Marketing 3050 Midterm Review

The process that turns marketing plans into marketing actions to accomplish strategic marketing objectives is called marketing ________.

Implementation

Which of the following needs in Maslow's hierarchy is generally satisfied last?

Self-actualization needs (Self-development and realization)

________ is a discomfort caused by postpurchase conflict.

Cognitive dissonance

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as ________.

Customer relationship management

Sleek Designs Inc. is producing its first eReader. The company is striving to overcome some of the issues communicated by customers about competitive products including screen glare and product bulkiness. Sleek Designs Inc. is using a ________ approach in their new product development process.

Customer-centered

Which of the following terms refers to a customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers?

Customer-perceived value

According to the text, ________ are the most important actors in a company's microenvironment.

Customers

The marketing manager of Appeal Inc. has noticed a sharp decrease in sales over the last two months. The manager decides to conduct marketing research to identify potential causes for the drop in sales. Which of the following should the manager do first?

Define the problem and objectives

Which of the following is a psychographic characteristic of a consumer?

Lifestyle

A firm's decision to identify and develop new markets for existing products is a ________ strategy.

Market development

A strategy for company growth that involves increasing sales to current market segments without changing the product is known as ________.

Market penetration

________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior.

Market segmentation

Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy?

Market segmentation, targeting, differentiation, and positioning

The first part of a marketing strategy statement describes the ________ of a new product.

Market share

The ________ concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

Marketing

The second part of a marketing strategy statement describes the ________ of a new product.

Marketing budget

Fred's, a national supermarket chain, sells its own brand of items across all categories. Such items are considered ________ brands.

Store

Which of the following is true of strategic planning in a firm?

Strategic planning deals with adapting the form to take advantage of opportunities in its changing environment

Dollar General profitably appeals to families with more modest means. The retailer's approach is most likely referred to as ________.

Target marketing

Causal research is used to ________.

Test hypotheses about cause-and-effect relationships

________ refers to a channel stretching from raw materials to components to final products that are carried to final buyers.

The supply chain

Which of the following is true of perceptual positioning maps?

They are used to analyze consumer perceptions of a brand relative to competing products

A ________ is made up of a company, its suppliers, its distributors, and its customers who partner with each other to improve the performance of the entire system.

Value delivery response

Companies have responded to consumers' back-to-basics sensibility in their lifestyle and spending patterns through ________.

Value marketing

A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.

Value proposition

The societal marketing concept holds that ________.

A company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests

Which of the following is most likely a true statement about shopping products?

A consumer product that the consumer, in the process of selecting and purchasing, usually compares on such attributes such as suitability, quality, price, and style

Howard Schultz, the founder of Starbucks, positioned his bistros as "a third place" between work and home where patrons could share and enjoy a cup of coffee with friends. This illustrates ________.

A core customer value

The 4Ps model has been challenged because it omits or underemphasizes important activities such as services. It's also been criticized for taking a seller's, rather than a buyer's, viewpoint. The more recent 4As framework complements the traditional model and includes ________.

Acceptability, affordability, accessibility, and awareness

According to Sigmund Freud's theory, a person's buying decisions are ________.

Affected by subconscious motives that even the buyer may not fully understand

The marketing manager at Frizzles' Eateries targets customers who are working to lose weight but who still want to dine out. The restaurant chain offers a wide variety of low-fat, low-calorie meals that appeal to dieters. Frizzles' approach is best referred to as ________ segmentation.

Benefit

A ________ is defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.

Brand

Ursa Martin, a book publisher, has decided to work with Hope in Children, a charity foundation that helps feed and educate children in poor countries. Ursa Martin has decided that a percentage of revenue from every book it sells will go to the charity. The books are marketed by conveying this message to customers. Which of the following marketing techniques describes Ursa Martin's association with Hope in Children?

Cause-related marketing

Introducing a new product into the market is called ________.

Commercialization

________ products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

Convenience products

The team-based new product development approach saves times and increases effectiveness because departments work closely together in ________.

Cross-functional teams

Kallton is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its Web site that customers can suggest ideas for its upcoming product model. Contributors of short-listed ideas will be adequately rewarded. In this case, Kallton is using ________ to generate new product ideas.

