Marketing Exam 2 - Chapters 4 - 8
Consumers obtain information from numerous sources. Which of the following involves dealer and manufacturer websites, packaging, and displays?
Commercial sources
Which of the following refers to the degree to which an innovation fits the values and experiences of potential consumers?
Compatibility
Which of the following is NOT a psychological factor influencing consumer buying behavior?
Self-concept
Amazon is now promising same-day pick-up of goods as well as local secure pick-up points. What point of differentiation is this?
Services differentiation
Which type of consumer products and services are purchased less frequently, with consumers carefully comparing competing products in terms of suitability, quality, price, and style?
Shopping products
Which of the following statements is true regarding standardizing products for international markets?
Standardization decreases product design, manufacturing, and marketing costs.
_________ is one problem with business-to-business e-procurement.
Suppliers being pitted against one another
Which of the following is NOT one of the typical advantages of e-procurement systems?
Improving customer-supplier relationships
Which adopter group is first to adopt a new product?
Innovators
Which of the following is considered part of an augmented product rather than that of an actual product or core customer value?
Warranty
The real value of marketing information rests in the _________.
customer insights it provides This is the correct answer.
Which type of sample involves dividing the population into mutually exclusive groups (such as blocks), and then drawing a sample of the groups to interview?
Cluster (area) sample
Which of the following incorporates the advantage of brands operating in different categories with the combined brands creating broader consumer appeal and greater brand equity?
Co-branding
User status, usage rate, and loyalty status are examples of which type of segmentation variable?
Behavioral segmentation
________ is the differential effect that knowing the brand name has on customer response to the product and its marketing.
Brand equity
Through its mobile Whopper Detour promotion, Burger King offered discounted Whoppers to people close to a competing McDonald's restaurant. This is an example of which of the following?
Hyperlocal social marketing
Adding a new product line to an existing portfolio means that the line has _________.
increased product mix width
Which of the following correctly defines a product?
A product is anything offered to a market that might satisfy a need or want.
________ is the step of the new product development process during which a review of the sales, costs, and profit projections for a new product is conducted to determine whether the new product is likely to satisfy the company's objectives.
Business analysis
What is the first step of the marketing research process?
Defining the research problem
________ demand is the term used for business demand that ultimately comes from the demand for consumer goods.
Derived
Which type of research seeks to define and characterize things, such as the market potential for a product or the demographics and attitudes of consumers who buy the product?
Descriptive research
Which type of market-coverage strategy involves targeting several market segments and designing separate offers for each?
Differentiated marketing
__________ is a characteristic important in influencing an innovation's rate of adoption and described by the degree to which the innovation may be tried on a limited basis.
Divisibility
Technological, political, and competitive influences are categorized as which type of major influence on business buyer behavior?
Environmental
________ involves sending trained observers to watch and interact with consumers in their "natural environments."
Ethnographic research
In 2015 Target eliminated its "pink" and "blue" aisles, and it now sells lines such as a collection of back-to-school clothing, accessories, backpacks, and bedding that appeals to both boys and girls. This is an example of which type of marketing?
Gender-neutral
In which stage of the new product development process would a company use a hackathon?
Idea generation
Which of the following statements about new product development strategy is correct?
Innovation can be very expensive and very risky.
Which of the following statements regarding packaging is correct?
Innovative packaging can give a company an advantage over competitors and boost sales.
________ marketing means that service quality depends heavily on the quality of the buyer-seller interaction during the service encounter.
Interactive
Which link in the service profit chain involves employee selection and training?
Internal service quality
Which stage of the product life cycle is characterized by negative profits and high costs per customer?
Introduction
Which of the following are tradition-bound, suspicious of changes, and adopt the innovation only when it has become something of a tradition itself?
Lagging adopters
_________ consists of the analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance.
Marketing analytics
Which value proposition offers not only higher quality, but also confers prestige upon the buyer?
More for more
What is the first step of the buyer decision process?
Need recognition
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.
Which of the following statements about online research is correct?
Online surveys generally have higher response rates than those conducted by mail or phone.
