Mark 301 Final

retain customers

Easy Walk, a pet leash company, doesn't conduct customer surveys. If it had it would discover that one of its main leash lines frequently snags and breaks, and customers are dissatisfied. The product defect is not addressed and nothing changes for the customer, so the customer leaves. Because the company did not have good marketing, it failed to

What is the best way to get his service to his target customers?

Eric, a ghost writer, conducted market research and discovered a niche market in writing scripts for corporate online videos. He also knows now the market will bear $250 per script. What question should he ask next about placement of his marketing mix?

conduct secondary research

Frank owns a skateboard store. He needs to capture another market and is walking through the steps of a marketing plan. He begins checking out his current customers and analyses what they are like, what type of purchases they make, and what they look like demographically. He talks with a few of his best customers and then realized he missed a step in the process. Now that he has conducted his primary research, what should be his next step?

A company or organization starts by considering its overall goals and objectives and the marketing goals and objectives.

If a company needs to stimulate revenue or provide extra value or incentives to its customers or distributors for a short period of time, which marketing tool would be best for the company to use?

sales promotions

If a company needs to stimulate revenue or provide extra value or incentives to its customers or distributors for a short period of time, which marketing tool would be best for the company to use?

public relations

If a company or organization is working on building a favorable community relationship with organizations, people, customers, groups, and the public in general, it is working on growing and maintaining a favorable image through ________.

an e-brand brand

If a company provides an online service that delivers physical products and services but does not exist as a brick-and-mortar store, it is considered which type of brand?

its product currently has low market share but is in an industry that is growing

If a company ran a BCG Matrix analysis on one of its products and discovered it was a question mark, what would that mean?

personal selling

If a company uses in-person interactions to sell a product or service through sales representatives, which this type of communication method is it using?

early majority

If a company's new product is not a new technology and it's an extension of a current product line, what type of adopters will be interested in it?

the brand name

If a company's positioning statement includes a target segment, the service/product category in which a company is establishing that market position, the key differentiation points, and the reasons why customers should believe the positioning claims, what is the statement missing?

the brand's promise

If a consumer knows the exceptional experience a brand assures its consumers, and they count on the brand from year to year, then the consumer knows what about the brand?

add new product features customers asked for and increasing product price point

If a corporation sets a company objective of increasing its net profit this year by 5%, what marketing objectives and strategy are being used to achieve the corporate objective?

SEO keyword ranking, number of unique visitors, average time on site/page

If a marketing communications campaign uses SEO or website tools for its marketing campaign, what are some of the KPIs used to measure the campaign's effectiveness?

the sixth step: determining the promotional mix of which tools to use, when, and how much

If a marketing team is deciding between using a direct mail marketing campaign or a social media marketing campaign, then where are they in stages of the planning steps?

competitive dynamics

If a product exists in a highly competitive market, it is likely to have an elastic demand. What type of factor affecting elasticity does this represent

low-involvement decision

If a purchase decision is a routine purchase with little customer decision involvement, what type of decision is it?

discount retailer

If a retail store focuses on price as its main sales appeal and has a broad selection of merchandise, which type of a retail store is it?

telephone and in-person research

If an organization desires to conduct research with more active control over who participates and has a large budget to pay for research, which combination of research methods would best suit its situation?

an rental car company targeting customers with over 50 car rental instances through the rental car company

If behavioral segmentation includes the knowledge of, use of, response to, and attitude toward a product, which choice below is an example of a behavioral segmentation?

feature

If something is an intangible or tangible characteristic of a product, service, or offering, it is considered a:

service

If something is described as a performance, an effort, or a deed, what is being described?

mass marketing

If the company Target is marketing the same way to an entire market, trying to reach the largest audience possible, which targeting strategy is it using?

high-involvement decision

If the decision-making process involves a customer's self-image and financial, social, or psychological risks, it is likely to be a:

test marketing and validation stage

If the marketing team is testing a product's marketing mix with a wider market and validating its effectiveness, what product development stage are they in?

internally homogeneous

If the potential customers belong to the same segment, display comparable characteristics, and choose the same product qualities consistent with their segment, then which condition for the ideal market segment approach should be used?

pull strategy

If the strategy a company is using stimulates demand and motivates customers to seek out its specific products or services, this strategy is known as a ________?

High-involvement decision consume

If you are a marketer promoting wedding engagement rings through high-end retail shops, bridal magazines, and online search engine results for "expensive engagement rings," then which type of consumer involvement are you targeting?

niche marketing

If you own a small company with a small budget and limited financial resources, which marketing strategy would be best to try first??

product-market fit

If your new product launch meets a good market and satisfies that market, it is considered a:

market orientation

In 2005 the hamburger restaurant Heart Attack Grill opened its doors and offered its customers food "so bad for you it's shocking." To meet the desires of its customers, they added a new promotion. If a customer finishes a Triple or Quadruple Bypass Burger, they are placed on a wheelchair and wheeled out to their vehicle by their own "personal nurse. " Heart Attack Grill is using what type of marketing approach?

It defines and enforces rules for buying decisions.

One of the key characteristics of a B2B buying process is the number of individuals involved in making buying decisions. In order for an organization to control this process, what does it do?

esteem, differentiation, relevance, knowledge

One of the tools available for measuring brand equity was developed by Young & Rubicam. It is called the brand asset valuator. Which four consumer perspective dimensions does it use to evaluate a brand's equity?

corporate strategy

Patagonia's mission is to, "Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis." To match this mission, they design and sell useful things made to last and ask their customers not to buy what they don't need or can't really use. This statement is an example of a mission statement affecting the company's:

p = (Vn + FC) / n

The correct equation to calculate the break-even price which includes fixed and variable costs is expressed as:

n = FC / (p - V)

The correct equation to calculate the break-even quantity, which includes fixed and variable costs, is expressed as:

The concern for people's privacy and information security is a major concern.

