final quiz MP
The goal of any marketing communication is to
get the right message to the right audience through the right media.
Which element of the marketing mix is most relevant to the activity "creating value"?
product
A(n) ________ is a group of products that consumers may use together or perceive as similar in some way.
product line
The complete set of all products offered by a firm is called its
product mix.
A major advantage of primary data collection is
it offers behavioral insights generally not available from secondary research.
A major disadvantage of primary data collection is
it requires more sophisticated training and experience to design the study and collect data.
Generally, firms entering foreign markets begin with
less risky strategies first.
While JIT systems have many benefits, they
make the logistics function more complicated.
core aspect of marketing
making product, place, promotion, and price decisions
Integrated marketing communications represents the ________ element in the six Ps of a firm's marketing mix.
promotion
________ is communication by a marketer that informs, persuades, and reminds potential buyers about a product or service so as to influence their opinions and elicit a response.
promotion
Brands that are owned by ___________ are called private-label brands.
retailers
In value-based marketing, the promotion element of the four Ps communicates the ________ to customers through a variety of media.
value proposition
After defining the business mission, what should a firm do next to develop a marketing plan?
perform a situation analysis
Marketing has traditionally been divided into a set of four interrelated decisions known as the marketing mix, or four Ps, including all of the following except
performance
Efforts to change a brand's focus to target new markets or change the image of a brand are called
brand repositioning
Marketing research includes all of the following except
creating data
The basic goal of integrated marketing communications is to
communicate the value proposition to the target market
Which marketing activity is most directly served by the promotion element of the marketing mix?
communicating value
In the IMC communication process, the ________ is the medium that carries the message.
communication channel
Business-to-business marketing involves buying and selling goods or services by all of the following except
consumers
The four Ps make up the marketing mix, which is the __________ set of decisions or activities that the firm uses to respond to the wants of its target markets.
controllable
When marketers use a variety of communication disciplines—advertising, personal selling, sales promotion, public relations, direct marketing, and online marketing including social media—in combination to communicate a value proposition to the customer, it is referred to as
integrated marketing communications.
Marketers must determine the price of a product carefully, based on potential buyers' beliefs about
its value
To determine how attractive a particular market is using the BCG portfolio analysis, ________ is(are) established as the vertical axis.
market growth rate
the process of dividing the market into groups of customers with different needs, wants, or characteristics is called
market segmentation
The fundamental goal of marketers when creating goods, services, or combinations of both is to
create value
________ offers the firm complete control over its operations in the foreign country.
direct investment
The activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large is called
marketing
Many companies use the Internet to allow consumers to design customized products; for example, Nike allows customers to order shoes with custom color combinations. This is a form of
micromarketing
With more frequent shipments associated with quick response (QR) systems, a retailer is
more likely to have what customers want.
Kraft, Nike, Coca-Cola, KitchenAid, and Sony are considered famous ________ brands because they are owned and managed by the manufacturer.
national
Both the B2B and B2C buying processes begin with
need recognition
In one test before product launch, customers try a sample product and are then surveyed to understand whether or not they would buy/use the product again. This is known as
premarket testing.
Which element of the marketing mix is most relevant to the activity "capturing value"?
price
After reviewing the existing data on seasonal spending by his company's customers, Marv decided he needed new information collected to address his research questions. Marv will need __________ data to address the questions in his marketing research study.
primary
Marketing expenditures allocated carefully can result in greater brand recognition, awareness, perceived value, and consumer loyalty for the brand, which all enhance the brand's
equity
One of the potential benefits to a firm of introducing new-to-the-world products or services is
establishment of a completely new market.
During a SWOT analysis, a company should assess the opportunities and uncertainties of the marketplace due to changes in several factors, given the acronym CDSTEP. Which of the following is not one of these factors?
ethical
If a firm wants to develop a sustainable competitive advantage, it should
examine its operations and customer relations to identify significant things competitors cannot easily copy.
When entering a foreign market, the least risky strategy is
exporting
If many consumers in the marketplace are familiar with a brand and what it stands for and have an opinion about the brand, the brand has considerable
awareness.
In most large organizations, several people are responsible for making a purchase decision. This group is called the
buying center
In a(n) ________ marketing channel, one or more intermediaries work with manufacturers to provide goods and services to customers.
indirect
__________ is the process by which ideas are transformed into new products and services that will help firms grow.
innovation
When the marketing research problem is not clearly defined, a researcher will likely engage in __________ research.
qualitative
The purpose of __________ is that it provides information needed to confirm insights and hypotheses generated and helps managers pursue appropriate courses of action.
quantitative research
The marketing of services differs from product marketing because services are all of these except
renewable
When Costco sells to consumers directly, it acts as a ________; when it sells to other businesses, such as a restaurant owner, it acts as a ________.
retailer; wholesaler
A marketing research project often begins with a review of the relevant __________ data.
secondary
Which of the following is not one of the four major growth strategies marketers typically utilize?
segment development
After identifying various market segments that her company could pursue, Linda evaluated each segment's attractiveness based on size, income, and accessibility. Linda was involved in
target marketing
When McDonald's comes up with a new drink or sandwich for its restaurants, it often markets it in a dozen or so of its outlets. When the company does this, it is engaged in
test marketing
just as marketers create value by meeting the needs and wants of consumers, marketing researchers create value if
the results will be used in making management decisions.
In marketing's four Ps, place refers to all activities required to get
the right product to the right customer when that customer wants it.
The consumer decision process model represents
the steps that consumers go through before, during, and after making purchases.
The highest level of awareness occurs when customers mention a specific brand name when asked about a product or service. Marketers call this
top-of-mind awareness.
The first step in the STP process is to
Establish overall strategy or objectives
Which of the following is true of marketing?
Marketing affects various stakeholders.
The first question a marketing researcher should ask before embarking on a research study is
Will the research be useful?
The consumer buying process begins when
a consumer recognizes an unsatisfied need
How a product or service will be conceived or designed, how much it should cost, where and how it will be promoted, and how it will get to the consumer are all elements of
a marketing plan
Julie is considering a career in marketing. She is concerned about the image of marketers as fast-talking, high-pressure people who care only about making a sale. When reading about the core aspects of marketing, Julie is relieved to see that in marketing
all parties to the transaction should be satisfied.
Which element of the marketing mix deals with supply chain management?
place
Which element of the marketing mix is most relevant to the activity "delivering value"?
place
________ represents all the activities necessary to get the product to the right customer when that customer wants it.
place
Which of the following is not one of the four overarching strategies to create and deliver value and to develop sustainable competitive advantages?
planning excellence
What type of analysis does management use to evaluate the firm's various products and businesses and allocate resources according to which products are expected to be the most profitable for the firm in the future?
portfolio analysis
________ involves the process of defining the marketing mix variables so that target customers have a clear, distinctive, desirable understanding of what a product does or represents in comparison with competing products.
positioning
________ compares the price of a product to its benefits.
value