Marketing Exam Quiz Answers to study
Technological, political, and competitive influences are categorized as which type of major influence on business buyer behavior?
environmental
Which tool uses market penetration, market development, product development, or diversification to identify company growth opportunities?
Ansoffs
In terms of a business perspective, which of the following is most expensive (takes the most resources) when segmenting?
target market
When a company chooses a group of customers to serve, it is engaging in which of the following?
target marketing
The role of a company's marketing intermediaries is to do which of the following?
Help the company find, promote, sell, and distribute products
The goal of a Market Penetration growth strategy is to do which of the following?
Make more sales to current customers without changing its original products
In lecture, we explored the Economic Macro Environment Force by defining Discretionary Income. Which of the following product brands would be an example of discretionary income spending for a consumer?
Netflix Streaming Service
The ultimate goal of the marketing process is to do which of the following?
Receive value from customers through exchange
Which of the following is NOT a step in the strategic planning process?
Set revenue and financial goals
Shark Specialty Foods, groups its customers by attitudes, values and motivation. For each customer group, Munoz creates a different set of promotions that appeal to differing attitudes, values and motives. In terms of segmenting, what is being done in this example?
Shark Specialty Foods has created multiple target markets based on Psychographic Base Segmentation Variables
Ethel and Jan have just started a new company, Jantel, Inc., and are having trouble deciding which marketing path to take to drive sales. Ethel believes they should follow a make-and-sell philosophy that focuses on improving their product, whereas Jan believes they should be more customer-oriented and find the right products for their customers. Which of the following BEST describes what Ethel and Jan are considering?
Should Jantel, Inc., follow a product or marketing concept?
Lydia's Lights wants to extend its market into Mexico. Before jumping in, the company needs to conduct some in-depth research to gauge customer's needs, interests, and buying patterns by having some of the researchers live and participate in the Mexican culture directly. Which of the following is the BEST option for Lydia's Lights?
Utilize ethnographic methods
A new hardware company is writing its mission statement. Which of the following would best be considered a marketing oriented mission statement for the new company?
We will help customers build, invigorate, restore, refurbish, or completely redesign their homes or businesses.
Chevy Chase No-Pain Dental has excellent customer ratings on YELP. Many customers that would like to utilize Chevy Chase No-Pain Dental but cannot do so because they are only open from 7-3 pm, Monday-Friday. A large group of consumers that have occupations that require them long hours, Monday-Friday cannot utilize this business easily because of the business's very limited clinic hours. For Chevy Chase No-Pain Dental, they do not target the consumers mentioned above because this group does not possess the ___________________ when evaluating market segments.
ability
The BCG and other formal methods ________.
can be difficult and time-consuming to execute
Luke is headed to buy an engagement ring for his future bride. He plans to purchase a ring that is between $6-7,000 and is at least a one carrot diamond, yellow gold. He walks out of the jewelry store having spent $6,500 and the ring is a 3/4 carrot diamond, white gold. For Luke the salient attribute(s) were:
carrot size and gold color
For many years Kodak film for cameras owned 80% of the market share in that product category. As the product category aged, the market growth was low. Based on the BCG matrix designations covered in class, the designation for Kodak film from this snap-shot would be?
cash cow
According to lecture, once a consumer has made the purchase, all of the most important stages of the Consumer Decision Process have been satisfied.
false
According to lecture, Involvement from the Marketing Matrix is defined as type of information search conducted, problem solving method and complexity of decision making.
false
As discussed in lecture, there is a decrease in the number of "Big Data" (data science skilled) related job positions making this area of the job market difficult to find work in.
false
In the business-to-business market, many large buyers now practice channel-managed inventory, in which they turn over ordering and inventory responsibilities to their suppliers.
false
Riva, an EV automobile manufacturer, offers a new car model with features comparable to that of another popular brand. However, the Riva model is priced lower than its competitor and includes a longer warranty. Riva is most likely following a more-for-the-same strategy.
false
CVS has begun a new product offering called Minute Clinic where a doctor is on site during certain advertised hours in the pharmacy area of the drug store retail chain and can see patients, diagnose and prescribe medicines where they can be made immediately available at the CVS pharmacy counter. The idea is to make seeing a doctor and getting a remedy for routine acute illnesses seamless and easy. When evaluating potential market segments, the idea behind the CVS Minute Clinic pairs strongly with which of the constraints normally found?
fit with company resources
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
Which of the following statements about online research is correct?