The direct marketing method of using databases, email, and mobile campaigns is a prevalent and effective marketing tool today. These type of marketing tools provide personalization and powerful predictions of customers needs and behaviors. With all the benefits of these tools, what are some of its disadvantages?

customer relationship management

The discipline in marketing that combines databases and computer technology with marketing communications and customer service is the definition of:

address target audience

The first step in outlining a strong marketing positioning statement is to:

crowd-sources branding

The BeardHead company makes winter hats with attached beards. It had few funds for a marketing campaign, so it opted for a branding strategy: it gave hats to local celebrities to wear at an annual film festival. A handful of attendees in the crowd filmed the celebrities wearing the hats and sparked a small following for the hats on YouTube. What type of brand strategy did BeardHead select to grow its brand?

market development strategy

When Arm & Hammer Baking Soda company ran ad campaigns highlighting all of the additional uses for its baking soda product besides deodorizing the refrigerator, what market strategy was it using?

sales numbers, expenditures from the marketing budget, number of new customers acquired

When a company is trying to evaluate the effectiveness of its marketing campaign, or marketing ROI, it needs to monitor what types of information?

brand trust, repeat-purchase behavior, customers' perception of value, satisfaction, commitment

When a company or brand measures the loyalty of its consumers who will repurchase or continue using its brand's product or services, which psychological processes should be the main focus?

work through the components of the 4Ps, setting them to deliver value to the customer in alignment with the company objectives

When a company sets its business strategy, in order for the marketing strategies and objectives to align with it, marketers should:

diversification strategy

When a company that made school notebooks enters the pencil and pen market with its new products it is using a:

She uses the positioning strategy to adjust the value proposition to the target segment's needs and interests.

When a marketer aims her product message at a specific target market, what does she do with the general value proposition?

belief

When a person holds a conviction about something, it is known as a/an:

store layout and atmosphere

When considering the presentation of a retail store, which elements largely contribute to the visual experience for a consumer?

after technical and marketing development stage

When is the best time to conduct a test market of a product?

product or service improvements

When marketing is effective a company receives the benefit of:

product development strategy

When the Dove soap company decided it wanted to increase the size of its market, it chose to develop and offer a shampoo product under its Dove brand. Which strategy did Dove use?

a specific target segment

Which answer best completes the statement, "Effective positioning is always linked to________"?

product flow, negotiation flow, ownership flow, information flow, and promotion flow

Which channel flow areas from the perspective of a channel manager are included in a flow framework?

communication, conflict, roles, and power

Which dimensions should a marketer consider when dealing with the human aspect of distribution channels?

competition and consumer trends

Which factors can trigger an organization's decision to reposition a product, service, or brand?

Innovators are always the first to adopt innovative and new products and they are viewed as risk takers.

Which is a true statement about the diffusion-of-innovation theory?

marketing strategy, company strategy and objectives, customer requirements

Which of the following are the main considerations of creating a channel objective?

Sears

Which of the following is an example of a department store?

Costco

Which of the following is an example of a wholesaler?

a company's promise of what its offerings will bring to an interaction with a person

Which of the following is considered an example of a brand as a promise for a company or organization?

a planned and coordinated series of marketing communication events built around an idea or theme that is designed to reach a particular objective

Which of the following is the best definition of an IMC marketing campaign?

to bridge the gap between a product's producer and a product's user

Which of the following is the primary purpose of any channel of distribution?

A supply chain is broader than marketing channels.

Which of the following statements best describes how a supply chain differs from a marketing channel?

gathering data through one large one-time survey and acting upon findings

Which of these steps assist a business in making its products more effective?

value-based pricing

Which pricing process is based primarily on a customer's idea of value rather than on a competitor's pricing or production costs of a product or service?

penetration pricing

Which pricing strategy assumes customers will switch to a new product because of the lower pricing and has the purpose of increasing its market share by taking advantage of economies of scale?

pricing below competitors

Which pricing strategy is often used when a company wishes to compete by capturing a larger sales volume and is willing to deal with lower profit margins per unit?

the type of campaigns used and message and activity consistency across channels

Which promotion considerations does a marketer need to address when using a company's new positioning statement?

the launch stage

Which stage in the new product development process is fully implementing a sustained marketing plan?

concept development and testing stage

Which stage of the product development process sometimes includes rapid prototyping?

proposal solicitation step

Which step of the organizational buying process involves qualified suppliers who are invited by a company in a B2B scenario to submit a bid to become its supplier?

decide whether the name is for the company's own brand, for private-labeling, or for a mixed brand

Which strategic steps should be determined before brainstorming on a brand name?

transactional, logistical, and facilitating functions

Which three functions are necessary between channel partners for an efficient flow of title and product to a customer and for payment back to the product producer?

perceptual mapping

Which tool is based on the key criteria that greatly influences customer decisions and illustrates how a variety of competitors are positioned in the marketplace?

presentation and personnel

Which two additional marketing Ps help retailers deliver the best retail experience?

proposal solicitation and supplier selection processes

Which two stages are included in the competitive bidding procurement process for a B2B scenario?

personal selling

Which type of common marketing communication method uses the development of face-to-face interaction and relationships with the target audience in order to sell products or services?

a new high-quality laptop

Which type of product is the most appropriate one for a company to use with a skimming strategy?

franchises

Which type of retail approach brings national chains to local ownership?

They are the interface between the brand and the shopper

Why are personnel an important element of the retail marketing mix?

It reflects the overall service or product positioning, image, and benefits.

Why is a company's brand name an integral part of its brand identity?

How can it identify and reach the larger market more effectively?

