Marketing test
Decision Point: Crafting Your Value Proposition Now that you have chosen which consumers to serve, you need to decide how best to serve them. Powerfully Fit's value proposition should capture the values and benefits it promises to deliver to its consumers to satisfy their needs and wants. Marketing analysts present you with three different value propositions to choose from. Given your target market selection, choose the value proposition that would be most effective. Select an option from the choices below and click Submit. "Athlete Approved, Style Ready." — Powerfully Fit provides fitness apparel that is both functional and stylish. "Train Smarter, Spend Less." — Powerfully Fit provides innovative fitness technologies that fit any budget. "Lead the Pack, Create Power." — Powerfully Fit provides innovative fitness technologies that never run out of power.
"Lead the Pack, Create Power." — Powerfully Fit provides innovative fitness technologies that never run out of power.
A SWOT is a part of which marketing management function? A. Control B. Analysis Your answer is correct. C. Planning D. Organization E. Implementation
Analysis
Segmentation, Targeting, and Positioning MY PROGRESS - 100% Decision Point: Target Market: Dwelling Type Now you need to think about the dwelling type that your target consumers are most likely to live in. As you make your selection, keep the following descriptions in mind: The average American house is 2600 square feet, with 85% having washer and dryer hookups. The average American apartment is 940 square feet, with 67% having washer and dryer hookups. The average American condominium is 1750 square feet, with 91% having washer and dryer hookups. Select an option from the choices below and click Submit. Condominium House Apartment Submit You
Apartment
What are the five stages of the consumer adoption process, in the correct sequence? A. Awareness, trial, evaluation, interest, and adoption Your answer is not correct. B. Awareness, evaluation, interest, trial, and adoption C. Awareness, trial, interest, evaluation, and adoption D. Awareness, interest, evaluation, trial, and adoption This is the correct answer. E. Awareness, interest, trial, evaluation, and adoption
Awareness, interest, evaluation, trial, and adoption
Which of the following enhances how marketers learn about and interact with customers? A. Social media analytics B. New digital devices C. Big data and social media D. Big data and marketing analytics Your answer is correct. E. Machine learning
Big data and marketing analytics
Like consumer markets, business markets are segmented. Which of the following describes the variables that marketers use to segment business markets? A. Operating characteristics, purchasing approaches, situational factors, and pricing B. Operating characteristics, purchasing approaches, situational factors, usage rate, and demographics C. Business demographics, operating characteristics, purchasing approaches, situational factors, and personal characteristics Your answer is correct. D. Operating characteristics, purchasing approaches, situational factors, and geographic variables E. Operating characteristics, purchasing approaches, situational factors, and demographics
Business demographics, operating characteristics, purchasing approaches, situational factors, and personal characteristics
Decision Point: Defining the Problem You hold a meeting with the VP of Marketing and others to define the main focus of the research. Which of the following questions would best serve eCompeteUSA at this time? Select an option from the choices below and click Submit. Can we increase eCompeteUSA's market share by targeting nontraditional niche (small) audiences? Why are females underrepresented in the eSports market? What form of marketing would increase the size of the Baby Boomer market the most? Submit You chose "Can we increase eCompeteUSA's market share by targeting no
Can we increase eCompeteUSA's market share by targeting nontraditional niche (small) audiences?
Decision Point: Promoting Key Differences You are focusing on two product attributes when promoting the Sauber washer-dryer. Given what you know about the Sauber washer-dryer combo, which product attributes do you want to promote to your target market? Select an option from the choices below and click Submit. Cycle time and convenience Cycle time and cleaning power Cleaning power and convenience Submit You chose to promote cleaning power
Cleaning power and convenience
Which of the following is NOT among the major factors influencing consumer buying behavior? A. Cultural B. Commercial Your answer is correct. C. Personal D. Social E. Psychological
Commercial
Decision Point: Your Next Step Now that you have your primary segmentation variables identified, what should your next step be? Select an option from the choices below and click Submit. Design a marketing campaign. Identify an overall positioning strategy. Identify the market segments to target. Submit You chose to identify the market segments to
Identify the market segments to target.
