Marketing Midterm Quiz Questions
Some retailers, such as the Dollar Store, Dollar Tree, and Family Dollar, profitably focus on buyers with modest means. This is an example of __________.
market targeting
Engaging customers and managing profitable customer relationships is the simplest definition of ________.
marketing
Product value analysis is an approach to cost reduction that is used at which stage of the buying decision process?
Product specification
What are the 4 Ps of marketing?
Product, price, place, promotion
Which stage of the business buying decision process occurs between supplier search and supplier selection?
Proposal solicitation
Which of the following correctly identifies the social factors that influence consumer buyer behavior?
Small groups, social networks, family, and social roles and status
Which of the following is an advantage to using internal databases for information?
They can be accessed quickly and cheaply.
Which of the following statements about marketing information systems (MIS) is correct?
A good MIS must balance what users would like to have against what they really need and what is feasible to offer.
Which of the following is a business-to-business market transaction?
A grocery store buying cereal from Kellogg's
What does a market segment consist of?
A group of consumers who respond to the marketing effort in the same way
In which type of buying situation will a buyer usually go through all eight stages of the business buying process?
A new task buying situation
What are the main components of a marketing plan?
An executive summary, situation analysis, objectives, marketing strategy, action programs, budgets and controls, and threats and opportunities
What is positioning?
Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
__________ is the first stage in the new product adoption process.
Awareness
What is the correct order of the five stages of the new product adoption process?
Awareness, interest, evaluation, trial, adoption
A colleague wants to evaluate the attractiveness of a particular market segment. Which of the following would be good advice for your colleague?
Carefully consider the degree of competition and ease of entry into the segment.
Fathers were once ignored or portrayed as dolts in advertising, however today's advertisers are showing more caring and capable dads. This reflects which demographic trend?
Changing dynamics in the American family
Which of the following is true regarding the technological environment?
Companies must keep up with changes in technology or risk being left behind.
Which of the following statements regarding segmentation is correct?
Consumer and business marketers use many similar variables, but business marketers use additional variables to segment their markets.
Which of the following statements is correct regarding consumer buying decisions?
Consumers are often unaware of what influences their purchases.
Which of the following statements regarding the buyer decision process is correct?
Consumers may, in some situations, skip steps in the buyer decision process.
What is the key to building lasting customer relationships?
Creating superior customer value and satisfaction
What are the four general characteristics that influence consumer purchases?
Cultural characteristics, social characteristics, personal characteristics, and psychological characteristics
After defining the problem and objectives, what is the next step in the marketing research process?
Develop the research plan.
Which of the following statements about segmentation is true?
Different segments might require different marketing strategies or mixes.
When a firm starts up or buys a business outside of its current product line and markets, it is pursuing which growth strategy?
Diversification
Which adopter category consists of opinion leaders who adopt new ideas early but carefully?
Early adopters
Which generational age group is now forming brand relationships and represent tomorrow's markets?
Gen Z
Which of the following statements regarding habitual buying behavior is correct?
In these types of purchases marketers often use price and sales promotion as incentives for purchas
Ford offers a wide variety of cars that range from around $14,000 to more than $54,000. This reflects which economic factor?
Income distribution
Which of the following correctly defines the consumer market?
Individuals and households that buy goods and services for personal consumption
A University is buying new overhead projectors for its classrooms. The University's Information Technology Department has been asked to provide specifications and recommendations for this purchase. The IT Department is playing which role in the University's buying center?
Influencer
Which of the following statements about information and customer insights is correct?
Information to gain customer insights comes from a wide variety of sources.
Which of the following statements regarding the institutional market is correct?
Institutional markets have captive patrons.Institutional markets have captive patrons.
Which of the following statements about the use of digital and social media for B-to-B marketing is correct?
It allows businesses to target individuals within a business who affect buying decisions.
Effective positioning is based on __________.
differentiation
Which of the following statements is true regarding public policy and government regulation?
Legislation affecting business around the world has increased steadily over the years.
Which of the following statements regarding the business market is correct?
Many sets of business purchases are made for one set of consumer purchases.
When Under Armour expanded its current products into global markets, it was pursuing which growth strategy?
Market development
What are the three broad targeting strategies used by marketers?
Mass marketing, differentiated marketing, and micromarketing
What are the four major psychological factors that influence consumer buyer behavior?
Motivation, perception, learning, and beliefs and attitudes
Which of the following is a personal factor that influences a consumer's buying behavior?
Occupation
Which of the following statements about big data is correct?
One result of big data is that marketing managers are often overloaded 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.
Which of the following best describes a marketing information system (MIS)?
People and procedures that are used to manage information to generate and validate actionable customer and market insights
A sizable and growing market of consumers are seeking products such as natural, organic, and nutritional foods, fuel-efficient cars, and alternative medicines. This trend is attributed to which cultural value?
People's views toward nature
What tends to be the most effective source of information when consumers make a buying decision?
Personal sources
Which of the following statements regarding positioning is correct?
Positions must adapt over time to meet changing consumer needs.
What are the two measurements used in the BCG matrix to classify strategic business units?
Relative market share; market growth rate
The first step to a successful value-driven marketing strategy is to determine whom to serve with a market offering. To make this decision, marketers engage in which two activities?
Segmenting and targeting
Which of the following statements regarding the U.S. government market is correct?
The U.S. government is the largest buyer of goods and services in the world.
Which of the following statements regarding the current demographic environment is correct?
