Marketing Exam 1 Review
Companies that have no marketing analytics process, make decisions by instinct, and view marketing as an expense might be referred to as _________________.
"flying blind"
Developing a customer insight survey is a _________ process.
10-step
What percentage of course points are awarded based on exam performance?
30%
How many total course points are awarded for your participation in The Marketing Game?
360 plus 40 for team contribution = 400 points
Roughly ___ % of the dollar price paid by consumers for a product goes to cover the cost of marketing.
50
If a family purchases 2 season tickets for the Dallas Cowboys and 4 season tickets for the Oklahoma City Thunder, what is the SOW of season tickets for this family, from OKC's perspective?
67%
How does the article define a "branded packaging experience"?
A thoughtful selection of packaging and shipping materials, as well as the deliberate presentation of products
The lightweight design of an iPad is an example of a(n):
Add-on Attribute
A business's culture might function as a barrier when it encourages employees to
All of the above are correct.
Which of the following is not a reason that marketing needs data?
All of the above are reasons that marketing needs data.
The Spears School of Business has a number of learning goals for its undergraduate program. Which of the following learning goals is not addressed by the course objectives for MKTG 3213?
All of the above learning goals are addressed by the course objectives for MKTG 3213
Why is brand loyalty beneficial for companies to develop?
All of these are benefits
Which of the following is not a course rule for MKTG 3213?
All of these are course rules for MKTG 3213.
Why is it critical to determine where failures are likely to occur?
All of these are reasons why it is critical to determine where failures are likely to occur
Marketing's objectives are ________ derived from the overall business objectives.
Always
_____________ is a simple field experiment in which two versions of some marketing element are randomly assigned to subjects in the field and then compared on outcomes of interest.
An A/B test
Which of these is an example of possessions processing?
Appliance repair
When do firms using Minimum Viable Product launch their ideas to the market?
As soon as they believe it will satisfy early adopters
How does business purchasing differ from consumer purchasing?
B2B purchasing requires a qualified expert
Most of the seven types of primary data are used to predict what type of data?
Behavior
A Starbucks franchise receives a shipment consisting of coffee beans and coffee cups - materials that the store will need in order to sell coffee in the upcoming weeks. What type(s) of business products and services are these products?
Coffee beans are components; coffee cups are support products
After several years of starting his morning with coffee, Brett studies abroad in England where most people are accustomed to drinking tea. When Brett attempts to start his day with tea, he will be comparing that day's experience to his usual experience with coffee. Why?
Coffee is the "pioneer" in this situation, and therefore Brett will use coffee as the standard
What is a benefit of alignment marketing strategies?
Companies can use comparisons with their competition for their own benefit, companies can connect themselves with the good reputations of better-known firms, and companies can tell the truth about their performance
Exploratory research has several characteristics. Which of the following is not typically one of those characteristics?
Concerned with cause and effect
Allyson is looking for jobs she can apply to after graduation. She is primarily searching for jobs closer to the "All Service" side of the product-service spectrum. Which type of job is she most likely to pursue?
Consulting
Visualizing the customer's objectives, needs, feelings, and barriers on their path to making a purchase decision is known as:
Consumer Journey Mapping
A service blueprint depicts the interaction between which two entities?
Consumer and service
Which of these is not a core competency of developing a good Customer Experience?
Consumer interaction
Good services marketers are concerned with how the service is experienced by whom?
Consumers
What is a danger of introducing a Discontinuous Innovation product?
Consumers will likely have difficulty learning how to use your product
The comparison between the iPhone 7 and the iPhone 8 is best described as an example of ____________, and the comparison between the first iPhone and its predecessors is best described as ______________.
Continuous innovation; discontinuous innovation
Which of these is not a part of the Market Segmentation Process?
Create distinct products for each target segment
Customer journey mapping must be done from what perspective?
Customer
Developing a protocol shifts the focus onto what?
Customer needs
What is the difference between customer service and the customer experience?
Customer service is individual moments; customer experience is the sum of all interactions
Interworks wants to help companies through which of the following progressions?
Data > Information > Insight
What is derived demand?
Demand that comes from the sale of consumer products
When does the Introduction stage for a product start?
Directly following commercialization
Why is stability so important a trait to look for in potential target markets?
Dynamic markets require frequent change, and change is expensive
Although there are many things that managers must consider when evaluating the results of research projects, there are four primary areas of concern. Which of the following is not one of those areas of concern?
Each of the above is a primary area of concern
In which category of the consumer market is the firm likely to "make or break" success?
Early adopters
Which category of the consumer market is best known as the opinion leaders?