Which of the following correctly identifies the five core customer and marketplace concepts? A. Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets Your answer is correct. B. Needs, wants, and demands; products; value; customers; and competitors C. Needs, wants, demands, market offerings, and markets D. Needs, wants, and demands; market offerings; value; satisfaction; and markets E. Needs, wants, and demands; market offerings; value and satisfaction; competitors; and profits
Needs, wants, and demands; market offerings; value and satisfaction; exchanges and relationships; and markets
Consumers go through a distinct process in making a purchase. Of the following, which is the final step in that process? A. Recognizing a need B. Gathering information C. Making a purchase D. Post-purchase behavior Your answer is correct. E. Evaluation of alternatives
Post-purchase behavior
To target the best market segments, the company first evaluates various factors related to market attractiveness. Of the following, which is NOT one of those factors? A. Evaluation of each segment's size characteristics B. Compatibility with company mission and vision Your answer is correct. C. Compatibility with company objectives and resources. D. Evaluation of each segment's structural attractiveness E. Evaluation of each segment's growth characteristics
Compatibility with company mission and vision
Which of the following is NOT one of the forces in a company's macroenvironment that shape opportunities and pose threats to the company? A. Demographic forces B. Economic forces C. Technological forces D. Cultural forces E. Competitive forces
Competitive forces
In which targeting strategy does a firm go after a large share of one or a few smaller segments? A. Micromarketing B. Differentiated marketing C. Concentrated marketing Your answer is correct. D. Mass marketing E. Undifferentiated marketing
Concentrated marketing
Which of the following is NOT one of the components of a company's microenvironment? A. Cultural forces Your answer is correct. B. Competitors C. Marketing intermediaries D. Customer markets E. Suppliers
Cultural forces
What is the correct sequence of the steps in the strategic planning process? A. Define the company mission, design the business portfolio, set company objectives and goals, and plan the market and other functional strategies B. Define the company mission, set company objectives and goals, design the business portfolio, and plan the market and other functional strategies Your answer is correct. C. Define the company mission, set company objectives and goals, plan the market and other functional strategies, and design the business portfolio D. Design the business portfolio, define the company mission, set company objectives and goals, and plan the market and other functional strategies E. Set company objectives and goals, define the company mission, design the business portfolio, and plan the market and other functional strategies
Define the company mission, set company objectives and goals, design the business portfolio, and plan the market and other functional strategies
What is the correct sequence of the four steps of the marketing research process? A. Define the problem and research objectives, develop the research plan, implement the research plan, interpret and report the findings Your answer is correct. B. Develop the research plan, set the research budget, collect the data, interpret and report the findings C. Collect the data, analyze the data, develop the research plan, interpret and report the findings D. Set the research budget, collect the data, analyze the data, determine how to use the findings E. Develop the research plan, define the problem and research objectives, implement the research plan, interpret and report the findings
Define the problem and research objectives, develop the research plan, implement the research plan, interpret and report the findings
Decision Point: Choosing Your Research Objectives After defining the problem that eCompeteUSA wants solved, you need to determine what type of research objective to pursue. What type of research objective would be most appropriate given eCompeteUSA's research problem? Select an option from the choices below and click Submit. Descriptive research Exploratory research Causal research Submit You chose descriptive research. Th
Descriptive research
is part of a company's decision on how it will create market offerings to deliver superior customer value. A. Market segmentation B. Market targeting C. Mass marketing D. Undifferentiated marketing E. Differentiation
Differentiation
What is market segmentation? A. Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes Your answer is correct. B. Evaluating each market segment's attractiveness and selecting one or more market segments to enter C. Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers D. Differentiating the firm's market offering to create superior customer value E. Marketing to a mass market of homogenous buyers
Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes
Which of the following is included in a broad definition of marketing? Question content area bottom A. Creating customer value, building customer relationships, and having a strong selling orientation B. Selling, advertising, and promoting C. Advertising, selling, and developing quality products D. Satisfying customers, beating competitors, and maximizing profits E. Creating customer value, building customer relationships, and engaging customers