The Undress company produces a dress that women use to quickly and easily change in public. The company is just over a year old and has been successful through a Kickstarter campaign. The Undress company has identified a customer segment, but if it wants to reach a larger customer segment market outside of the Kickstarter family, what question must it answer?

solution sale

The Y-Combo company is in need of new software to run its information technology services. Y-Combo narrows down the prospects to two companies. The second company shows how itsIT software also integrates easily with Y-Combo's accounting, human resources, and CRM software package. The second company is offering Y-Combo what type of a sale?

tactics

The company BarkBuddy decided to pursue a product allowing customers to use its phone app to find a dog for adoption. The app lets a potential owner swipe through profiles of nearby dogs needing a home with a simple Yes or No. Its users tell BarkBuddy what they are looking for in a dog and fill out a form for a pre-screening. BarkBuddy's details indicate that it has decided on its:

competitve offering

William has been playing a rented saxophone for the last three years. He has now saved up enough money to purchase a new one, so he visits his local music store. The music store sells saxophones from two main companies. One company offers just the saxophone while the other includes reeds, cleaning equipment, and a buffing cloth. The instruments are the same price, so William decides to purchase the second one that includes the extra components. The choice William made was based on the instrument maker's:

resources, timing and budget

With the variety of ways to conduct primary research, what does a company need to considered to conduct primary research in a most effective manner?

competitive advantage

a quality, capability, or trait that grants an organization the ability to outperform its competitors.

objectives for the research

Caroline started doing her marketing research process by identifying the problem of poor marketing message penetration. What does Caroline need to articulate next?

it would be successful and have economies of scale

Chobani chose to price its product at close to $1. It based its marketing mix pricing decision by assuming:

industry associations, professional journals

A company sells vacuums for consumers and wants to see the latest marketing trends, find data on its industry, and developments in both online and offline news sources for its yearly forecasting. What is a best place for it to discover this information?

To tailor its marketing mix to customer interests and needs and target segments.

A company used its CRM systems to capture customer information and interactions data and to centrally store this information. How else can a company use its CRM system?

customer satisfaction with the brand

A company wishes to measure its customers' loyalty. What attribute of its brand could be used to assess this measurement?

benefit

A company's product or service that provides a unique, intangible strength or outcome for a customer is the definition of a:

marketing information

What is the freshest source of dependable customer information from either outside or inside an organization?

marketing concept

A company's strategy stems from the ideology that "the customer is king," and the company tries to understand its customer as much as possible. Which concept is the company using to drive its success?

umbrella branding strategy

A consumer household cleaning products company, the Klean Kompany, has multiple products. Each is labeled with the Klean Kompany name, including Klean Kompany Disinfecting Wipes, Klean Kompany Kitchen Shine, and Klean Kompany Toilet Bowl Scrub.. Which branding strategy is Klean Kompany using to build its brand?

How much is too expensive or too cheap?

After a targeted segment of kids under twelve was chosen by a sugar cookie company, the company had to decide on its marketing mix to that segment. When deciding on a price strategy for its cookies, what questions should the company ask?

consistency

A critical part of a brand's message to the market and consumers is to not only be relevant to customers and build credibility, trust, and loyalty, but also present coherent message differentiation of its product or service from the competition. This type of coherent, unifying brand messaging is known as:

demographic

After considering the life stage and personality of a customer, what is another important psychological factor to consider?

anchoring and providing pricing options

A dating website offers a deluxe package of $200 for 12 months of matches or a classic package of $50 for one month of matches. Most customers don't want the higher cost or they don't think they will use the site for a year and end up purchasing the classic package. The customers sign up feeling like they just saved $150 and they still have full access. Which type of psychological pricing was the cloud storage company using?

user-centered design

A design process that directly engages end users at every design process stage to address the needs, limitations, and wants of the end user is the definition of:

you the customer

After looking through the Container Store catalogue you discover the perfect components you didn't know you needed to make your small living room closet more useful for you. Marketing just highlighted a benefit for:

change the product to address the safety issues of customers.

A group of customers that purchased a hoverboard for the holidays have been injured from using it. Numerous reports on the local nightly news has created a belief that the hoverboard is dangerous. In order to address this belief and attitude, the hoverboard marketers have a few choices. Which of the choices is the easiest path for them to take to address this attitude?

product line

A group of products in an organization that has some common elements and that is marketed to one general market is the definition of a

their analysis plan

A hair salon wants to expand its business. It began working through a marketing research process and are they now in the planning the research step. What do they need to put in the plan besides the types of data needed, timing, budget, data collecting methods, interpretation, and reporting?

maturity stage

A hiking boot's profits are declining because new competition has entered the market, but its cost has also declined due to increased volume of production. What stage of the product development life cycle is the hiking boot in?

brand equity

A leading brand evoking a favorable or disagreeable emotional or mental association with it is the definition of:

the message's communication effectiveness with the target market

A lip balm company with two types of marketing messages ran a focus group on potential customers to see which message had more impact. From this marketing research the marketers could discover insights into:

product, price, promotion, place

4 P's of marketing

screen out problematic names and check for domain and social media availability

A company has just finished brainstorming around fifty names for its new product line. What are the next two steps it needs to take in the name development process?

skim pricing

A company introduces a new technology product to the market. It sets the product's price at the highest price it thinks customers will pay. Which type of pricing strategy is the company using?

Packaging is the main tangible element for creating brand positioning associations in a potential consumer's mind and in underscoring a brand's values and qualities in their products.

A company is deciding whether to allocate more of its budget toward product packaging. To justify this budgetary change, the marketing team must present compelling reasons to the management team. What is the most compelling reason they could present?

online ads

A company is developing its advertising media plan and recognizes that it needs to target a highly specific market and be able to have high measurement capabilities for its advertisement effectiveness. Which type of media would best support the company's media plan goal to meet its stated requirements?