The U.S. population is rapidly getting older.
What are the two major components of a B-to-B marketer's buying activity?
The buying center and the buying decision process
Which marketing orientation states that consumers will favor products that offer the most in quality, performance, and innovative features?
The product concept
at determines if a buyer is satisfied or dissatisfied with a purchase?
The relationship between consumer expectations and perceived product performance
Which one of the following statements about marketing research in small businesses and nonprofit organizations is correct?
The research methods of small businesses and nonprofits are less complex and less costly, but they still must be conducted carefully.
In marketing terms, what is a market?
The set of actual and potential buyers of a product or service
Companies such asIBM, Walmart, and Google now look beyond economic gain and, in their marketing strategies, they also consider the well-being of customers, the depletion of natural resources, the viability of suppliers, and the interests of the local community. This reflects which marketing philosophy?
The societal marketing concept
What is the overall focus of strategic planning?
To create a game plan for long-run survival and growth in consideration of changing marketing opportunities
What is the overall goal of marketing strategy?
To create customer value and build profitable relationships
What is the purpose of a value proposition?
To differentiate and position a market offering in the marketplace
What are perceptual positioning maps used for?
To show consumer perceptions of different brands on important product dimensions
One new technology marketers are adopting is radio frequency identification (RFID). What does this technology do?
Tracks products and customers at various points in the distribution channel
Demography studies statistics that include __________.
age, gender, race, and occupation
The __________ consists of all the people who are involved in an organizational buying decision.
buying center
When consumers engage in __________ buying behavior they go through a learning process, so it is most important that marketers understand information gathering and evaluation behavior.
complex
The key element of successful marketing today is to __________.
create value
When segmenting international markets, markets can be grouped according to language, religion, customs, and values. This type of segmentation is based on __________ factors.
cultural
To improve the performance of the __________, many companies today are partnering with other members of the supply chain - suppliers, distributors, and customers.
customer value delivery network
Business-to-business marketers will sometimes promote their goods directly to consumers. This is because business demand is __________.
derived
Survey research is the approach best suited for gathering __________.
descriptive research
Many companies are going beyond government regulation and are developing strategies and practices that create a world economy that the planet can support indefinitely. This represents __________.
environmental sustainability
Sending observers to watch and interact with consumers in their "natural environment" is known as __________.
ethnographic research
Defining the problem and research objectives is the __________ step in the marketing research process.
first
You and seven other people are talking with a trained moderator about your feelings and thoughts about a potential new product. For doing this you receive a small payment. You are participating in a(n) __________.
focus group interview
Some retailers use mannequins with cameras hidden in one eye to record customer demographics and shopping behavior in order to serve them better. This raises ethical concerns in terms of __________.
intrusions on consumer privacy
Choosing a differentiated targeting strategy has many benefits, but a potential downside is that __________.
it can increase costs
Using marketing information to gain customer insights is of little value unless __________.
it is used to make better marketing decisions
Psychographic segmentation divides buyers into different segments based on __________.
lifestyle and personality
The __________ consists of larger societal forces that affect how a company engages and serves its customers.
macroenvironment
Mission statements should be defined in terms of satisfying basic customer needs. In other words, they should be __________.
market oriented
A firm can be proactive by __________.
pressing lawsuits to keep competitors in line
One important reason that business legislation is enacted is to __________.
protect consumers from unfair business practices
One form of e-procurement is __________ in which companies put their purchasing requests online and invite bids.
reverse auctions
Marketing was once understood in the sense of making a sale. Today, marketing is understood in the new sense of __________.
satisfying customer needs
After defining its mission, the next step in strategic planning is to __________.
set company objectives and goals
In portfolio analysis, a company must identify __________, which are key businesses that make up the company.
strategic business units
In the B-to-B market, one strategy is to offer a complete solution to a buyer's problems. This is called __________.
systems selling
In today's global environment, everything and everyone are digitally connected to everything and everyone else. The term used to describe this is __________.
the Internet of Things
A(n) __________ is defined as any contact between a customer and a company.
touch point
To create and capture customer value, companies must engage the first step of the marketing process, which is __________.
understand the marketplace and customer needs and wants
Companies who passively accept the marketing environment __________.
view it as uncontrollable and do not attempt to change it
What are the three cultural factors that influence consumer buyer behavior?
Culture, subculture, and social class
Business-to-business marketing involves buying and selling goods or services by which of the following?
Manufacturers, producers, retailers, wholesalers
Vince's Video has suffered in the current economy because fewer people have the money for videos and because more people use online streaming sites such as YouTube and Hulu. The videos that Vince's Video does sell are often outpriced by versions coming from China or Taiwan, or they are accused of being damaging to the environment. Which of the following marketing impacts has NOT affected Vince's Video?
Not-for-profit marketing
Which of the following correctly lists marketing intermediaries?
Resellers, physical distribution firms, marketing services agencies, and financial intermediaries
You are thirsty and decide to have an iced tea. Your thirst is a ________ and your choice of iced tea is a ________.
need; want
The demand for organic produce is growing. Green Acres Farms grows only organic vegetables. In a SWOT analysis, the rising demand for organic produce would be a(n) __________ for Green Acres Farms, and the fact that they grow only organic vegetables is a(n) __________.
opportunity; strength
Market offerings include ________.
products, services, and experiences
According to the growth-share matrix, __________ are high-share, high-growth products. When the market growth slows these products become __________.
stars; cash cows
