Marketing
offering money to competitors' employees in exchange for information
an unethical way of obtaining competitive intelligence
the purchasing power of the consumers has decreased
assuming that a kilo of wheat sold for $1 in 2002 and $3 in 2013, which of the following can be inferred?
the group of customers toward which an organization has decided to direct its marketing efforts
best way to define target market
proudct
brand has the closest association to ________ in a firm's marketing mix
behavioral segmentation
business-to-business firms generally uses three types of segmentation. Which of the following is one of them?
a stimulus that encourages consumers to act to reduce a need or want
consumer learning typically begins with:
picking up a candy bar while waiting in line at the checkout counter
exemplifies impulse buying in a supermarket
franchisees assume the majority of the capital costs and human resources issues
franchising is an attractive method of entering foreign markets because:
consumer confidence decreases
if the economy of a country contracts and people lose jobs:
a rise demand for products that the firm manufactures
in the context of SWOT analysis, which of the following can be classified as an opportunity for manufacturing firm?
at this stage, the consumer thinks about the product's value and whether to try it out.
in the context of the consumer adoption process, which of the following is true of the stage termed evaluation?
products provide alternative solutions to the same market
indirect competition occurs when:
Marketing Concept
is characterized by customer orientation
gross domestic product
is the most common gauge of the overall expansion or contraction of an economy
competitive goals diverge
joint ventures work best when the partners':
successful marketing helps attract membership and much-needed funds
makes it absolutely essential that nonprofit organizations engage in marketing efforts
purchasing capability tends to increase as the proportion of middle-income households increases
marketers are attracted to countries with a growing middle class because a nation's
removing doubts about the efficacy of the products
marketers can transition certain involvement products to low-involvement products for satisfied customers by:
ethics
moral standards expected by society
Brand
name, term, symbol, design or any combination of these that identifies and differentiates a firm's products
are created when customers lack something useful or desirable
needs are states of felt deprivation that
communicate that value
once a company has created value, the next thing that the company must do is to
the results may be generalizable to large population
one of the advantages of quantitative research is that:
help member countries manage their debt by providing resources to them
one of the functions of the International Monetary Fund is to:
it is more difficult to control when compared to sequential new-product development
one of this disadvantages of concurrent new-product development is that:
exert influence on consumer buying decisions by virtue of the knowledge that they possess
opinion leaders are people who:
actualization
pertains to what a consumers full potential is and the need to realize that potential.
marketing plan
primary strategic planning tool for directing and coordinating the marketing effort
capitalize on the similarity in needs and wants that extends across several countries
regional segmentation is used when a firm wants to:
setting specific objectives for the research
the first step in the marketing research process involves:
a concise affirmation of the firm's long-term purpose
the mission statement of a firm is:
provides a standard to ensure that the business never strays too far from its core goals and values
the mission statement of a firm:
strategic planning
the process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives
communicating the value of a product to customers
the role of the promotion element in the marketing mix
true of customer value
to create value, the new good, service, or idea must satisfy a perceived marketplace demand
emphasizes selling more of existing goods and services to existing customers.
what does a market penetration strategy do?
the launch of online ticket-booking options
what exemplifies a strategy to cater to the sociocultural factor of busier families in America?
knowing that a competitor is introducing a new promotional campaign
what exemplifies competitive intelligence?
they have steep up-and-down product life cycle curves
what is a feature of fad products?
comapnies can track project progress more easily than with concurrent new-product development
what is an advantage of sequential new-product development?
product fails to meet needs and wants of customers
what is risks that a company takes in new-product development is the most severe?
awareness
what is the first stage in the consumer adoption process?
initially producing, distributing and promoting a new product
what is the last stage in the new-product development process?
it is the only international organization dealing with the rules of trade between nations
what is true about World Trade Organization
they help a company open up a whole new set of customers
what is true about new category entries?
it is not useful in determining the reason behind people's behaviors
what is true about observation?