American culture, an ethnic subculture, and family

A company is targeting its marketing by running an advertising campaign showing a Hmong family celebrating its traditions during the 4th of July holiday. The ad campaign features the company products being used by the children. What area of consumer decision influence is the marketing campaign using?

product portfolio management

A company is trying to figure out what products to offer, when to add new products, and when current products should be discontinued. What tool will assist the company in answering all of those questions?

development stage

A company just received an influx of investor cash for its consumer 3D printer product. The company is developing two prototypes to be tested and run through a few focus groups. This 3D printer product is at which life cycle stage?

product concpet

A company like Gillette, which focuses on producing the best possible disposable razors, is an example of a company following which orientation concept?

distinction, aesthetic beauty, quality

A company making expensive watches for the jet-set crowd of international travelers should consider incorporating which elements of packaging to match its product and brand?

Who am I trying to reach?

A bicycle repair company conducted segmentation research and then targeted their direct mail coupons for a first bike tune-up to that identified customer segment. What basic question did targeting and segmentation answer for the company?

differentiate their breakfast cereal as a healthy, fast breakfast the kids can make for themselves because they are a busy family

A breakfast cereal company ran a segmentation analysis of potential new customers and identified these characteristics: single fathers with at least two children under the age of twelve and who work full time, are focused on nutritious meals, and live in the city. What could the company do to market to this potential market segment?

identifying potential customers

A business has developed a product, but is unsure where to focus its efforts to sell the product. Marketing can help this company by:

individual factor

A business you are trying to sell to has a manager named Mark who is involved in the selection process. Mark constantly interrupts you and he enjoys giving people in the room high-fives. Mark's actions exemplify which type of unique influencing behavior factor?

use a value-based price in conjunction with all elements of the marketing mix communicating value to the customer

A company chooses to price its products by value-based pricing. In order for this type of pricing to be most effective, what additional tactics should be included with the price?

observational research

A company conducts primary research by watching its non-customers and customers purchase, shop, return products, give positive and negative feedback, and engage in a variety of behaviors. What type of research did this company use?

competitor-oriented pricing

A company copies the competitor's pricing strategy by setting prices almost completely according to its competitor's prices or by using price as one of the features that differentiates the product. Which type of pricing strategy does this describe?

It can generate demand from word of mouth by the goodwill created among innovators and early adopters.

A company decided to price its product with the penetration strategy. What advantage does the company potentially create by selecting this type of pricing strategy?

reducing company risk by deciding where, when, how, and to whom a product, service, or brand will be marketed

A local property management company has seen little increase in its revenues over the last year. Its new marketing director, Kim, conducts several segmentation surveys and discovers an improper alignment of company marketing efforts with its actual and potential customer segments. With customers more clearly identified, Kim strategizes the types of marketing campaigns to effectively reach these current and potential customers. Kim used segmentation identification to meet which of her company's objectives? In order for segmentation :

what the target customer values as greatest

A marketer conducted a target customer feedback survey that captured many points of information from customers. For a marketer to understand value, they must discover

It helps to guide and identify which communication tools and methods should be used.

A marketer is deciding whether the marketing campaign for his company's product will be a push strategy, a pull strategy, or a combination of the push/pull strategies. What impact does this decision have on the rest of the marketing campaign?

What influences a potential buyer's decision process and in what way?

A marketer must understand potential buyers' needs and wants to be able to address and satisfy them. There are two key questions the marketer needs to ask. The first is "How do potential buyers go about making purchase decisions?" What is the other question?

Is there a distribution focus mentioned or implied as a competitive advantage or a positioning strategy that should be directly addressed?

A marketer works on developing the "Place" portion of the marketing mix. What question should she keep in mind while working on it?

customer relationship management

A marketing discipline that combines computer technology and databases with marketing communication and customer service is the definition of:

personal allowances

A mattress manufacture paid its retailer, Bed Head, a sum of money to have Bed Head feature its mattresses in its weekly advertising flyers, radio spots, newspaper ads, and email campaigns. This is an example of a manufacturer giving ________ to its retailer.

tactic

A means or action by which a plan or objectives are accomplished is the definition of a:

elasticity

A measure of sensitivity or responsiveness to price is the definition of ________?

markup

A middleman is receiving either a dollar amount or percentage difference between the average cost and the price of an individual item or of all merchandise in stock for a specific department. The amount the retailer is receiving is known in the business as a ________?

highlighting an area in society that is in need of a raised awareness

A national TV company that owns several affiliate stations is taking a Saturday in January and having its stations broadcast a fundraising marathon to raise awareness and collect donations for the Multiple Sclerosis Society. This is an example of marketing providing what benefit for society?

meeting and getting acquainted stage

A new homeless housing nonprofit begins a social media campaign to build general population awareness for its services. This organization is focusing on what area of relationship management?

advertisement

A paid form of communication from a specific source or sponsor that accentuates goods, services, and/or ideas, of the sponsor is the definition of ________.

quantity discounting strategy

A pet supply company offers a base price reduction for a retail buyer who purchases a prearranged amount of pet merchandise. This deal aids the pet supply company to keep the retail buyer as a repeat customer. Which type of discounting strategy did the pet supply company use?

creates products that satisfies and delights people

A place where consumers and organizations connect, build relationships, and bring to market unique solutions to problems or needs is Indiegogo. What type of societal benefit does its marketing awareness bring?

exchange process

A process in marketing involving a provider, a customer, a product, and a transaction is known as the:

competitive advantage

A sales associate at Ann Taylor Loft, Karina, has developed a relationship with Jeanne over the years—so much so that she only shops for her clothes at Ann Taylor Loft. Even when there are sales at other stores, she continues to buy at Ann Taylor Loft. What advantage is managing a customer relationship well having on the store?

its production strategy and marketing mix must scale up to meet growing demand

A sand dollar jewelry company chooses to use a micromarketing approach, but it becomes very popular in a short amount of time. What does it need to do to capture that demand?

positioning statement

A sentence that summarily describes the target market and defines what a company wants customers to think about its brand is the definition of

each segment requires its own marketing plan and execution and costs add up quickly

A small company making hole punchers has decided to use a differentiated marketing strategy and target four different market segments. What problems might the company encounter?

cost-plus

A store picks a pricing goal in relation to a specific gross margin, producing a desirable profit margin. What is this type of pricing called?

personality and lifestyle

A store selling hunting equipment decides to focus on a new market segment to grow its customer base. It chooses to focus its new marketing campaign toward politically conservative women who are outdoor enthusiasts and socially introverted. This store is focusing its marketing strategy by highlighting:

Collect customer feedback information from customer service and monitor social media comments about the product.