E. Creating customer value, building customer relationships, and engaging customers
There are several types of objectives market researchers might use in a marketing research project. Which of the following are the primary types of objectives? A. Demographic research, exploratory research, and attitudinal research B. Exploratory research, secondary research, and primary research C. Descriptive research, survey research, and causal research D. Exploratory research, descriptive research, and causal research Your answer is correct. E. Exploratory research, descriptive research, and survey research
Exploratory research, descriptive research, and causal research
Decision Point: Your Target Markets The VP of Marketing provides you with three potential target markets' profiles: Fitness Fanatics, Wanna-Be Fits, and Frugal Fitness. Potential Target MarketsFitness FanaticsWanna-Be FitsFrugal FitnessSegment SizeSmallMediumLargeFitness ImportanceVery highModerate to lowLow to very lowPrice Sensitivity for Fitness ApparelLowMediumHighEducation LevelHighWell educated Less educated Median Income$85,000$61,000$37,000Age Range72% are 20-34 years old70% are 30-45 years old58% are 45-60 years oldFamily Status65% single69% married w/1 or 2 young kids62% married w/2-3 older/grown kidsOtherSignificant discretionary income, shop specialty storesLimited discretionary income, shop salesMinimal discretionary income, shop discount stores Given the three potential target markets' different profiles, which target market do you recommend to be PowerShirt's primary target market? Select an option from the choices below and click Submit. Wanna-Be Fits Frugal Fitness Fitness Fanatics Submit You chos
Fitness Fanatics
Major variables used to segment consumer markets include which of the following? A. Geographic, demographic, psychographic, and behavioral Your answer is correct. B. Ethnicity, geographic, gender, and income C. Income, gender, age, and ethnicity D. Geographic, demographic, psychographic, and psychological E. Income, age, geographic, and lifestyle
Geographic, demographic, psychographic, and behavioral
Decision Point: Target Market: Income The last segmentation variable you need to consider is income. You could target consumers with high incomes (greater than $100,000) or medium incomes (between $40,000 and $99,999). Sauber eliminated consumers with incomes less than $40,000 from consideration because not enough of these consumers have the ability to purchase their own laundry machines. Select an option from the choices below and click Submit. Medium income High income Submit You chose high inc
High income
Decision Point: Segmentation As Marketing Manager, before you can identify the meaningful segmentation variables, you need to know a little more about the Sauber washer-dryer. The All-in-One washer-dryer combo does it all in one machine -- without taking up a lot of space. Just place the dirty laundry in the front-loading machine and when you return, it's washed and dried. Even more impressive is its ability to clean; whites were 20% cleaner with 15% fewer stains as compared to competing models. The machine measures just 22" across and 34" high, which is 10% smaller than competing models. However, this means it holds a smaller load by U.S. standards. And unlike traditional dryers, the All-in-One does not require outside exhaust venting. Sauber's washer-dryer is available in four stylish finishes: stainless steel, pearl white, gunite gray, and obsidian. Although the cycle time is 20% longer than average, the machine runs quietly and offers 10 wash, 5 spin, and 8 dry options. A programmable timer allows users to program a wash up to 23 hours in advance. The manufacturer's suggested retail price is $1499, which is more expensive than U.S. brands' washer-dryer combinations, which average ar
Household size: how many people? Dwelling type: apartment, condo, or house?
Which of the following correctly defines the consumer market? A. Individuals and households that buy goods and services for personal consumption Your answer is correct. B. Any business that sells goods and services to other businesses C. Retailers who sell goods and services to consumers D. Individuals who spend more than $1,000 a year on purchases E. Manufacturers, retailers, and consumers
Individuals and households that buy goods and services for personal consumption
What are the three general sources from which marketers can obtain information? A. Competitors, the internet, and the media B. Sales records, the internet, and internal databases C. Internal data, marketing intelligence, and marketing research Your answer is correct. D. Marketing research, surveys, and scanners E. Internal data, big data, and global data
Internal data, marketing intelligence, and marketing research
Marketers need to understand and know the answers to several key questions when dealing with buying centers. Of the following, which is NOT one of those key questions? A. Who are the major buying center participants? B. Is price a major factor or is the buying center price sensitive? Your answer is correct. C. What evaluation criteria does each decision participant use? D. In what decisions do they exercise influence and to what degree? E. What major influences impact the buying center decision?