Online surveys generally have higher response rates than those conducted by mail or phone.
_________ is one problem with business-to-business e-procurement.
Suppliers being pitted against one another
Using the BCG growth-share matrix as a guide, Maderite Technologies identified a number of products (just innovated) that are considered question marks in its business portfolio. At a recent meeting with the company's senior management team, the CEO of Maderite and her team members decided to allocate all of the company's profits toward the growth and expansion of these question marks, with the hope that the question marks become stars. What is the best description of the current state of the company if the above is executed?
The growth of the company will be unpredictable because there is no guarantee that a question mark will become a star.
According to the text, how has the internet MOST affected companies and customers?
The internet has allowed consumers to take marketing content and share it.
How does the microenvironment of a company differ from its macroenvironment?
The microenvironment deals with the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
What is the ultimate aim of customer relationship management?
To produce high customer equity
Sebastian owns a small farming business which specializes in growing soybean crops. A total ban of a pesticide that is used in Sebastian's crop production has been proposed by the State government due to it's impact on the local watershed. Sebastian does not have the time or resources to try to fight these changes. In terms of the coverage and lecture content for Chapter 3, which of the following does this vignette specifically demonstrate?
a reactive approach to the Natural, Macroenvironmental Force
Talia was just asked to the prom. She is excited and then begins to think about what dress she could wear. Talia has a gorgeous dress from her older sister and shows it to a friend. The friend says, "oh Talia, that is not a floor-length dress, our prom requires dresses to be floor-length." In terms of Problem Recognition, Talia's older sister's dress represents Talia's___________.
actual state
When it comes to assessing Marketing Information Needs, the "Modern Marketer" (as pictured in lecture) needed to have a blend of part _____________________ and part ____________________.
artist and scientist
Calvin's Cupcakes is attempting to gather information about its customers in order to improve its customer service. Which of the following is the BEST path for this company to start to develop an efficient MIS?
asses the information needs of the company
In class, "Reverse Segmentation" was discussed. Which segmentation base does this variable belong too?
behavioral
Tracking consumer movements across online sites has given Marketers insight into ____________________. The idea behind this concept is that movement on social networking sites is parallel to how people shop.
behavioral targeting
The real value of marketing information rests in the _________.
customer insight it provides
Lee and Betsey Smith are meeting friends to go to dinner. The Smith's suggest going to one of their favorite restaurants, Bethany Blues, Crabby Dick's or the Crooked Hammock. Their friends suggest a restaurant that the Smith's have never liked, Panera. For the Smith's the suggestion to go to Panera represents best which of the following concepts in the third stage of the Consumer Decision Process
inept set
After creating a company's mission and objectives, the executive team must then plan __________ by keeping in mind the best fit for its strengths, weaknesses, and opportunities in the environment.
its business portfolio
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
Hungry Harvest, is a start-up subscription boxed food company. It buys up excess or "ugly" produce from growers and wholesalers around the country that is rejected for sale (mostly based on looks) that cannot be sold to supermarkets. Hungry Harvest then sells the "ugly" produce to consumers for less than supermarket price. Which of the following value propositions has Hungry Harvest positioned itself based upon?
less for much less
The demographic, economic, natural, technological, political, and cultural forces that affect a company's ability to serve its customers make up which of the following?
macroenvironment
Marcel is a Marketer for a toy company that has tasked him to develop strategies for growth. He believes that India is the new marketplace that would be perfect to take the existing toy products made for US consumers kids and simply introduce the same games within that culture. Marcel's plan for growth is an example of ________________________.
market development
Dividing a market into smaller segments of buyers with distinct needs or behaviors that might require separate marketing strategies is known as __________.
market segmenting
_________ 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 of the following actions helps a company find the game plan for long-run survival and growth that makes the most sense given its specific situation, opportunities, objectives, and resources?