A technology company needs to monitor its customers' responses after launching its new brand positioning of its portable external hard drive product. How can marketers collect direct feedback from their customers?

supplier selection

A tire company collected proposals from ten different rubber suppliers. The main decision-makers reviewed the proposals and then met to discuss the next step. What is the tire company's next step in the B2B buying process?

email, surveys, social media

After a sale is made and consumers have purchased the product or service from a company, which additional IMC tools are used to support them, keep them satisfied, and retain them as customers?

Sales

Abby is going on a business trip next week. She needs a new pair of pants. After going to the mall and trying on a few pairs, she takes one up to the register and pays for it. Abby's purchase is an example of which marketing tool?

developing a superior new product and capturing a new market

According the the strategic opportunity matrix, a diversification strategy is going to potentially involve which of the following?

he potentially generates new business

According to marketers, what happens when a frozen yogurt customer, Radley, goes on social media promoting his preference about a yogurt shop's service and flavor offerings?

validating the case for the number nine

An electronics store introduces three new types of music players to its customers. Each of the new music players are priced at $99, $79, and $59. Which psychological pricing approach is the store using to price the music players?

brand loyalty

An established company decides to redesign its logo and product packaging. Amongother considerations, the most important element it needs to address is how this change will affect customers':

product

An offering by an organization that provides tangible or intangible customer satisfaction is the definition of a:

build a buyer persona with collected data

An online gaming company had thousands of people playing its car chase game, but no idea who its ideal customer was. What should this company do?

sales concept

An online software company sends daily spam emails urging you to buy their latest antivirus software. You have declined this email at least ten times, but continue to receive emails. What orientation concept is this company using?

non-profit organization

An organization called The Road Home provides people otherwise without a place to stay temporary shelter for a night at no cost to them. This organization is an example of a:

interviews are expensive to conduct

An organization decides to conduct primary research on their products by selecting a few customers for in-depth interviews. What is a potential disadvantage of taking this approach?

strategic business unit (SBU)

An organization groups together similar products into product lines. What is it called when an organization groups those product lines into specific market-targeting strategy groups?

an organization or company building a brand that reflects its values and principles and maintains that consistent message

An organization's management and marketing teams often speak of brand ownership. Brand ownership means:

niche marketing

AnyBots offers a small camera/scooter device that lets you remotely drive around an office without physically being there. It focuses specifically on business travelers who need to be everywhere at once. AnyBots' marketing strategy is called:

How would changes to pricing affect sales?

Armed with marketing research results, the company marketer Jeff is conducting a brainstorming session about the price of his company's main product. Which of these questions are most appropriate to steer the conversation about price?

the action stage

As a company moves a customer through the purchasing process, the percentage of prospects changes. Which stage of the AIDA process has the smallest percentage of prospects associated with it?

the entire environment in which the value exchange takes place

As a marketer you are creating an exchange process for a company. What is your main responsibility?

to explain its differentiating qualities to its target customers, why it is better, and why the superiority to its competitors matters

What is the goal of brand positioning?

marketing strategy

Beatrice's Vintage Dresses is an online-only business selling unique and affordable replicas of vintage designer dresses. Beatrice ran a SWOT analysis and discovered that she has opportunities to partner with other Etsy vintage fashion designer shops for cross-promotions. Her SWOT analysis has a direct effect on her:

LexisNexis, Google Analytics

Besides syndicated data and publicly available data there are other useful sources for discovering marketing data. Identify some of the additional sources:

the purchase decision

Betina wanted a toolbox for her many hammers, wrenches, etc. She looked through online reviews of toolbox brands and identified the right size for her number of tools. She didn't like the look of most of the boxes she found, however. One day she discovered a toolbox that matched her needs and her aesthetic desire. The Trusco company offered retro-style cantilever toolbox that was enameled blue and solid steel. Betina decided it was the one for her and easily purchased the toolbox through Trusco's website. What part of the consumer decision-making process did Betina just enact?

Focus on each product and the way they collectively fit together as a product line

Brad begins work with his company's newly created product line of personal care products. What overall framework does Brad need to use as he starts to work on the marketing mix for these products?

it may turn off its current customer base and cause them to purchase a competitor's ice cream

Bud's Bucket ice cream company produces a chemically enriched ice cream and decides to penetrate the gourmet market by offering its same ice cream at premium prices. What might happen as a result of its market penetration strategy?

There will be specifically tailored pricing for a specific business customer's needs rather than a generic competitive pricing.

For a business-to-business competitive bid process, which type of opportunity is created that is different than a business-to-consumer competitive pricing process?

cognitive dissonance

Diego purchased a new black jacket through Amazon.com. When it arrived, he was disappointed when he opened up the package to discover that the black jacket he thought he ordered was actually dark navy blue.Then he tried on the jacket and realized that the sleeves were too long for his arms. What did Diego probably just experience about his purchase?

the advertisements wasted money and time because they were not targeted properly

Direct mailing campaigns were sent out each month around the region for the area's thrift shop and consignment store. The region had a booming economy, and unemployment was down to 1% over the last five years. What was probably the effect of this thrift store's marketing campaign?

information flow

If a channel manager is talking about the knowledge, instructions, messages, and communication that is happening with people up and down a distribution channel, she is speaking about which area of flow?

take action on the discovered research

Glen has taken his team through the marketing research process for their company and crunched the data to find the correlations of customer and product relationships. He is now ready to present his findings to management? After his analysis, what next step will the management team take?

product concept

Henry Ford is credited for famously saying, "Any customer can have a car painted any color that he wants so long as it is black." Which orientation concept is used by Ford's philosophy?

