Marketing Exam 1

Susan now has the buying power to purchase the iPhone that she wanted to buy a year ago. Susan's want has most likely become

demand

Bob's Bicycle Sales and Repair is a brand new company. From a marketing​ standpoint, what is the FIRST thing​ Bob's Bicycle Sales and Repair needs to​ do?

determine who in the community wants or needs a bicycle or repair service

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

market development

when a company divides the market into groups of customers, it is engaging in which of the following?

market segmentation

what is the MOST likely to cause a variation in customer-perceived value?

the customer's opinion of what constitutes value

The group of economic factors that affect​ consumers' purchasing power and spending patterns is called​ ________.

the economic environment

how does the new concept of marketing differ from the old concept of marketing?

the new concept focuses on the needs of the customer

to create value for customers, marketers must improve the performance of the ___ which includes partnering with suppliers, distributers, and customers

value delivery network

A brand new hardware company is writing its mission statement. Which of the following is the BEST mission statement possible for the new company?

we will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses

Noah's Sporting Goods is having difficulty attaining the credit it needs to expand. What should the company do in order to alleviate its financial​ situation?

work out a plan with its financial intermediaries

Which of the following illustrates the changing composition of the American family

an increase in the number of non-family households

many companies build extensive electronic collections of consumer and market information obtained from data sources within the company's network. This is known as ____

an internal database

Which of the following BEST describes the research relationships

observation is best suited for exploratory research, surveys for descriptive research, and experiments for casual research

which of the following statements about online research is correct

online survey generally have higher response rates than those conducted by mail or phone

MorningLinks, Inc., makes breakfast sausages and has begun to use the​ slogan, "Start Your Day the Organic​ Way" to jump on the​ eco-friendly movement.​ Unfortunately, as soon as consumers discovered​ MorningLinks' not-so-organic​ ingredients, the company began to see a rapid decline in profits and customer loyalty. What was​ MorningLinks' mistake?

MorningLinks did not deliver on the promise it made

which kind of company would most likely benefit from conducting market research?

both large multinationals like Disney and IBM and small locals truly need market research

which of the following describes the current trend in businesses regarding relationships with customers?

build the right relationships with the right customers

how do the individual components of a SWOT analysis work together to determine the status of a company?

by ascertaining a company's strengths, relating them to opportunities, minimizing weaknesses, and identifying threats to growth and development

Numbering 49 million or​ more, this group of consumers is sometimes overlooked because it is less materialistic than other groups and prizes​ experience, not acquisition.

Generation X

Juniper is a toy manufacturer based in Japan. Which of the following most likely indicates that Juniper is following a diversification strategy?

Juniper enters the US market with a line of children's clothing

Tina's Tunes is a music store that has been selling CDs for 20 years. Throughout the last six​ years, sales have continuously declined and profits have almost completely disappeared. The CEO of​ Tina's Tunes believes resurgence is likely to happen soon and wants to continue business as usual. What is likely to happen to​ Tina's Tunes?

Tina's Tunes is likely to fail because it is ignoring the technological environment

a power tool company wants to give its customers access to internal, non-public information about how best to use its products in creative ways. What should the company create to provide customers with this information

a company extranet

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

an exchange

which of the following best describes product positioning

arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

the ultimate goal of the marketing process is to do which of the following

capture value from customers

Anheuser-Busch Emergency Drinking Water Program provides clean drinking water to families in disaster-stricken areas. This is an example of ___ marketing

cause-related

to exercise their social responsibility, many companies are linking themselves to what type of marketing

cause-related

for the past few years, Doritos has held a "Crash the Super Bowl" contest in which it invites 30-second ads from consumers and runs the best ones during the game. This is an example of

consumer-generated marketing

Nibbles Pet Food Corporation is in the process of developing its new market strategy. The marketing team has already established the​ company's niche productlong dash—​premium, organic dog and cat foodlong dash—and contracted to sell it in several​ high-end pet stores. The team has also determined the optimum price to create value for customers and still make a profit. What does the marketing team need to do​ now?

create a promotion strategy to increase customer awareness

A wedding services company changes its marketing strategy to reflect the fact that more LGBT​ (lesbian/gay/bisexual/transgender) marriages are taking place. The company is offering a broader range of ceremonies that cater to this market. Which of the following environments must this wedding company​ analyze?

cultural

Craig's Craft Beer structures its company in such a way to encourage its most profitable older customers to remain loyal while also targeting a new generation of customers. What is​ Craig's Craft Beer attempting to​ build?

customer equity

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

PepsiCo 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, PepsiCo should most likely use ___

descriptive research

Burger Town introduced a new hamburger and released it in two different cities at two different prices. Marketers of Burger Town then analyzed the sales records of their outlets at the two cities, determined the price that resulted in better profits, and used the information to set a nationwide price for their new offering. This is an example of ________.