Easly adopters
Which of these is an example of mental stimulus processing?
Education
"Pseudo Analytics" are marketing analytics that rely on proxy data from external sources.
False
Consumers and businesses tend to have the same understanding of the customer experience.
False
Customer experiences are most often neutral.
False
Exploratory research is used to find final answers to research problems.
False
If a company has the technical ability to acquire and analyze data, it is always legal for it to do so.
False
In customer insight research, it is appropriate to assume that if two variables are correlated with one another, one of the variables has caused the other variable to occur.
False
Managers in production-based industries are generally unconcerned with the services side of marketing.
False
Service organizations must inherently be small in order to manage service providers.
False
Services can only be provided to people.
False
The customer experience can only be manipulated minimally; one major change is all most companies can handle.
False
The involvement of people makes it easier to maintain quality control for services than products
False
Polaroid cameras first broke into the market in the 20th century, and were popular for many years. They fell out of favor with consumers when digital cameras became more popular, but recently Polaroid cameras have seen an increase in sales again. What variation of the product life cycle does this fall under?
Fashion product
What is the point of Target Marketing?
Focusing the firm's marketing efforts more specifically
Which of these is an example of people processing?
Healthcare
Market research that goes into the creation and production of a new car is best described as a(n):
Hidden Service
A patient who has been waiting for his doctor's appointment for over an hour is likely to be frustrated. From a marketing standpoint, why would this consumer be more frustrated about the wait for receiving this service than they would be if faced with a similar wait for receiving a product?
Importance of time
Which of these is not a stage in the life cycle of a successful product?
Innovation
The Diffusion of Innovation indicates the diffusion of:
Innovations being copied by different firms
Lottie has an advising appointment scheduled for later today, but has just received a call that her advisor is sick and therefore cannot provide the promised service: advising Lottie about her future classes. Which characteristic of services explains why Lottie can no longer receive advising today?
Inseparability
Which of these is not a function of Packaging and Labeling?
Introduce the product to new target markets
Which of these is not a line crossed in a services blueprint?
Line of communication
Which of these is not an indication of an Innovator?
Low income
What should a marketing manager whose company makes shopping products do with information about the products?
Make it available and easy for the consumer to find
What should be the main goal for a marketing manager whose company makes convenience products?
Make the product widely available
Which of the following offers a solution to the problem that everyone has an opinion about the quality of marketing's efforts?
Marketing analytics
What is mass marketing?
Offering the same marketing mix to all potential consumers
Where do consumer expectations come from?
Other consumers (friends and family, etc.)
Primary packaging is used to:
Package one retail unit of a product
Receiving an emailed survey after a service experience is an example of:
Passive communication
Which of these is not depicted by a service blueprint?
Predictions for service success
What is defined as the flow of activities involved in providing goods, services, and ideas to the customer?
Process
For which of the following tasks is the respondent presented with a target object (e.g., a brand name) and asked whether or not s/he has seen the object?
Recognition task
Anna is a recent graduate, unhappy with her current job. She is looking to re-apply to some companies that she tried to work for previously, and understands that she will need to dress and act more professionally this time around if she wants them to hire her. If Anna begins to focus on her personal organization, email etiquette, and writing style while re-applying to these companies, she is essentially _________.
Repositioning herself in the minds of potential employers
The article discusses a study that found nearly 40% of consumers would share an image of a delivery on social media if that delivery came in a unique package. According to the article, why is this significant?
Residual positive marketing effects that go beyond the online order
The "right" marketing analytics metrics are typically related to:
Revenues
A pallet of green beans at Walmart is best described as:
Secondary packaging
Market Segmentation is defined as:
Segmenting consumers in order to market to the groups more efficiently
Like most developed countries, much of America's productivity is based in which type of industry?
Service
The world is now largely a _________-based economy.
Service
The importance of processes in providing services shows the overlap between what two fields?
Service and Operations Management
The majority of new marketing jobs being added to the American economy are based in:
Services
Why is intangibility an important characteristic of services?
Services are a performance that cannot be resold
Why is perishability an important characteristic of services?
Services cannot be stored over time
Which of these is a function of falsifying?
Signal the presence of a product/service failure
New technology products and new medications are generally extremely expensive when first released to the market. These companies are using which kind of pricing?
Skimming
Which of these is an example of information processing?
Software consulting
SOW is defined as
The amount of a customer's spending captured by the business
What is the definition of the Product/Service Bundle?
The collection of benefits and attributes of a product or service
A Protocol statement should identify all of the following except:
The expected initial sales of the product
Which of these is the best example of Product Innovation?
