Marketing Final Exam
The final section in most marketing plans is the
controls section
The amount of spending money available to households after paying taxes is called
disposable income
Typically the least risky option for entering international markets is
exporting
Which stage of the product life cycle is characterized by low or negative profits and the possible need of companies to offer incentives to stores to get them to carry the product
introduction
Travis has an athletic shoe store and is currently preparing a market summary. To be most effective, the competition section of his market summary should
list both direct and indirect competitors
The marketing strategy that emphasizes selling more of existing goods and services to existing customers us called
market penetration
The practice of measuring, managing, and analyzing marketing performance is referred to as
marketing analytics
Wants are the form that human needs take and are shaped by
personality, culture, and buying situation
A mock-up of a good with the materials the firm expects to use in the final product is called a
prototype
The tendency to interpret information in a wat that fits out preconceptions is a process known as
selective distortion
Think about the various marketing strategies as you read the following choices to determine which one describes a market penetration strategy
selling more of current products to existing markets
The use of sensation and perception to influence consumer preferences and choice is the idea behind
sensory marketing
The external marketing factor that refers to the combination of social and cultural factors that affect individual development is
sociocultural
A company that is introducing a new product in its final form to a geographically limited market to see how well the product sells and to get reactions from potential users is engaged in
test marketing
As defined in your text, a product refers to
the specific combination of goods, services, or ideas that a firm offers to its target market
A person's belief that a specific behavior is socially or personally preferable to another behavior reflects that person's
values
The 80/20 rule is a theory that suggests that
20 percent of heavy users account for 80 percent of the total demand
The internal considerations in a SWOT analysis are
A firm's strengths and weaknesses
The generation of children born between 1946 and 1964 is retiring at a rate of 10,000 per dat. What is the name of this demographic group?
Baby boomers
An advantage to using a perceptual map is that it
Can highlight potential market positions that might be underserved
All of the following are reason qualitative data analysis can be challenging and misleading except
Close-ended questions can include subtleties that a market might miss
The study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs known as
Consumer behavior
Which of the following would NOT be considered a member of a supply chain
Customers
A sudden drop in the average consumer income would be an example of which external force affecting the marketing environment?
Economic
Which type of research seeks to discover new insights that will help the firm better understand the problem or consumer thoughts, needs, and behavior
Exploratory
Daniel is looking to buy a hybrid vehicle because he is noticing that the price of gasoline continues to rise compared to years past. The rise in the price of gasoline is most likely a result of
Inflation
The four P's are more formally referred to as the marketing
Mix
Which of the following is not a stage in the product life cycle?
Obsolescence
According to the BCG matrix, what defines a cash flow?
Products that have a large market share in an industry with low growth rates
Attitudes, perception, learning, and motivation are all _____ processes that can influence consumer behavior
Psychological
Factors like time and involvement that serve as an interface between consumers and their decision-making process are ____ influences
Situational
Which of the following is a form of quantitative research that can be used to measure consumer attitudes, intended behavior, and the motivations behind behavior
Surveys
One of the most important sources of demographic information for marketers, which of the following provides free information on data such as how households are segmented by race, education, age, and occupation?
The U.S. Census Bureau
What document provides a one-to two page summary of the marketing plan's main points?
The executive summary
Your text defines ethics as moral standards expected by
a society
A recent survey conducted by U.S. News and World Report on the best overall hybrid car, ranked the Ford Fusion Hybrid as one of the best hybrid cars for the money. For Ford, this represents
A competitive advantage
What type of marketing strategy is a company using if it consciously addresses customers, markets, and competition throughout the world?
A global marketing strategy
Collectively, the people, technologies, and procedures aimed at supplying an organization's marketing information needs are called
A marketing information system
Trevor went to the store to get a new pair of running shoes but the store was temporarily out of the brand he normally buys. What is the term for this situation
A stockout
If a person responds toward an attitude object based on his or her past experiences that person is exhibiting which dimension of attitudes
Behavioral component
Direct competition is also known as
Brand competition
Which of the following products does not satisfy a consumer need?
Cable television
To find out what scent customers prefer for a new floor cleaner, the researcher conducts a focus group and exposes the participants to several scents, asking them which one they would buy. Select the type of research being conducted
Casual
Which of the following products would most likely be considered a dog?
Compact disc
Which of the following is not considered to be a demographic characteristic?
Consumer confidence
After listening to customer requests for travel routes to the Northwest, Southwest Airlines has added cross-country routes to both Seattle and Portland. By providing its customers with benefits that meet their needs, Southwest is providing
Customer Value
Quentin is a realtor selling high-end homes priced over $750,000. Before showing a property to prospective clients, Quentin makes sure they are pre-qualified for a home loan commensurate with the price of the house. This pre-qualification is based mainly on the client's income, which is what type of segmentation variable?
Demographic
Which method of entering a foreign market carries which it the most risk?
Direct ownership
What type of adopter is typically well respected by their peers, and marketers seek to gain their acceptance because they tend to be opinion leaders who are willing to talk to other people about their experiences with their purchases?
Early adopter
Compare the following statements and select the one that reflects your text's assertion as to why educated consumers are prime targets for marketing strategies
Educated consumers are more likely to earn significantly more money throughout the course of their lifetime
Gavin wants to perform a situation analysis of his business to help him make strategic decisions for the future. The situation analysis will tell Gavin all of the following EXCEPT:
Financial projections
Which of the following questions relates to the place element of the marketing mix?