experimental research

a market researcher wants to find the cause-and-effect relationship between using organic ingredients in food and the subsequent consumption by customers. He invites ten respondents to his research firm and asks them to taste two identical dishes. the dishes were prepared in a similar manner, but one has natural herbs for flavoring, and the other has artificial flavors. This is an example of ____

experimental research

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

exploratory

You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In​ exchange, you receive a small payment. You are participating in​ a(n) ________.

focus group interview

advantage airlines has instituted a loyalty rewards program that rewards customers with free WiFi, seat upgrades, and free miles for their continued patronage. What relationship tool is Advantage Airlines using?

frequency marketing program

which generational group is most comfortable using digital technologies

generation Z

The role of a company's marketing intermediaries is to do which of the following?

help the company find, promote, sell, and distribute products

what are stars in the growth share matrix

high-growth, high-share businesses or products

when a company engages in strategic planning, it must consider which of the following

how to take advantage of current business opportunities

the goal of market development growth strategy is to do which of the following

identify and develop new markets for current product of company's market

Jennifer Davis, the owner of an alcohol distributing company, collects data from her monthly records of sales, costs, and cash flow. In this case, Jennifer is making use of ___ databases

internal

to develop needed information, marketing information systems utilize

internal databases, marketing intelligence, and marketing research

jimmy smith has a limited budget to conduct market research. Which of the following research approaches would provide Jimmy with the most cost-effective way to reach a large number of respondents in a short period?

internet-based surveys

the role of a company's marketing information system is important because

it enables a company to use customer insights to improve relationships with customers

overall, how has the american population changed over time

it has become more diverse, better educated, and more mobile

the demographic, economic, natural, technological, political, cultural forces that affect a company's ability to serve its customers make up which of the following?

macroenvironment

Tim Hortons has introduced a Special shopper card that allows current customers to pay in advance for coffee and snacks. this effort by Tim Hortons management is most likely an example of _____

market penetration

when consumers respond in a similar way to a given set of marketing efforts, they can be referred to as a

market segment

dividing a market into several sections of customers is known as

market segmentation

___ consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in a big data to gain customer insights and gauge marketing performance

marketing analytics

Dunking Donuts goal is to increase customer satisfaction in its coffee by 18 percent during the first 6 months of the new fiscal year is an example of a ____

marketing objective

which of the following is a geographic shift that has been observed in the United States in recent times?

more Americans moving to the south

Vince's Video has suffered in the current economy because fewer people have the money for videos and because people utilize available​ technology, including online streaming sites like YouTube and Hulu. The videos​ Vince's Video does sell are often out priced by versions coming from China or​ Taiwan, or they are accused of damaging the environment. Which of the following marketing impacts has not likely affected​ Vince's Video?

not-for-profit marketing

which of the following statements about big data is correct

one result of big data is that marketing managers are often overloaded and overwhelmed with information

Ford Motor Company issuing a recall that requires customers to schedule appointments with car dealerships to repair faulty igniters would have the greatest impact on the ___ component of its marketing mix

place

what are the four P's of marketing

place, price, product, promotion

in a marketer's macroenvironment, the ____ environment consists of laws, government agencies, and pressure groups that influence or limit various organizations and individuals in a given society

political

Beverly's Burgers came under fire recently when allegations were made that its veggie burgers were actually made with beef. To counter the​ claims, the restaurant called in a company to test not only its veggie burgers but also the rest of its vegetarian options to prove they lacked meat. The results were displayed publicly on the​ restaurant's Facebook page. What BEST describes​ Beverly's Burgers response to the​ allegations?

proactive

what is the ultimate aim of customer relationship management

product high customer equity

which of the following is NOT one of the four P's of the marketing mix

profit

Louis Vuitton profitably appeals to families with more financial means. The retailer's approach is most likely referred to as

target marketing

Wonders such as robotic​ surgery, miniaturized​ electronics, and antibiotics can be attributed to which marketing​ environment?

technological

what is a business portfolio

the collection of businesses and products that make up the company

Tammy's Tap Dancing School currently has several question marks in its business​ portfolio, but it is currently maintaining its market share. At the most recent board​ meeting, the CEO of​ Tammy's Tap Dancing School decided to allocate all of the​ company's profits toward the growth and expansion of this question​ mark, in order to cause the question marks to become stars. What is likely to happen to this​ company?

the growth of the company will be unpredictable since there is no guarantee a question mark will become a star

selling and advertising are part of a larger set of marketing tools that work together to satisfy customer needs and build customer relationships known as

the marketing mix

competitive marketing intelligence is primarily responsible for

the systematic collection and analysis of publicly available information

from a marketing standpoint, which of the following BEST describes baby boomers

they constitute a lucrative market for financial services, new housing and home remodeling, new cars, travel and entertainment, eating out, and health and fitness products

what is the main problem that sellers suffering from marketing myopia face?

they focus more on products than the customer's underlying need

what is the purpose of the marketing mix as part of the overall marketing strategy?

to elicit a response that influences a demand for the product from the customers the company its targeting

Any contact between a customer and a company is called​ a(n) _________.

touch point

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

value proposition