The first iPod compared to a Walkman
From a marketing standpoint, what is the best definition for people?
The human actors who provide goods, services, and ideas to the customer
Your grandfather's first car was a Ford, and though he has bought several cars over his lifetime, he only ever purchases from this manufacturer. This is an example of what?
The importance of pioneering in building brand loyalty
What is co-production?
The involvement of the consumer in the act of providing the service
What is the difference between CPG's and FMCG's?
There is basically no difference
Your friend, an avid reader, gives you a list of her favorite science fiction books. The fact that these books are her "favorite" implies what?
These books hold a more positive position in your friend's mind when compared to other books of the same genre
Growth hackers release their product when:
They believe it can satisfy early adopters
Which of the following is not a benefit of marketing analytics?
They require very low resource investment
What is the goal of market segmentation?
To have segments that are as internally homogenous as possible
From the article, what is the purpose of a branded packaging experience?
To provide additional value for both the customer and the business
Customers who have a poor customer experience will tell more people about their experience than customers who have a good customer experience.
True
Customers who have the best customer experiences tend to spend more than customers who receive average customer experiences.
True
Data and measurements can be used to prove the effectiveness of marketing efforts.
True
Data mining is a quantitative form of exploratory research.
True
Having a point of comparison for a rating scale score on a variable such as satisfaction is important for understanding the meaning of the score.
True
In a recall task, respondents are asked to retrieve the target object (e.g., a brand name) from memory.
True
One of the ways in which a company's culture can serve as a catalyst is when it encourages employees to trust data.
True
One outcome of taking improvement actions (as a stage in the Marketing Analytics Process) is identifying the right metrics.
True
Products are easier for most customers to evaluate than services.
True
The channel of distribution tends to be longer for products than services.
True
Why do many firms that "come in second" resort to the Divide and Conquer strategy when entering the market after a pioneer?
Using reviews of the pioneer's performance allows the second firm to tailor its product/services to better fit needs, not every consumer is generally fully satisfied with the pioneer's performance, and finding and growing niche markets is a good way to ensure survival
Gracen is an Oklahoma City Thunder fan, and follows the statistics of her favorite players regularly. She notices that many of the players have remarkably different performances from game to game, rather than being consistent throughout the season. Which characteristic of services would this change in performance fall under?
Variability
A housecleaner's services would best be categorized under which dimension of service outcomes?
Visible
Why does competition tend to decrease in the Maturity stage of a product's life cycle?
Weaker competitors leave the industry
Is using a Buyer Persona more helpful than using basic demographics? If so, why?
Yes, a Buyer Persona provides marketers with a more personable, tangible, and holistic idea of who to target
Anna has been promoted to Head of Advertising in her company's marketing department. The company currently allocates the same amount of money for advertising to individual consumers and advertising to businesses. Should Anna change this advertising budget, and if so, how?
Yes; she should give more money to B2C advertising
What is the definition of customer experience?
a buyer's satisfaction and perceived benefit with or about many aspects of a brand
A recent example of the anti-alignment positioning strategy was carried out by _______.
a firm in the phone carrier industry
What is a niche market?
a narrowly defined segment of consumers with specific needs
Blue Spruce in downtown Stillwater provides craft coffee and a range of higher-end brewing methods. The majority of Stillwater residents are content with standard drip coffee from one of the other coffee sellers in town. What kind of market does Blue Spruce cater to, compared to these other sellers?
a niche market
Fred and George have a great idea for joke shop products, but are currently attending a school where such products are banned. The only market they can think to sell their products to is outside of the school, and they have no way to ship large quantities of their product beyond the campus. What feature does their current target market lack?
accessibility
Lehcar Diamond Jewelers, a French company, recently entered the U.S. market by pointing out several favorable characteristics of Tiffany & Co., an industry leader, and noting how it also possessed those characteristics. Which of the following positioning strategies is Lehcar Diamond Jewelers attempting to pursue?
alignment
The first step in the Marketing Analytics Process is to
identify the right metrics.
A business can attempt to increase its SOW for individual consumers by
increasing repeat business
What kind of company might be most interested in separating market segments based on age?
life insurance
Mariah has a new job at a rock climbing supply store. Her store has a range of equipment to fit everyone from recreational climbers to elite professionals. What specific market segmentation strategy might Mariah be most interested in using?
lifestyle (activity)
Which of these is not a trait of desirable target markets?
limit size
The __________ concept recognizes that people don't really buy products, they buy solutions to problems.
marketing
When an individual donates money to a charity, a ____________ transaction has taken place.
marketing
___________________ is the process of setting marketing goals, the planning and execution of activities to meet these goals, and measuring progress toward their achievement.
marketing management
The email address to use for all inquiries about MKTG 3213 is ___________________.