strategic planning
Mark and Roberta own and manage a brand where the product they invented created a new product category. Now that their brand has been in the marketplace for a while competitors have entered. Each time a new competitor enters the market, Mark and Roberta buy a sample off the shelf and then take it a part in their lab to ensure they are one step a head of the competition. In terms of Marketers obtaining information, this is an example of developing
marketing intelligence
Ben developed a product to help senior citizens and has just made a lot of money. Feeling accomplished, Ben has decided to reap the benefits of the product profits for a while and take some time off from further development and innovation of such product. In terms of Marketing, Ben is focusing on short-term goals and his actions can be best defined as:
marketing myopia
Marketers obtain needed information for business decision-making from a number of areas inside and outside the organization. According to what was discussed in lecture, among the three top areas to look for information, which one is most costly?
marketing research
Gus realized that his business had a reliance on AI (Artificial Intelligence) that had been increasing over the last ten years. In terms of trend analysis, the reliance on AI would be considered a ________________.
mega trend
Martin and Ruby are doctors who have conducted research for a well-known University about the effects of eating a whole-grain diet on patients with diabetes. The doctors have been approached about using their research to support claims for a well-known, whole grain brand of cereal. Martin and Ruby are concerned that their research was not intended to support claims for a branded food product. Which of the following concepts from chapter 4 reading is at play?
misuse of research findings
A blizzard is bearing down on the Metro DC area. Local hardware stores have ordered and received extra stock of shovels, water, generators, ice melt and other products that customers will need to deal with the effects of the storm. This is an example of a ______________________force in the Macro Environment.
natural
Which environment shows trends including shortages of certain raw materials, higher pollution levels, and more government intervention?
natural environment
Marketers of brands understand that they must figure out how to reach ____________ that can exert social influence on others.
opinion leaders
In class lecture, there was one "Marketing Tool" that should never be changed (at least frequently) due to issues with consumer behavior perception and reaction to such. Which of the following is that portion of the Market Mix?
price
Edith is a VP of Marketing who has reached out to the head of Engineering to try and coordinate feedback for an upcoming new electronic vehicle launch. Edith's idea of working with another department is new as her predecessor never worked with any other department outside of Marketing. Edith is trying to manage which of the following micro Market Environment Forces?
the company
The set of tactical marketing tools that a firm blends to produce the response it wants in the target markets is called ________.
the marketing mix
Among performance metrics, customer retention, engagement and conversion are all insightful measures for Marketers to track.
true
Which of the following segmentation strategy approaches works in a more optimal fashion if the marketplace is homogeneous?
undifferentiated
Ralph Lauren is a clothing brand that places their brand in high-end retail stores. The brand is now considering offering select styles from the Ralph Lauren product lines (made of slightly different fabrics) but branded, to be placed in discount stores. The goal is to gain customers from diverse incomes and build their brand name among a different target consumer. This type of activity demonstrates the brand's move to engage in
value marketing
Which of the following scenarios BEST describes the societal marketing concept?
Edward's Earthware attempts to make its pottery in a way that satisfies customers but is also environmentally friendly and sustainable over the long term.
Devin is a marketer who has identified 6 distinct groups of consumers for a new product innovation that she developed. Devin created a customized market mix for half of the consumer groups identified. For Devin, she has developed/created _________________________.
3 target markets
According to lecture, which industrial revolution was known for the introduction of the internet?
4th
The current U.S. inflation rate (as presented in lecture) is __________ and is a part of the ______________ macroenvironment force.
6.5%
Stars, cash cows, question marks, and dogs are the four types of strategic business units (SBUs) defined in which of the following?
BCG/Growth share matrix
The investment app, Robynwood recently began offering live investment help for their users. The reasoning that Robynwood has for offering this costly service as a part of the overall brand was to create deep and distinct customer touch points where their users would grow loyal to the brand. Developing this type of customer relationship has paid off as they have seen customer retention levels increase signficantly and have also tracked a rise in customers expressing that they would recommend the Robynwood app 98% of the time (from customer feedback surveys). Robynwood is now planning to invest more in this service and with that decision, along with the facts above, demonstrates that __________________________ is highly valued by this brand.
CRM
Juanita owns a small hot-air balloon company in Albuquerque, New Mexico. She recently started a Facebook page for her company, and many of her customers are asking for store-sponsored hot-air balloon trips. They believe Juanita's expertise would make her the perfect guide. Juanita decides to host quarterly hot-air balloon trips and experiences a huge increase in sales and customer satisfaction. Which of the following is the BEST conclusion that can be drawn from Juanita's situation?
Customer insights can provide valuable information to a small businesses.