Crowdsourcing

________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

Demography

Corning produces Gorilla Glass screens that are used in the production of laptops, tablets, and smartphones. Corning promotes its product to final consumers to increase business demand for digital devices made with the specialized, toughened glass. This illustrates ________.

Derived demand

Coolers Inc. has decided to launch a new energy drink that will have the fewest calories among its competitors. To understand the market potential for the new drink and the demographics and attitudes of consumers who are likely to buy the product, Coolers should most likely use ________.

Descriptive research

________ refers to reducing the business portfolio by abandoning products that no longer fit the company's overall strategy.

Downsizing

Changes in variables, such as income, cost of living, interest rates, and savings and borrowing patterns most likely reflect changes in the ________ environment of a company.

Economic

A marketing firm has been assigned the task of watching trends in spending, personal income, savings, and interest rates. The marketing firm is most likely gathering information about consumers' ________.

Economic situations

________ is the act of obtaining a desired object from someone by offering something in return.

Exchange

The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses.

Exploratory

Which generational group is characterized as the most educated and the least materialistic?

Generation X

Members of which generational group are referred to as echo boomers?

Generation Y

The new product development process usually starts with ________.

Idea generation

Which of the following represents a change in the technological environment of a marketing firm?

Increased use of RFID systems to track products

Becca wants to buy a new coat. She asks her friends to recommend a store and/or a style of coat. She looks for sale advertisements for coats in newspapers and also visits nearby stores to check if she can find a coat in her budget. In this case, Becca is most likely in the ________ stage of the buyer decision process.

Information search

A doctor performing hip surgery on a patient illustrates how a service can be produced and consumed simultaneously. This is an example of which service characteristic?

Inseparability

Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flow. In this case, Susan is making use of ________ databases.

Internal

Companies like 3M, Google, and Sony have ________ that encourage employees to develop new ideas.

Intrapreneurial programs

In which stage of the product life cycle will promotional expenditures be significantly high in an attempt to create consumer awareness of a product and its features?

Introduction

A market segment is less attractive when ________.

It already contains many strong and aggressive competitors

________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Marketing research

When a company interacts one-on-one with large numbers of customers to create customer-unique value by designing products and services tailor-made to individual needs, it is engaging in ________.

Mass customization

Marketing the same product to a huge customer base without any customization is referred to as ________.

Mass marketing

When the size, purchasing power, and profiles of a market segment can be determined, the market segment is said to be ________.

Measurable

Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization.

Microenvironment

A marketing intermediary would most likely help a firm by ________.

Moving the firm's goods from production points to distribution centers.

________ are defined as states of felt deprivation.

Needs

Product mix width refers to the ________.

Number of different product lines the company carries

________ are people within a reference group who, because of special skills, knowledge, personality, or other characteristics, exert social influence on others.

Opinion leaders

Which of the following is true of a good marketing information system?

People and procedures for assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights

World Skies' Flight 167 takes off at 50 percent capacity. The unoccupied seats cannot be stored for later sale or use. This is an example of which service characteristic?

Perishability Answer: C

________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

Positioning

Flores Fashions promotes its clothing by emphasizing the durability and quality of the fabrics it uses. The company has positioned its brand based on ________.

Product attributes

Under Armour's decision to add athletic shoes to its apparel line in 2006 is an example of a ________ strategy.

Product development

________ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics.

Psychographic

Which of the following is a quantitative approach to research?

Quantitative research focuses on gathering numerical data and generalizing it across groups of people or to explain a particular phenomenon

Managing the marketing function begins with a complete analysis of the company's situation. A thorough ________ is typically undertaken to guide decision making.

SWOT analysis

________ means that consumers are likely to remember good points made about a brand they favor and forget the good points made about competing brands.

Selective retention

According to Maslow's hierarchy of needs, which of the following is most likely an esteem need?

Self-esteem, recognition, status

Which of the following demonstrates the real value of a company's marketing research and information system?

The quality of customer insight it provides

________ outlines sources of existing data as well as specific research approaches, sampling plans, and measurement instruments.

The research plan

Which of the following is true of the growth stage of the product life cycle?

The sales are low and profits not likely when a product from a small business emerges into the market

Which of the following best describes the value chain of a company?

The series of departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products

Product mix length refers to the ________.

Total number of items a company carries within its product lines

According to the five-step model of the marketing process, the first step in marketing is ________.

Understanding the marketplace and customer needs