a consumer test riding a bike at a sports equipment store to see if she likes it
what scenario reflects the trial stage of the consumer adoption process
growth
what stage of product life cycle is characterized by increases in sales, profits and competition?
it is particularly effective if little or no historical sales data exist
what's true about judgmental forecasting?
external information search
when customers look beyond their personal knowledge and experience to help them in buying something, they are engaging in:
age
which of the following is a demographic variable used in segmentation?
seniors are more likely to complain and require more attention than their younger counterparts
which of the following is true about various demographics in the US?
it seeks to understand consumer behavior by answering the questions who, what, when, where and how
which of the following statements best describes descriptive research?
primary data are collected to answer a specific research question
why do firms find primary data more valuable than secondary data?
They are more likely to comprehend an advertising message
why do marketers tend to target educated consumers?
such companies are familiar with the regional population and language
why should firms use local marketing research companies?
establish the price of a new product
a demand analysis is most likely to be conducted by a company seeking to:
it helps firms design specific marketing strategies suited for specific market segments
What is true about market segmentation?
an increased reliance on secondary data from sources such as the Internet
What's a recent trend in marketing research?
it must be done after the rest of the marketing plan has been completed
a feature of the executive summary
invest just enough money to maintain strong sales
a firm with a "cash cow" product is most likely to:
defining the target market
a function of the marketing strategy in a marketing plan
the licensor may be inadvertently creating a future competitor in the form of the licensee
a major risk associated with licensing
reinforcement of consumer learning
a marketer seeking to encourage ritual consumption should employ a marketing strategy that promotes:
attitude
a person's overall evaluation of an object involving general feelings of like or dislike
marketing plan
an action-oriented document o playbook that guides the analysis, implementation, and control of the firm's marketing strategy
data collected by an organization every day for its routine operations
an example of a secondary data source
consumers believe it has more value than other products in its category
a product posses a competitive advantage when it enjoys a superior position over competing products because:
a nation's GDP declines for two or more consecutive quarters
a recession occurs when:
product line
A group of related products marketed by the same firm is known as:
marketing information system
a __________________ is computer software that helps companies continuously capture information and store it in a way that makes it accessible to researchers and decision makers.
differentiable
A pen manufacturing company has designed a range of new pens by segmenting its consumers on the basis of gender and age. This strategy is has turned out to be ineffective for the company. From the information provided, it can be derived that the marketers have failed to make their segments.
demographic
A toothpaste company has different products for children and adults. It applies a different marketing strategy for each of these customer groups. Which of the following segmentation bases is the company using to divide its market in this case?
safety needs
According to Maslow's hierarchy of needs, once their physical needs have been satisfied, consumers ________ take precedence.
Students of Garron High
Alex, a student of Garron High, is a member of the quiz club in school. She is a part of the cheerleading squad, but also wishes to be a part of the ballet class. Her favorite hangout is Pail, an ice-cream store near Garron High. Which of the following membership reference groups does Alex belong to, from Pail's point of view?
Top supermodels in the United States
Amanda is a 20-year-old Molecular Biology research student and fashion blogger. Which of the following would represent an aspirational reference group for Amanda?
Ramona loves the feel of her device with the Pop-On cover on it.
Black Top, a mobile-case manufacturer, manufactured and sold 100,000 units of its latest Pop-On cases. Black Top plans on introducing more colors and designs in the following months. Ramona, the owners of a large retail store, was one of Black Top's earliest customers. In which of the following situations can Black Top expect a direct rebuy from Ramona?