According to lecture, which of the following federal regulatory agency regulates the majority of Marketing practices?
FTC
Asher Airlines instituted a marketing program whose intent is to create a relationship with customers with seat upgrades and free miles for their continued patronage. What customer relationship tool is Asher Airlines using?
Frequency marketing program
Julie's Jump Rope Emporium is a new company. From a marketing standpoint, what is the FIRST thing Julie's Jump Rope Emporium needs to do?
Determine who in the community wants or needs a jump rope.
Lansing is a brand that produces household appliances (stoves, refrigerators, etc.). The brand offers free cooking classes in a center near their headquarters called "Lansing Kitchens". This center is where consumers come in and use kitchens that have Lansing branded appliances. Each of the three Lansing kitchens have different levels of appliance equipment (Professional Grade, Standard & Novice). The hypothesis being tested is that each of these kitchen appliance set-ups will appeal to different levels of cooking abilities and therefore should have very different price points. In terms of the above example, what research is being conducted at Lansing?
casual research
To exercise social responsibility, many companies are linking themselves to what type of marketing?
cause related
The two types of Marketing Metrics that were outlined in lecture are:
chanel and performance
You are managing a product that has issues with triggering Need/Problem Recognition. From the ad techniques seen in class which should you avoid to target this stage of the Consumer Decision Process?
comparative advertising
Which of the following refers to the degree to which an innovation fits the values and experiences of potential consumers?
compatibility
In lecture we discussed evaluating market segments. What is a good example of "structural attractiveness"?
considering number of competitors in a product category
Which of the following is NOT a primary goal of competitive marketing intelligence?
creating an understanding of the business to business environment
According to the text, which of the following Microenvironment Forces is considered the most important?
customers
When a company starts the strategic planning process at the corporate level, it begins by ___________.
defining its overall purpose and mission
What is the first step of the marketing research process?
defining the research problem
In lecture the U.S. Census was discussed as being the most impactful for which of the following Marketing Environment Forces?
demographic
Heeltoe, a boutique that caters to the footwear needs of women, manufactures two different lines of footwear based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged women, and the other line targets younger professionals and homemakers. Heeltoe most likely segments the consumer market based on ________ variables.
demographic
________ demand is the term used for business demand that ultimately comes from the demand for consumer goods.
derived
Yankee Bat Company has traditionally produced wooden baseball bats. Through technology, they have developed and engineered a new product line of light aluminum bats . The marketers at Yankee Bat Company will market both the wooden bat and the light aluminum bats to little league, semi-professional and professional league players and clubs. The approach to segmentation that the Marketers of Yankee Bat Company are taking is:
differentiated
Zorbo's Restaurant is a full-service, high-end, sit down eatery. Before the pandemic, the owners of Zorbo's decided to buy a small local bakery. Since the pandemic hit, the owners have only been able to break-even at Zorbo's by selling take-out items. However, the bakery that they purchased has kept both businesses operating through it's double-digit sales and profit increases. The above is an example of which growth strategy?
diversification
Trader Joe's is a grocery retail brand that is constantly researching consumer needs, location demographics and cultural shifts that create opportunity for new products to be added to their food offerings. By conducting constant research in these areas to understand the meaning and application of the phenomenon on the Market Mix, it can be said that the brand
does a good job conducting environmental analysis
Based on the BCG matrix model covered in class, which of the following designations would most likely be a brand found in the decline stage of the Product Lifecycle stages?
dog
Wilden is preparing to ask his long-time partner to marry. He knows his partner has a specific piece of jewelry in mind to mark this occasion. Wilden could buy it online from Tiffany's and have it shipped to Florida, where he lives but he feels that he needs to examine and evaluate this specific piece of jewelry in person. Wilden hops on a plane and flys to New York City to visit Tiffany's where he knows this very specific piece of jewelry exists. For Wilden, the Information Search being conducted parallels which concept?
experiental source
Shira is planning her first trip to Paris, France to reward herself for completing her 4-year degree. She asks for help from her uncle who is a pilot. He travels to Europe weekly and gives Shira a lot of advice for lodging and sightseeing in Paris. For Shira, the problem solving method for this type of product is most likely ____________________ and her uncle represents a _______________.