Amazon, a popular online shopping website, is currently in the beginning stages of expanding its business into the more rural parts of India. Executives are hoping that this will allow Amazon to continue growing and retain its dominance in the industry. What is this expansion an example of?
modifying markets
According to Johnnie Hurns, Chief Operating Officer of Interworks, "Data without a question is pretty useless...it's just ___________."
more data
Building a survey is _____________ than most people think it is.
more difficult
A ______ is the recognition of any difference between a consumer's actual state and some ideal or desired state.
need
Marketing exists because people have ________________ that they are willing to give up things of value to satisfy.
needs and wants
The _________________________ uses a single item to group respondents into two categories, "detractors" and "promoters."
net promoter score
The past twenty years have witnessed an explosion in the use of ______________.
online surveys
Which of these factors does not influence how much time consumers spend searching for information?
packaging
Which of the following types of needs would likely be satisfied LAST if other types of needs were present?
personal needs
Which of the following types of needs reside at the lowest level in the PSSP Hierarchy of Needs?
physiological needs
Which type of need would most food and beverage companies primarily attempt to satisfy?
physiological needs
If the Target Corporation routinely assesses customer satisfaction at each of its stores, thereby allowing a store manager to compare customer satisfaction at her store with other similar units, the manager is utilizing a ___________________.
population-based
There are several different types of marketing functions that must take place in order to get products from producers to consumers. Which of the following is NOT one of those functions?
producing the physical product
__________ is/are the means of communication with the customer.
promotion
Passive communication can be an issue because consumers:
rarely let you know when they are displeased with a service
What is the last stage of the Process of Consumption?
reaction
What is an example of a social need?
relationships
Which of these is not part of the process of consumption?
reverse marketing
Which of these is not a physiological need?
safety
Allstate Insurance has traditionally focused its advertising on which type of consumer need?
safety needs
A product is a good, service, or idea to _______ the customer's needs.
satisfy
Robert Louis Stevenson once said that "Everyone lives by _________ something."
selling
Which of the following management orientations makes profits through sales volume?
selling concept
Josh is getting his hair cut in Stillwater for the first time. A haircut is defined as a ________, therefore he will rely most heavily on _________ when making his decision of where to go.
service; recommendaions from personal sources
Jake is a photographer looking to purchase a new lens. When he is comparing different lenses before making this purchase, what kind of attribute is he evaluating?
shopping
A light coming on in your car is an example of:
signaling the presence of product/service failure
The consideration set for services is ________ when compared to the consideration set for products.
smaller
Why should a services blueprint depict potential failure points?
so that the service process can be "failsafed"
In 2014, Porsche released a 50th anniversary edition of its Porsche 911. The company only made a select number of these models, making this a _______ product.
specialty
All the elements of managing processes should be focused on:
the customer
In Business-to-Business transactions, the main focus is on:
the customer relationship
Which of these is not a reason why a company should try to reposition its product?
the firm becomes a market leader
Customer lifetime value is defined as:
the worth of a customer to the business over the life of the relationship
A _________________ norm compares scores on a measure for the same entity over time.
time-based
According to the article, it is almost always less expensive to get a current customer to purchase again than it is to constantly find new customers.
true
Add-on Attributes can become Expected Attributes over time.
true
Advertisements that use competitive repositioning can include information about product ingredients, product origin, and firm authenticity (or lack thereof).
true
Durable products are more likely to be Shopping Products than nondurable products
true
From a marketing standpoint, satisfying needs is more important than selling products.
true
If the National Institutes of Health issued a guideline with cautions about the intake of certain types of artificial sweeteners, this would be an example of marketing.
true
Students must check Canvas for viewing videos and taking quizzes before working on The Marketing Game with your team each week.
true
Students will learn marketing content primarily through videos and apply the knowledge when working with their group each week.
true
The central focus of marketing is the exchange of value between people and/or organizations.
true
The requirements for labels are continually updated and changed.
true
Sarah is on her way to a job interview when it suddenly starts to rain. Which of these purchase decision criteria is likely the biggest driver for her decision to buy an umbrella on her way to the interview?
urgency
A local mall only advertises during the months of November-January, but advertises aggressively for that entire span of time. What best describes this marketing strategy?