ask B&B to invest in a data mining application
Black and Brown (B&B), a chain of discount stores operating in the United States, sells an average of 1 million products per day. The marketing manager at Black and Brown wants to understand how the placement of various products in its outlets impacts each other's sales and the patterns behind it. The marketing manager should:
a revamped product
Borneo Inc. manufactures coffee. It used to sellits product in glass jars, but it has recently made is coffee more granular and packaged it in vacuum-packed cartons which weigh less. This product is an example of:
Our mission is to ensure that all the children have access to education
Carson James is the owners of Artwall,a chain of bookstores that sells children's books. carson believes that all children deserve access to quality education. In line with this philosophy, Carson starts a nonprofit organization called Edufund Found, primarily funded by profits from Artwall, to help educate children who can't afford it. Carson's team at Artwall is tasked with creating a mission statement, and they come up with the following drafts. Which of the following should Carson pick?
innovator
Catalina, a young, successful manager, always buys the latest gadgets on the market. She takes prides in buying new technology products as soon as they are launched and her friends always see her opinion about new products. Which type of adopter can Catalina be categorized as?
maximize its positive impact and minimize its negative impact on society
Corporate social responsibility (CSR) can be defined as an organization's obligation to:
recession
Cunaxa, an agrarian nation, has GDP of CX$ 23 million in 2013 during the first quarter. During the next two quarters, it records a GDP of CX$ 21 million and CX$ 20.5 million respectively. This trend can be classified as an:
ritual consumption
a consumer who is engaging in an internal information search is most likely engaging in:
global segmentation
Dure Inc. is an athletic shoe-making company in the United States. It successfully sells the same range of shoes in all its international outlets and specifically targets young people. This is an example of:
Raindrops introduces a line of see-through umbrellas that glow in the dark
During the rainy season, people look to buy raincoats and umbrellas. Raindrop, an apparels manufacturer, caters to this need. Which of the following actions would represent the conversion of this need into a want?
production oriented
Freez is an ice-cream manufacturer in Ceda, a predominantly agrarian nation. Freez does not spend not spend too much on marketing its products. Instead, it focuses on improving the processes through which it manufactures ice-cream. Freez believes that the quality of the ice cream alone is enough to differentiate itself from other manufacturers and generate sales. In this scenario, Freez's marketing strategy is
sales forecasting
GAM, a mobile application developer, develops Talk2Text, an app that converts audio to text. Based on the demand estimated for the app during a free trial, the amount of usage, and the demographics of the users, GAM reckons that the app will sell 5,000 units over a period of six months. This scenario exemplifies:
lower esteem need
Gary is a promising young model. In future, he hopes to become as famous as his idol, Sean O'Pry. According to Maslow's hierarchy of needs, this need can be classified as a:
Big Well
Gordon regularly buys meat from Big Well. Big Well also sells meat to local restaurants such as Penny Grills, where Gordon and his wife, Rita, celebrated their wedding anniversary. Big Well sources its meat from Sandown Ranch, owned by rancher Levin and his family. In this scenario, who is the retailer?
quota sampling
Green Mat, a notebook manufacturer, wants to gauge the response of customers to its new line of eco-friendly notebooks. Being situated in a school district, the marketing team at Green Mat restricts the respondents to school-going teenagers. This scenario exemplifies:
the sixth digit can vary among NAFTA countries
In codes issued to organizations by the North American Industry Classification System:
substantial
In order for market segmentation to be effective, market segments must be large enough for a firm to make a profit by serving them. This means that segments must be:
compatibility
In the context of new-product characteristics that impact the adoption rate of a product, _________ refers to how well a new product fits into potential customers' needs, values, products knowledge, and past behaviors.
laggard
John is 55 years old and is a janitor at a school. He prefers to buy the some brands he used as young man and does not trust online retailers. What type of adopter can John be classified as?
communicating value to potential customers
Lara and her friends visit a new restaurant in town called Betelgeuse. They just happen to notice it while on a long drive. Lara and her friends like the ambience, decor, as well as the food. Lara is surprised when she finds out that the restaurant has been open for two years and neither her friends nor she knew of it until that day. At which of the following aspects of marketing has Betelgeuse failed?
The surplus of products in the market beginning in the early 1950s
Led to the development of the marketing concept stratefy?
