service companies are working on place value creation

With access to the Internet nearly universal in the United States, many potential market segments have become more: a) identifiable b) substantial c) perceptive d) reachable e) quantifiable

d) reachable A segment is reachable if it can be reached for marketing communication and product distribution. Internet access has opened up many new ways to reach consumers

Generational cohorts are groups of people of the same generation who have similar purchase behavior because they have: a) similar income levels b) the same number of children c) shared country culture and ethnic backgrounds d) shared experiences, and are in the same stage of life e) similar income levels and levels of educational attainment f) all of the above

d) shared experiences, and are in the same stage of life

Greta is concerned that one of the potential market segments she has identified for her dog grooming service is too small and has too little income to have sufficient buying power. Greta is concerned with whether the segment is: a) reachable b) profitable c) responsive d) substantial e) all of the above f) none of the above

d) substantial A segment is substantial if it is large enough to be worth targeting, and if the segment members have sufficient buying power. "Substantial" is a better answer than "Profitable" because even a small segment with few people who can afford the product could be profitable in some circumstances, depending on price, margin, and so on

There is an old saying, "Never go to the grocery store hungry." This saying suggests that a consumer's __________ state may adversely affect purchasing decisions. a) theoretical b) external c) shopping d) temporal e) social f) none of the above

d) temporal Hunger is an example of a temporal state, a temporary state of mind that can influence decision making. In this case, the suggestion is that hunger will cause the consumer to purchase things s/he wouldn't buy otherwise

Introducing newly developed products or services to a market segment the company is not currently serving is called

diversification

Jubyung is buying a laptop computer to take on trips. Although he looks at several brands, he refuses to buy a computer that weighs more than five pounds. Jubyung is basing his decision on a) Social factors b) Temporal factors c) A decision heuristic d) A compensatory decision rule e) A noncompensatory decision rule

e) A noncompensatory decision rule This is a noncompensatory decision rule because no trade-off is possible. No matter how inexpensive or powerful a computer may be, if it weighs more than five pounds, Jubyung will not buy it.

Store atmosphere factors such as __________ can influence consumers' purchase decisions a) Music b) Color c) Lighting d) Scents e) All of the above

e) All of the above

Typical demographic data include: a) Race b) Geographic region c) Income d) Gender e) All of the above f) None of the above

e) All of the above All of the listed choices were examples of demographic factors

Which of the following is NOT one of the four major growth strategies marketers typically utilize? a) Diversification b) Product developement c) Market penetration d) All of the above e) None of the above

e) None of the above The four growth strategies are market penetration, market development, product development, and diversification

Apple computer users tend to like the company and love its products. Apple has nurtured this __________ component of their customers' attitudes. a) social b) cognitive c) physiological d) psychological e) affective

e) affective The words "like" and "love" are important here, as they represent feelings, which make up the affective component of an attitude. The cognitive component would be represented by beliefs (for example, the belief that Apple is better at innovation than its competitors). The behavioral component would be represented by actions (for example, the choice to buy an Apple computer instead of a Windows PC).

Jacinta manages the shoe department in a large department store. She will probably use ___________ to influence consumers' decisions while in her part of the store. a) promotions b) salespeople c) store atmospherics d) in-store demonstrations e) all of the above f) none of the above

e) all of the above

Alexis has selected target markets for her fashion accessories store in a suburban strip mall. She is now deciding how to position the accessories. She could consider positioning based on: a) product attributes b) symbols c) competitive comparisons d) value e) all of the above f) none of the above

e) all of the above All of these are factors Alexis may use to position her store

Regina wants to position her financial services company. Regina can position her services according to: a) competitive comparisons b) product attributes c) symbols d) value e) all of the above f) none of the above

e) all of the above Each of these is an option to consider when positioning a product

In addition to calculating the potential profitability of a market segment, marketers will also consider: a) customer loyalty b) the cost of replacing customers c) defection rates d) likely future sales to customers e) all of the above

e) all of the above The criteria listed help to determine the cost of acquiring new customers in the future, which is an important factor in assessing long-term profitability of a segment

When John and Dorothy go out to dinner, they look for unusual wines on the wine list. Experience has taught them that unusual wines are often personal favorites of the restaurant owner and can offer a special experience. John and Dorothy have their own __________ when choosing wines. a) compensatory decision rule b) social factors c) temporal factors d) noncompensatory decision rule e) decision heuristic

e) decision heuristic

Among the factors affecting the consumer decision-making process is/are __________, the way consumers spend their time and money to live. a) life standards b) conspicuous consumption c) the demonstration effect d) external validation e) lifestyle f) none of the above

e) lifestyle

Recent advances in technology allow manufacturers, distributors, and retailers to track production, distribution, and sales. These advances help the firm to: a) increase value to the consumer through media effectiveness promotion b) tailor their marketing messages c) communicate with consumers on social media sites d) replace services with products e) meet inventory needs

e) meet inventory needs Some of the other options address ways that technology can help firms communicate with consumers; however, the question asks about members of the supply chain using technology; inventory management is an example of how the supply chain can benefit from technology

Whenever the president of the local public university promotes the institution, he emphasizes the university's price (much lower than neighboring private colleges) and high quality. He is positioning the institution based on: a) symbols b) product attributes c) competitive comparisons d) all of the above e) none of the above

e) none of the above By emphasizing the low price and high quality, the university president is focusing on value (which is not listed in the choices)

Whenever Donald calls on potential pest control customers, he emphasizes the fact that, unlike the national franchise competitors, he is a local business person and has been in business over twenty years. Donald is ____________ his business relative to his competition

positioning Donald is positioning his business relative to the competition by focusing on his investment in the local neighborhood and his years of experience serving local customers

When Starbucks first opened, many critics suggested, "No one will pay $4.00 for a cup of coffee." Starbucks' critics suggested consumers would not be __________ to the company's offerings

responsive A segment is responsive if its members react similarly and positively to the marketing mix. Early critics did not believe that consumers would respond positively to the offer of a $4 cup of coffee

When evaluating the attractiveness of the segment, if a segment is expected to react positively to the firm's offering, we say that the segment is

responsive For a segmentation strategy to be successful, the customers in the segment must react similarly and positively to the firm's offering. This is referred to as a responsive segment.

Marketers often use principles and theories from __________ and __________ to decipher many consumer actions and develop basic strategies for dealing with their behavior

sociology; psychology

A segment is _________ if it is large enough to be worth targeting, and if the segment members have sufficient buying power.

substantial

A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges is that firm's _________________

target market

With respect to Alternative Evaluations during The Consumer Decision Process, Katie Smith know that there are a lot of apparel stores (_________ set). However, only some have the style that she is looking for, such as Macy's, Ann Taylor, The Gap, and Banana Republic (_________ set). She recalls that her Ann Taylor is where he mother shops and her sister loves Gap. Katie is sure that Banana Republic and Macy's carry business attire she would like, so only those stores are in her __________ set.

universal set; retrieval set; evoked set

The ______________ is the value of the firm's offering, as explained to the target market. Promotion is responsible for communicating this.

value proposition

Manufacturers who use just-in-time manufacturing systems coordinate closely with suppliers in order to ensure that materials and supplies arrive just before that are needed in the manufacutiring proccess. While just-in-time systems can offer major advantages in terms of inventory costs, they must be carefully managed. If a firm found that its just-in-time system was badly managed, leading to frequent manufacturing delays due to missing parts this would represent a ________ in a SWOT analysis

weakness The management of the just-in-time system is an internal issue; if it is being done badly, that makes it a weakness