usage rate segmentation
As an Aspen barista, James is convinced that 25% of his regular customers account for nearly 60% of the store's weekly orders. He wants to speak with his manager about a rewards program to continue marketing specifically to these customers. James' hunch and subsequent plan are best defined as:
usage rate segmentation
Which of these is not a Target Market Strategy?
value-weighted
Marketers are most effective at influencing consumer _______.
wants
What is marketing myopia?
when a firm thinks too narrowly about its products
Two crucial questions consumers must answer after deciding to purchase a product are:
when and where
Separating market segments based on demographics is entirely subjective.
false
Services are most likely to be judged based on Shopping Attributes.
false
The Diffusion of Innovation model includes estimates for all new products introduced to the market.
false
The Pioneering advantage is always easily overcome by later competitors.
false
The consumer experience is exactly the same for all consumers.
false
The greatest amount of competition exists while in the Maturity stage.
false
The role of marketing is solely to observe the needs and desires of consumers.
false
When an individual "sells" her time and labor to an organization, a marketing transaction takes place.
false
Which company is generally credited with originating the marketing concept?
general electric
From the article, which of these elements of a well-designed branded packaging and unboxing experience is the biggest to consider?
Box
Providing a good customer experience turns consumers into:
Brand advocates
According to the article, what is a main point of creating an attractive and unique packaging and unboxing experience for your brand?
Building a brand that has ecommerce at its core distribution channel
Which type of packaging is used to ship the greatest number of products?
Tertiary
What would be an objective attribute for the purchase of a first car?
gas mileage
Apple mainly sells phones and computers, but also sells accessories for these products. These chargers, protective cases, and other accessories are best described as what?
Support Products
Which of the following is an example of primary data?
Survey data collected to measure customer satisfaction
When an industry as a whole has a negative reputation, what strategy might a firm use to work this to their advantage?
anti-alignment
The ingredients list on a package of food could best be described as a list of the:
attributes of the food
No money is exchanged in ___________, the process of exchanging goods and services between two parties.
barter
Consumers buy ______, not ______.
benefits; attributes
Course materials can be accessed on ___________________.
canvas
Rachel's younger sister is beginning to look at universities she might like to attend. Rachel is extremely interested in having her sister attend Oklahoma State University, but her sister is expressing interest in another Big 12 school. If Rachel begins to mention negative attributes of that other school - things that her sister didn't previously know - what positioning strategy is Rachel using?
competitive repositioning
________ is defined as the set of products or services that comes to mind when a consumer recognizes a need.
consideration set
Which of these is not a key characteristic of services?
consistency
The real power in positioning lies with the _________. Why?
consumer; no one can ultimately control what the consumer thinks about products and companies
Needs and desires are preexisting and unchangeable.
false
Packaging and labeling is a necessary, but rather unimportant part of selling a product.
false
Positioning has more to do with what a company does with its products than what it does in marketing to potential customers.
false
Product-Market Fit is only profitable in large markets.
false
Profits are both high and unchanging in the Maturity stage of the product life cycle.
false
Which of the following types of markets includes a middleman (that is, a merchant)?
decentralized exchange
Positioning is defined as:
developing a market strategy to influence how a specific segment views the company
Most evaluation with services takes place:
during and after consumption
It is important that each student prepare for class sessions by viewing all assigned course videos and completing the corresponding quizzes ______________________________.
each week
Marketing is _______________.
exchange
Jessie just bought a new TV, and is curious to see how well it performs when it is positioned in her home (she is concerned about the glare from the windows). When she evaluates the quality of the picture in her home, what type of attribute of the TV is she evaluating?
experience
The consumption chain is the sequence of stages that comprise the customer's __________ with a product or service.
experience
Services have more ______ attributes and fewer _______ attributes (compared with products), making them harder to evaluate.
experience; shopping
Marketing is crucial for triggering _______ cues within the consumer base.
external
A firm with excellent Product-Market Fit will always be the market leader.
false
Because boxes are so important for ecommerce packaging and shipping, it is impossible for ecommerce brands to find affordable options for boxing their products.
false
Brands tend to be extremely important to consumers purchasing staple products.
false
Consumers designated as "innovators" or "late majority" members in one market will fall into those categories for every product market
false
Credence Attributes are those attributes that can be evaluated within five years of consuming the product or service.
false
Growth hackers are only concerned with change at the product level, not the business.
false
If a product has secondary packaging when it gets to the retailer, it must be sold with the packaging still visible.
false
It is important that any employees that interact with a company's customers carry "marketing" as part of their job titles.
false
Marginal products can often reach excellent market position with good advertising.
false
Marketers can create core needs.
false