Measure and improve their satisfaction

High lifetime value customers bring more money to a company when managed well. How do you manage these customers to bring more value to your company?

augmented product

Hilliers' Garden Centers offers not only plants and products customers need for their gardens, but also a gardening club that anyone can join. The garden club Hilliers' offers is considered a(n):

It is more personalized through database information about customers and delivered through email and mobile devices.

Historically direct marketing filled up the mailboxes of customers with postcards, flyers, and junk mail offers. How has direct marketing changed in today's world?

The effective positioning statement includes all five key positioning statement elements, and an ineffective one leaves out some of the key elements.

How do you distinguish an effective positioning statement from an ineffective one?

decreases the loss of market share to competitors by communicating competitive advantages

How does a brand create value for an organization or company?

create loyalty programs and promotions encouraging action by the consumer.

How does a company or brand create loyal consumers that will repurchase or continue using its product or services?

Marketers use a positioning strategy to direct the marketing mix for a product, service, or brand.

How is a positioning strategy/statement used to inform a company's marketing mix?

who is the target buyer for the offering, what is the offering to the buyer, why is the offering unique for the customer

Hugh is in charge of creating the value proposition for a new start-up company. In order for him to create an effective value proposition, what questions does he need to answer for a potential consumer?

the brand's core values

If a brand positioning statement is guided by principles that an organization uses to make decisions and conduct business then it is being driven by:

muffin demand is inelastic

If a business discovered that changing the price of its muffins created an absolute value of .35 < 1, what did its price change mean?

importance of use

If a buyer has a critical or more important use of the product then the inelasticity of the demand increases. What factor is affecting elasticity in this scenario?

demand decreases

If a company is using a skim pricing strategy and prices its product at a premium price, what happens with demand for its product?

channel partners

In general, the companies and organizations that support a distribution channel are collectively called

The company should generate different positioning strategies to target the different audiences.

In order for a company to market the same product or service to different markets, what step is critical for the company to take?

target customer

In order for a company's marketing mix to most effectively be utilized for reaching the company's objectives and strategies, it must focus on what marketing strategy input?

If the decision is a new or a regular purchase.

In order to determine whether a customer's purchase decision is a low-involvement or high-involvement decision, what needs to be considered?

supply chain

It is a system of activities, people, information, organizations, and resources participating in moving a service or product from supplier to customer.

esteem

Mercedes-Benz runs a TV commercial advertisement that displays one of its top-of-the-line cars. As the driver pulls up to a valet, people turn their heads and stare at the car. Mercedes-Benz has effectively leveraged which need in Maslow's hierarchy?

ignores customer perception

It is summer break and you are at the beach. Walking down the boardwalk, you notice a sign-spinner flashing the way to a local ice cream shop. He is dressed like a homeless person, and this makes you question the quality of the ice cream being sold. You quickly move on down the boardwalk. This is an example of a marketing strategy that:

as little as possible

Jack uses several criteria to determine how much he is willing to spend to satisfy his needs. His preference is to pay ________.

recognition of a need

Jason has run out of toilet paper in the bathroom. He walks over to his supply closet only to discover that all of his toilet paper rolls have been used up. Jason has just experienced what part of the consumer decision-making process?

evaluating alternatives

Jennifer is moving to Nashville in a few weeks and needs to find an apartment to rent. She has looked online, talked to her new coworkers about safe areas close to work, and read through nashvilleguru.com to gather information for her decision. She has narrowed down the area she wants to live to The Gulch, which is a walkable neighborhood and friendly for young urban professionals. Now she is assessing which available apartment buildings and condos in The Gulch suit her wants and needs most. Jennifer is working through which part of the consumer decision-making process?

searching for information

Jim and his friends decide they want to start crossfit training to get in shape for their week-long mountain biking trip in the fall. Jim has become the designated gym and coach researcher for the group. Each of his buddies has "heard of a guy" who is good, so Jim begins calling and visiting various gyms, talking with other crossfitters, and collecting data to bring back to the group. What part of the consumer decision-making process is Jim working in right now?

customer

Joe receives a new hat for his birthday from his friend Nate. In this example Nate is a:

update his signage and highlight his bigger meals as a better deal

Joe's Crab Shack is on the heavily trafficked beach boardwalk. Lance, the owner, decides to see what the other crab shacks are offering. He discovers that most of the competition is within a mile of his location, have better advertising and signage than his shack, and offer smaller meals for lower prices. With this new competitive intelligence, what is Lance's best marketing choice?

branding

Jose needs a new mountain bike since his old one was run over by the garbage truck. He has seen the Trek bike company sponsoring races and seen its logos worn by top riders, so he decides to purchase a Trek bike. Jose was influenced by which marketing tool?

place

Justin creates chainsaw art. He has a website and sells his art through two local tourist shops in his town. Justin has made it very convenient for customers to find and purchase his art. He has used what component of the marketing mix to grow his business?