Lifestyle
Leisure Inc. is a vacation planning company. It provides various holiday packages, such as camping outdoors, adventure sports, island getaways, countryside wine tasting, cruises and trekking, based on the vacation activities that its consumers prefer. Which is a type of segmentation does this represent?
analyze competitors' positions
Marketers should follow three major steps to decide how to best position their product.The first step to:
the competiton
Microshine is a brand of toothpaste. In its earlier campaign, Microshine was advertised as an effective whitening toothpaste. However, due to declining sales, its parent company has decided to rethink its marketing strategy. In its new campaign, Microshine is still portrayed as whitening toothpaste, but it also features a research study where other familiar brands in the market fail to make the grade. In this campaign, Microshine has tried to reposition:
geographic
Mr. Naples, an established Italian pizzeria, has many franchises across the world. Mr. Naples' marketers pay special attention to local variations. To cater its international consumers, it has developed region-specific toppings like Sweet and Sour Tofu (Chinese), Chicken Tikka Masala (Indian), and Chicken N Mole (Mexican). Mr. Naples has employed __________ segmentation in this case
a reduction in pricing does not necessarily increase overall revenue earned from a product
P7J, a chain of discount stores across the United States
Internet radio and traditional radio
Pairs of products can be regarded as substitute products
accesible
Palm meadows Inc. is in the business of building homes. It has acquired land large enough to make 10 large and 10 medium-sized homes in the suburbs of Denver, Colorado. Palm Meadows has also made the requires arrangements with prospective investors for financial capital. However, the local authorities are not permitting Palm Meadows to build the large houses due to certain permit issues. In this case, Palm Meadows is unable to serve its customer segments because they are not:
This change in currency rate will increase the demand for Oranian goods in Platia
Platia and Orania are two neighboring countries that engage in foreign trade. In a particular month, P$1 is equivalent to O$2. Three months later, P$1 is equivalent to O$2.5. How will this currency fluctuation impact trade between the two countries?
agricultural tracts that draw water from the same aquifer could be the source of ammonia.
Pure, a bottled-water manufacturer, is pulled up by regulatory authorities for traces of ammonia in its products. Pure forms a team to solve this issue. Which of the following statements in the team's initial report can be classified as a hypothesis?
It can tune its shows to cater to specific needs of the audience
Radio Z and Buzz are radio stations in direct competition with each other. The target audience for both radio stations is the same, with most of their income coming from commercials. Which of the following strategies can Buzz use to differentiate its services from Radio Z?
Customer value
Refers to the perceived benefits, both monetary and non-monetary, that customers receive from a product.
Resco's manufacturing units use legacy technology that sometimes leads to backorders.
Resco's is an apparels manufacturer whose products are carried only by two major retailers in the United States. In the context of SWOT analysis, which of the following can be classified as a weakness of Resco in this scenario?
an internal information search
Robin, a 28-year-old fashion designer, is very finicky about the brands that she consumes as a customer. She believes in buying brands that she previously used. When Robin walks into Brown and Grey, a supermarket, she is most likely to engage in _________ to buy toothpaste and mouthwash.
question mark product
Ruth designs games for mobile operating systems such as iOS and Windows. The demand for games on mobile devices is high. Ruth's latest game, Viper Splash, is yet to generate profitable sales despite receiving rave reviews. According ti the BCG matrix, Viper Splash can be classified as a:
He should clearly define the firm's competitive advantage
Sam, the marketing manager at Indigo Inc. is the process of market positioning. He has finished analyzing competitors' positions. What should he do next?
market segmentation
Sante, a health drink manufacturer, has divided its huge consumer base into smaller groups based on age-children, adults, and elderly. This is an example of:
Robison-Patman Act
Taymen Inc, a furniture manufacturer based in Arizona, has tie-ups with raw material suppliers and shipping companies who provide Taymen a uniform pricing option across the United States, Taymen charges more for its products on the West Coast than in other parts of the United States. Which of the following acts prohibits this practice?