extended, personal source
Frank collects rocking chairs. Frank's collection is worth a lot of money and represents a good deal of time spent searching online and visiting antique stores. Frank just finished a visit to a fellow collector who is getting rid of his collection of rare rocking chairs and he is willing to sell them to Frank. Some of the rocking chairs being sold represent versions that Frank does not currently have in his collection but many being sold are ones that Frank already has. Frank has discussed acquiring only the rocking chairs from the collection that he needs but the seller insists that all of his collection pieces be sold at one time for one price. Frank believes the price for the total collection is excellent, but hesitates because his partner has warned him that their townhome does not have any more room to expand his collection. This is a real dilemma for Frank as some of the rocking chairs in this seller's collection are ones he has looked for, for many year but this purchase will anger his partner. Frank is hesitating to go ahead with the purchase..... Based on the above example, the Information Search Stage of the Consumer Decision Process can be characterized predominately as_____________ and the dominant Purchase Risk Frank is feeling is________.
external, social
Goodall Inc. is a company that organizes it's Marketing activities based on the specialized knowledge of the company team that supports the product items/line(s) that are being sold. For example, the company's home cleaning brands (all 14 of them) are grouped together. The company's vacumms (3 product lines) are grouped together. Which form of organizing it's Marketing activities is the company exercising?
functional
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
The Maryland Crab Company harvests and sells Chesapeake Bay Blue Crabs. For years, the company has limited its distribution and sales of it's crabs to only restaurants in the State of Maryland. The Maryland Crab Company has just announced that it will now be selling it's Chesapeake Bay Blue Crabs to restaurants in Virginia, Deleware and Pennsylvania. The Maryland Crab Company has expanded it's market reach by using which Segmentation Base?
geographic
In analyzing a company's current business portfolio, what is management's first step?
identify strategic business units
Amy is a Marketing Researcher who is viewing store video and timing the amount of seconds that consumers spend in front of different product category shelved brands. Which of the following research does this exemplify?
observational research
At the end of a customer satisfaction survey, this question was asked: "Please share any other ways that our service could be improved." The quoted question above is an example (as was demonstrated in class) of a ________________ question.
open ended
In lecture, which of the following Psychographic Segmentation Base variables was deemed as the one used the least amount when putting together market segments?
personality
Rodney owns a small business which has a large parking lot. His business does not require the use of 75% of the parking lot space. Rodney planned to lease the parking space out to his neighbor, a large University who has grown and needs the space to park employees and students. Unfortunately, the local zoning board and town council have blocked Rodney's efforts to use his land space in this manner. Which of the following Macroenvironment forces is exemplified?
political/regulatory force
If competitors cannot easily copy the benefit a company chooses to promote, that benefit is said to be _________.
preemptive
In lecture, there was discussion regarding various responses to Marketing Environment Forces. When a brand is larger in structure, with more resources and/or is a Market Leader in a product category they are most likely forced to take on which of the following responses to managing the Market Environment?
proactive
As shown in lecture, what is the difference between a Product-Oriented Mission Statement and the Market-Orientated Mission Statement?
product oriented mission focuses on the benefits and features of a businesses product
According to the text, when segmenting business markets, all of the following segmentation bases would be likely used except:
psychographic
Age, income, region, benefits sought and perception are all
representative of the four bases of segmentation segmentation variables
Which of the following information must a researcher evaluate and acknowledge as having a different original purpose, outside the current research questions trying to be answered. In other words, this type of research was initially done to answer different question(s) than what the current research frawework is trying to answer.
secondary
Which of the following Marketing Management Orientations is associated in history with the over-production experienced after WWII
selling 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
In lecture, the Johnson & Johnson Mission Statement was presented. Though controversial, the J&J "Credo" (Mission Statement) is unlike most company mission statements because it includes which of the following stakeholders?
shareholders
Pursuing products that are based on Fads were discussed in lecture as being more appropriate for what business strategies?
short-term, transactionally focused
As discussed in lecture and seen by the many slide examples, a Strategic Business Unit (SBU) can be
single brand, division, product line
The "Traditional Approach" when managing the Market Mix advocates that promotions are:
sparse and/or spike
The point was made in lecture that most business decision-makers prefer this type of primary data collection as it is often numerically-based, takes less time to perform and (in terms of most research constructs) is less pricey. Which research was discussed in this light?
survey research
What are stars in the BCG/growth-share matrix?
High-growth, high-share businesses or products
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 owner 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.