SWOT analysis

Kimball's Vintage Hats is an online-only business selling unique and affordable replicas of vintage designer hats. The business is new, but Kimball worked in Europe for years as a milliner. He sells his wares through an Etsy storefront and has the objective of becoming successful enough to work full time at his passion, this company. What tool or model would most assist Kimball's Vintage Hats to effectively set its marketing objectives and strategies?

compelling and motivating to use website

Listia lets people list their stuff, sell their stuff for credits, then turn around and use those credits to purchase things on its website. Its value proposition is, "Get rid of old stuff. Get new stuff for free." Identify some of the aspects of their value proposition:

the buying task of cookie brand loyalty

Megan grabs a box of Joe Joe's cookies every time she shops at Trader Joe's. She discovered them after taste testing many different kinds of cookies last year. This example involves which situational factor?:

segmentation combination approach

Marketing a business by using decision-maker data, behavioral data, and demographic data is an example of using a:

retain their customers

Marketing strategy uses customer relationship management to help organizations:

commodity or staple

Mass marketing is often used when a product is a:

consumer

Nick purchased a book store gift card for his sister Agatha's birthday. Agatha takes the gift card and purchases a book she's wanted to get. Agatha is a:

get a trademark for the new brand name

Once a brand name makes it through the various steps, screenings, and selection, what last step should be taken to protect the new brand name?

defining its positioning strategy

Once a company has identified its competitive advantages and chosen the ones that define its market niche, what is its next step?

Marketers share marketing information with appropriate team members to highlight findings.

What is the next step to take after marketing research is conducted and results collected?

positioning

What is the term for the process marketers use to strategically determine which niche a product or service should occupy in a market compared to other products or service offerings?

best fit for the customer strategy

Red Bull brands itself as the extreme drink for extreme living enthusiast. What type of common positioning strategy is it using?

qualitative research

Research that explores perceptions, behaviors, and ideas in depth with a small number of research participants is known as

position itself to the homeowner market, and its thirty years of customer satisfaction in small and medium home electrical and plumbing repairs

Robinson Remodeling is a handyman business specializing in electrical and plumbing services. Mr Robinson should write a position statement to help him be with more effective marketing his business. What should be included to make Robinson's Remodeling statement effective?

Komatsu reduced its perceived costs enough to undercut its competitors perceived values

Sam, a buyer for a small warehouse company, is looking to purchase a forklift from Caterpillar or Komatsu. He is looking for a reliable, narrow forklift to fit between the warehouses' smaller aisles and that is a lower price. Sam doesn't need added-on services; he is well-versed in using and maintaining large equipment. He evaluates the forklift types and decides on a Komatsu. Sam chooses the Komatsu for its perceived reliability and it is $1500 less than the Caterpillar forklift. Which approach that Komatsu took was a success for Sam as a customer?

psychographic segmentation

Segmentation of a market according to the customers' thoughts and values as well as how they live their lives describes ________.

What are the company's goals, objectives, and marketing strategy?

What is the the very first question to answer when beginning a marketing message to use with IMC tools?

channel of distribution

Sets of interdependent organizations participating in the process providing a payment mechanism for a provider while making a service or product accessible and available for use or consumption

anti-competition strategy

Seven-Up brands itself as "The Uncola." What type of common positioning strategy is it using in the soda market?

limited market offerings

Sherry traveled to Moscow, Russia in the early 1990s. When she walked to the local store to purchase some bread, cheese, and milk, she discovered there was only one brand choice for each of the items on her grocery list. This lack of choice made her decisions easy, but she left the store dissatisfied. Without having multiple brands from which to make her selection, which type of situational factor did Sherry experience?

inviting price comparisons

Shortcutz hair salon offers inexpensive haircuts for $10. They create a marketing campaign extolling the cheap price while showing customers how expensive other salons are in comparison. The campaign encourages consumers shop around and compare prices. Shortcutz focuses solely on price and mentions little about the quality of its haircuts. Which type of psychological pricing communication does Shortcutz use?

objectives

Skullcrushers makes bodybuilding weights and weight bars. For 2016 they plan to offer a new product line of weight benches to the marketplace. It planned on increasing its market share in the bodybuilding equipment market 5% by rolling out marketing campaigns to extreme athletes and obtain 1000 new leads for its new product line by July 2016. This is an example of a company's:

sharing customer information across departments

Snuggables sells microwaveable heat packs online. Their sales software collects customer/sales information and shares it with the customer service and sales departments. None of the customer complaints or suggestions reach the product development person, however. Which step of the three-step processes for success is Snuggables failing to use fully?

safety and security

State Farm insurance company prints an ad in a national newspaper's apartment rental section with a picture of a girl sitting on the edge of a tub full of water, blowdrying her hair while a plugged in toaster sits on the edge. The caption at the top of the ad reads, "Renting without State Farm is like..." Which need does this marketing ad emphasize for potential customers?

timing, activity type, brief description, audience, owner

What should be included in a communication action plan template to keep responsibilities and information clear for everyone?

secondary research

Source information previously collected from either outside or inside an organization is known as:

uses separate offerings for each different segment it targets

The Banana Boat sunscreen company offers children's sunscreen and a variety of sunscreens at varying intensities. For its marketing mix it uses a multisegment marketing strategy, which means that it:

screening product ideas stage

What stage is critical in the product development process for weeding out potentially costly product mistakes?

When it sees the opportunity or need to improve the market demand for its product or service

What triggers a company to realize it is time to reposition a product or service?

brand

Tangible and intangible features like design, symbols, customer touch points, etc. differentiate the services and goods of one seller from another. These features create a psychological stimulus or trigger that causes associations with other ideas or thoughts about a seller. Which marketing term best fits this definition?

component branding strategy

The Android open source operating system places its little green android icon on a variety of other manufacturers' products, like cell phones, tablets, and games. Which branding strategy is Android using to build its brand?

Has the potential to weaken or undermine market perceptions of the product or service

What is one of the risks or pitfalls that can occur when a product or service is repositioned in the market?

first-time shop visitors, how visitors heard about the shop, repeat shop visitors

The Indigo Independent bookstore set a goal to increase the foot traffic to its shop and boost book sales by 10% over the next three months. What type of metrics could capture some of the data necessary to give a more accurate reading of how to reach these goals?