fad product
Tesseract Ince. launched a range of small toy cars which became extremely popular within days of its release. Customers queued up to buy the cars and stores ran out of stock rapidly. However, in few months, demand for the product started to decline and the company soon discontinued of this range. Based on the product life cycle curve of the product, the product can be identified:
Wheeler- Act Amendment
The ________ authorizes the Federal Trade Commission to restrict unfair or deceptive acts
North American Free Trade Agreement
The higher percentage of U.S. exports to Canada and Mexico rather than to other individual country can attributed to the:
the benefactors of nonprofit organizations do not receive any direct benefit, unlike customers
The major difference between a nonprofit organization and a for-profit organization
diffusion
The process by which new products are likely to be adopted, the rate at which they will be adopted, and the process through which the products will spread into markets is termed:
households that have between $100,000 and $250,00 in investable assets
The term mass affluent is used to describe:
cognitive dissonance
Tom recently bought a pair of headphones, XOB 10, from Blue for $99. Within a month, Tom's friend, Leo, bought a brand new pair of headphones XGD 20, released by Soundz, online at a reduced price of $86. Tom tried the XGD 20 and found it to be significantly better the XOB 1. In this scenario, Tom is most likely to experience:
niche marketing
Verve, a successful soap manufacturer, sells luxury soaps exclusively for women under the brands Verve Opulent, Vere Imperial and Verve Divine. It has now added Verve Regal to target a specialized segment of urban men who are particular about their grooming practices. The introduction of Verve Regal represents:
Vida recently recruited two senior engineers from one of its major competitors
Vida is an Italian car manufacturer with manufacturing plants all over the world, including the United States. In the context of SWOT analysis, which of the following can be classified as one of Vida's strengths?
they resorted to personal selling and advertising
What did firms such as Ford do during the Great Depression when product sales decreased?
it is possible to avoid ethical problems if the ethical issue is identified
What is a useful guideline to make ethical decisions?
purchasing power decreases with rising inflation
What is the relationship between purchasing power and inflation?
The B2B purchasing process is often far longer than the consumer decision-making process
What is true about business-to-business (B2B) purchasing process?
it defines the actions the company will take if the initial marketing strategy does not achieve results
What is true about contingency planning?
Determining the features of a product
Which can be considered a product decision?
a new buy
Which of the following buying stations is most likely to involve extensive external information search?
it helps them provide products that fulfill customers' wants and satisfy their underlying needs
Why should marketers distinguish between needs and wants?
Zbar enters a price-sensitive market with its low-end phones.
Zbar, a mobile phone-manufacturing company, decides to pursue a market development strategy to further its business prospects. In this situation, which of the following actions falls in line with Zbar's latest strategic direction?
zen should listen to the customer carefully
Zen Breweries has plans to develop a new beverage. It wants to reduce risks in the development of its new produce. Which of the following steps will help Zen reduce the risk of new-product failure?
casual research
________ is used to understand the impact of independent variables on a particular dependent variable.
the VALS framework
_________ is the most commonly used psychographic segmentation tool that classifies adults into eight psychographic groups-innovators, Thinkers, Believers, Achievers, Strivers, Experiencers, Makers and Survivors
times series techniques
___________, which are quantitative in nature, seek to establish the level, trend, and seasonality of a product's sales.
competitive intelligence
_____________ involves systematically gathering data about what strategics direct and indirect rivals are pursuing in terms of new product development and the marketing mix.
planned obsolescence
______________ is a practice in which companies frequently come out with new models of a product that make existing models outdated.
a positioning statement
_________________ consists of a succinct description of the core target market to which a product is directed and a compelling picture of how the firm wants that core market to view the product
prototype
a __________ is a mockup of a good, often created individually with the materials a firm expects to use in the final product.