Kroger, headquartered in Cincinnati, Ohio, is one of the nation's largest grocery chains. It owns several brands sold in its stores, including Private Selection, Heritage Farm, and Simple. These brands represent which type of brand sponsorship?
Private brands
The business buying process can be a complex and complicated process with eight basic stages. Which of the following is the first stage in this process?
Problem recognition
___________ consists of many different people who play multiple roles in the buying process.
The buying center
Which of the following statements regarding socially responsible product decisions is correct?
The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition.
__________ determines if a buyer is satisfied or dissatisfied with a purchase.
The relationship between the consumer's expectations and the product's perceived performance
Which of the following statements is true regarding product life cycle curves?
The sales of a typical product follow an S-shaped curve made up of five stages.
Which of the following statements is correct concerning service marketers going global?
The trend toward growth of global service companies is expected to continue in the near future.
According to the model of buyer behavior, what is in a buyer's "black box"?
The buyer's characteristics and decision process
According to Maslow's hierarchy, which of the following needs would a person seek to satisfy first?
Thirst
Which of the following BEST describes the purpose of customer insights?
To create more value for customers
Which of the following is the primary reason firms use competitive marketing intelligence?
To gain early insights into competitor moves and strategies, and to prepare quick responses Your answer is correct.
Which of the following correctly describes customer purchases, sales force contacts, service and support calls, web and social media site visits, satisfaction surveys, credit and payment interactions, and market research studies?
Touch points
A company can obtain new products by buying a whole company, a patent, or a license to produce someone else's product through _________.
acquisition
Using online consumer tracking data and analytics to target advertisements and marketing offers to specific consumers is known as ________.
behavioral targeting
Primary data ________.
consist of information collected for the specific purpose at hand
All the individuals and households that buy or acquire goods and services for personal consumption are known as the ________ market.
consumer
Goldtone is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors of short-listed ideas will be adequately rewarded. In this case, Goldtone is using ________ to generate new product ideas.
crowdsourcing
Social class is a type of ________ characteristic that influences consumer buying behavior.
cultural
Consumers go through five stages in the process of adopting a new product. In the ________ stage, the consumer considers whether trying the new product makes sense.
evaluation
You and seven other people relay your feelings and thoughts about a potential new product to a trained moderator. In exchange, you receive a payment. You are participating in a(n) ________.
focus group
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.
generating person-to-person brand conversations
Groups of _________ products consist of materials and parts, capital items, and supplies and services.
industrial
Buyers look for signals of service quality, drawing conclusions about quality from the place, people, price, equipment, and communications that they can see to address the issue of service ________.
intangibility
The type of segmentation that forms segments of consumers who have similar needs and buying behaviors even though they are located in different countries is known as _________.
intermarket segmentation
A service firm must orient and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction. This process is known as ___________.
internal marketing
Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as __________.
market segmenting
When a company engages in ________marketing it ignores market segment differences and targets the whole market with one offer.
mass
The type of segment characteristic in which the size, purchasing power, and profiles of the segments can be quantified is known as __________.
measurable
Firms that manufacture seasonal products target their consumers primarily through ________ segmentation.
occasion
Marketers of brands understand that they must figure out how to reach ____________ that can exert social influence on others.
opinion leaders
If competitors cannot easily copy the benefit a company chooses to promote, that benefit is said to be _________.
preemptive
H2Coast, an automobile manufacturer, produces fuel-efficient hybrid vehicles that are targeted toward high-end exotic-vehicle collectors with ample leisure time. H2Coast most likely segments the consumer market based on ________ variables.
psychographic
A purse company's ads feature the members of a popular reality show about housewives. Product sales increase significantly among fans. From fans' viewpoint, the reality show is a ________.
reference group
The buyer makes the fewest decisions in the ________ and the most in the ________ decision.
straight rebuy; new task
The customer journey concept ________.
takes a holistic view of all the experiences a consumer has with a brand
Product mix width refers to ________.
the number of different product lines the company carries
To create successful new products, a company must _______.
understand its consumers, markets, and competitors and develop products that deliver superior value to customers
Intuit Labs, a division of Intuit, the accounting and payroll software developer, follows a "Design for Delight (D4D)" development philosophy, which states that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit using?
Customer-centered new product development