2.12 > 1 customers price sensitivity is elastic

The Mailgorilla email marketing company increases its membership prices by $5.00 a month. The original price was $10.00 and is now $15.00. Mailgorilla's email account members drop from 5000 members to 1500 member in one month. This is a 70% change in demand from a 33% price increase. What is the correct answer as to its customer's price sensitivity?

It is expanding its offering to create greater contact efficiency for its customers.

The Michael's Craft Store begins to offer classes in crafting, cake decoration, and scrapbook design. Which of the following best explains Michael's current approach?

influence the life cycle

The goal of a marketer's interaction with the product life cycle is to:

position Tasty's to its no-frills pastry target customer with products that are convenient and inexpensive way for busy people to get their morning pastry at Tasty's

The local inexpensive pasty shop, Tasty's, needs to write a position statement to identify and attract its no-frills target audience. What should it include to make the statement effective?

inputs

The marketing strategy created for a cell phone accessories company was put together after conducting a SWOT analysis which looked at the company's internal strengths and weaknesses and external opportunities and threats that it faced. This process is known as identifying:

advertising

The paid announcement in various media forms calling public attention to a need, product, service, or company for the purpose of selling something is the description of which marketing tool?

integrated marketing communication

The process involving coordination of a variety of different communication tools used to deliver a common message and impact customers' perceptions and behavior is known as ________.

differentiation

The process organizations use to highlight the standout qualities of their product or service and the value it brings to a customer as compared to their competition is the definition of:

clear, compelling, differentiating

The purpose of a value proposition is to quickly and easily convey a company or organization's product or service offering to its intended target market. For an organization or business to accomplish this and communicate an effective value proposition message, the value proposition should be:

exchange process

The relationship formed between the seller and the customer after they both assess trade-offs and swap value is called the

contact efficiency for consumers

The retail industry is designed to create

marketing

The term that best describes the process of identifying, satisfying, and maintaining customer relationships is:

customer lifetime value

The value that predicts how much profit is associated with a customer during their lifetime relationship with a company is the definition of:

an organization has the ability to pay for the service

There are 100 apartment complexes (worth ~$350K annually in potential contracts), that the Go Green recycling company has identified which don't offer recycling for their tenants. The city just passed a law requiring large apartment complexes to recycle. Go Green has contacted apartment complex owners offering their services with mixed results. Which one of the criteria for defining a potential market is missing from this example?

nations, states, zip codes

There are five types of common marketing segmentation approaches. One of them is geographic segmentation, which covers:

Who will be in charge of the selected channels?

There are four considerations for channel alternatives that need to be determined: number of levels, intensity at each level, specific types of intermediaries, and the application of selection criteria to channel alternatives. Which other questions about channel alternatives should be answered?

affect decisions Nick makes in daily life

Through a variety of movies, lectures, and magazine articles, Nick has become more aware of environmental problems. It is time for him to purchase a new car. With the environmental impacts in mind, Nick looks at the various cars available and decides to purchase a hybrid car from Toyota since they communicated the best value to him. This is an example of how marketing can:

It should be written so that it appeals to a broader target audience.

To write an effective brand positioning statement, which of the following statement is true?

price

Tom has analyzed the competitive landscape of cookbook costs, what a customer is willing to pay for a cookbook, and what the target customer uses to evaluate a cookbook's value. The marketing mix area Tom is focused on is:

Positioning is the original way a company, product, or service is presented to the market whereas repositioning is taking that original market message and changing it to fit a different place in the market.

What is the difference between marketing positioning and repositioning a company, product, or service?

experimental research and surveys

What are examples of the most common quantitative marketing research?

They are the productive outputs in a marketing channel that consumers value and desire.

What are service outputs in a marketing channel?

The companies involved in the co-branding may be unevenly matched.

What are some of the possible pitfalls of a co-branding strategy approach for a company?

Value = Perceived Benefits - Perceived Costs

What are the components of the Price-Value Equation?

Marketers need to provide tools to the salespeople to assist them in closing deals.

What are the vital roles marketers play in supporting the sales process?

packaging

What aspect of marketing contains, protects, displays, increases the utility, and promotes a product, as well as conveying the product and brand messages?

a personal brand

What do you call the type of brand that is about one individual or a few individuals?

to minimize the role of price in the proposal

What is a marketer's specific goal when creating a competitive bid proposal?

Review the original problem the research was trying to solve.

What is a useful exercise for a marketer to conduct to encourage a better reception of the marketing research insights in an organization?

design, term, name, sign, symbol

What is considered an example of a brand as an identifier for a company or organization?

Low-involvement decision scenario

You are a marketer for a company that sells inexpensive picture frames through stores like All A Dollar and Walmart. What is the most likely type of customer involvement scenario that matches your product and marketing mix strategy?

identify business needs, segment total market, profile target customer segment, research and validate marketing opportunity

You are trying to define your target market for a travel agency service. Identify the correct order of the market targeting steps

a poor marketing strategy process

You need a new phone. You liked your old Android phone but aren't sure you want to stay with the same brand. After visiting a phone carrier store you walk away confused about your options, annoyed at the hour it took to get all your questions answered, and without a new phone. You just experienced an example of:

highlight solutions to the problem

Your coworker Zander is looking for a product that helps him plan and record his year effectively. He wants it to also tie in his overall goals with yearly goals. You remember seeing a social media post about a planner by FranklinCovey that meets all of Zander's criteria. You tell Zander and he buys the planner. You just experienced how marketing can

selling concept

Zeus' Boltz, a bolt manufacturer, pays a large sales staff to focus its efforts primarily on selling its bolts to vehicle manufacturers. They push purchases regardless of the manufacturer's needs, which often causes business relations problems. Zeus' Boltz is an example of a company using which marketing philosophy?

third-party sales

conducted by anyone other than the producer of a product or service

brand licensing

renting or leasing the right to use a brand associated with a product or set of products for a certain period of time, and with a certain market, territory, or geography