How much inventory should I have?
Which of the following is not one of the four basic categories of marketing growth strategies?
Market penetration
Market segmentation produces relatively homogenous groups of consumers called
Market segments
The practice of measuring, managing, and analyzing market performance is referred to as
Marketing analytics
The organizational activity that links the consumer, customer, and public to the marketer through information is known as
Marketing research
An advertisement shows a group of boys playing soccer on a hot day. When they take a break, the boys run to a cooler to find something to quench their thirst. Inside the cooler are water bottles, cans of soda, fruit juices, and Gatorade. Immediately, the boys fight over the Gatorade showing that it is clearly the best choice. In this ad, liquid refreshment represents a _____, and Gatorade represents a _____.
Need; want
When Fisher-Price comes up with an idea for a new toy, it needs to ensure that the children who play with the toy will not choke on any of its parts and that the toy in general will not be a hazard to the children who will be using it. In what stage of the new-product development process will these safety checks occur?
Product Development
What is the key to creating value?
Providing consumers with benefits that meet their needs and wants
Information collected for alternative purposes prior to the study is referred to as
Secondary data
The three basic characteristics of a quality marketing objective is that it be
Specific, measurable, and realistic
The process of thoughtfully defining a firm's objectives and developing a method for achieving those objectives is
Strategic planning
What is not accurate about strategic planning?
Strategic planning is a one-time process completed when a firm outlines its objectives
Which of the following is the focal point of all marketing efforts
The buying decision
What can be said of the level of competition when selecting a target market
The more competitors there are, the more a firm will have to invest in promotion to increase market share
Compare the following statements to determine which one best reflects the thinking behind the sales orientation era of marketing
We'd better persuade our customers to buy our products or they will buy from our competitors
The activity of buyers and sellers trading things of value so that each is better off as a result is referred to as
an exchange
"Cookies" that are placed on consumers' browser in order to trace which websites they visited are a form of
behavioral targeting
Which of the following is not a way to categorize new products?
brand development
Demographic segmentation divides markets by
characteristics such as age, gender, and income.
As it pertains to new product characteristics, the superior position a product enjoys over competing products if consumers believe it has more value than other products in its category is referred to as
competitive advantage
The fact that you see a Starbucks on practically every corner would indicate that Starbucks is most likely geographically segmenting based on
customer convenience
What are norms
formal or informal societal rules that specify or prohibit certain behaviors in specific situations
Which of the following is a demographic segmentation variable
gender
Segmentation based on where prospective customers live or work is referred to as
geographic segmentation
The process of dividing a larget market into smaller groups based on meaningfully shared characteristics is referred to as
market segmentation
An action-oriented document or playbook that guides the analysis, implementation, and control of the firm's marketing strategy is known as the
marketing plan
As part of his work, Dr. Paul Ekman developed a program that would allow trained psychologists and law-enforcement, military, and national security personnel to detect deception by focusing on
microexpressions
A concise affirmation of a firm's long-term purpose is known as its
mission statement
The combination of activities that represent everything a firm can do to influence demand for its good, service, or idea is referred to as the marketing
mix
A targeting strategy that involves pursuring a large share of a small market segment is referred to as
niche marketing
Individuals who exert an unequal amount of influence on the decisions of other because they are considered knowledgeable about particular products are called
opinion leaders
During which state of the new product development process would a firm test the marketing strategy related to the new product
test marketing
A consumer searching for information will create a list of brands or products that he or she will evaluate as options for the solution of a particular problem. This list is referred to as
the evoked set
What part of the financial section of a marketing plan provides readers of the plan a bottom-line estimate of the organization's profitability?
the financial projections
What primary strategic planning tool is used for directing and coordinating the market effort and helps to guide the firm's marketing strategy
the marketing plan
Marketing is defined as
the process of creating, communicating, and delivering value to customers and managing those relationships in ways that benefit the organization and its employees, customers, investors, and society as a whole.
According to your text, one of the biggest sociocultural changes in the United States over the past half century has been
the shift from one-income families to two-income and single-parent households
What is the overall purpose of a marketing plan
to guide the analysis, implementation, and control of the firm's marketing strategy
The marketers at Pantene include a trial size of their new shampoo in the September issue of InStyle Magazine. National sales increased dramatically within a few weeks, an example of this product's
trialability
What technique is being employed when data research results are presented in a pictorial or graphical format
Data visualization
Which category of product adopters relies on others for information and buys a product because their friends have already done so?
Late majority
Which marketing strategy would Krispy Kreme doughnuts be using if it decided to begin selling its doughnuts in Mexico for the first time?
Market development
How often should firms undertake the task of strategic planning?
On a continual basis as conditions change
During what stage in the evolution marketing did firms believe that quality products would sell themselves?
Product orientation
Marketing research has an impact on the four P's of marketing: product, price, place, and
Promotion
What is DSS
decision support system
Which stage of the product life cycle usually lasts the longest
maturity
The political, economic, demographic, sociocultural, technological, and legal factors that affect a company's ability to meet its marketing goals are all part of
the marketing environment
Which of the following is a behavioral segmentation variable
usage rate