Is price a major factor or is the buying center price sensitive?
Mentoring Moment: Segmentation The segmentation process allows marketers to divide large, diverse markets into smaller, more homogeneous segments. Four basic types of variables are used to segment markets: geographic, demographic, psychographic, and behavioral. Drag the variable description and drop it into the correct segmentation variable type. Life cycle: Louis and Theresa have a full house of kids living at home ages 15, 12, and 10. Personality: Phil is outgoing, gregarious, and always up for an adventure. Occupation: Tyrese is an engineer who works full time for a government contractor. Usage rate: Erin loves lattes and visits her local coffee shop on a daily basis to get her fix. Occasion: George only buys his wife flowers once a year. She gets a dozen red roses every Valentine's Day. Lifestyle: Ellie is interested in fine arts and fashion, enjoys traveling overseas, and participates in a variety of outdoor adventure activities. Submit Demographic Psychographic Behavioral
Life cycle That was correct. Life cycle is a demographic segmentation variable. Occupation That was correct. Occupation is a demographic segmentation variable. Personality That was correct. Outgoing, gregarious, and adventuresome are all personality characteristics, which fall under psychographics. Usage rate That was correct. Usage rate (Erin's latte habit) is a behavioral segmentation variable. Occasion That was correct. Occasion (Valentine's Day) is a behavioral segmentation variable. Lifestyle That was correct. Lifestyle is a psychographic segmentation variable.
Decision Point: How You Will Handle Customer Service Customer service creates value for consumers but is an expense to the firm that must be managed. Your boss asks for your recommendation as to how Powerfully Fit should provide customer service. Select an option from the choices below and click Submit. Minimal Support: Customers can access customer service agents via Internet only from noon-4 PM, Monday through Friday. Consumers are encouraged to troubleshoot their own issues via the website FAQ. The cost to provide this level of service is low. Unlimited Support: Customers can access customer service agents via phone and Internet 24/7/365. Representatives are always available and willing to help customers. The cost to provide this level of service is extremely high. Limited Support: Customers can access customer service agents via phone and Internet during regular business hours, Monday through Friday. The cost to provide this level of service is moderate.
Limited Support: Customers can access customer service agents via phone and Internet during regular business hours, Monday through Friday. The cost to provide this level of service is moderate.
Which of the following statements regarding the business market is correct? A. Demand in the business market is more elastic than demand in the consumer market. B. Business buying decisions are less complex than consumer buying decisions. C. Many sets of business purchases are made for one set of consumer purchases. Your answer is correct. D. The business market is not as large as the consumer market in terms of dollars spent and items purchased. E. The business market has more businesses than the consumer market.
Many sets of business purchases are made for one set of consumer purchases.
is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate marketing strategies or mixes. A. Market segmentation Your answer is correct. B. Marketing strategy C. Market targeting D. Positioning E. Differentiation
Market segmentation
The product/market expansion grid is a tool that allows marketers to identify growth opportunities. Of the following, which represent the four components of the product/market expansion grid? A. Global expansion, domestic expansion, customer expansion, and product expansion B. Product penetration, product development, diversification, and global expansion C. Market penetration, market development, product development, and diversification Your answer is correct. D. Product development, diversification, domestic expansion, and global expansion E. Product growth, market growth, customer growth, and profitable growth
Market penetration, market development, product development, and diversification
Decision Point: Choosing Your Customer Relationship Strategy Creating value for the consumer is one important responsibility for marketers, but no less critical is the marketer's responsibility for creating value for the firm. One measure of value from a firm's perspective is whether the exchange was profitable to the firm. Loyal customers are often, but not always, the most profitable customers. Your marketing analysts have developed two different customer relationship strategies at your request. You need to choose the strategy that will maximize value for the firm. Select an option from the choices below and click Submit. New Customers: Powerfully Fit needs to focus on getting new customers, and therefore should dedicate all of its marketing budget to new customer acquisition. New and Old: Powerfully Fit needs to focus on getting new customers as well as keeping its existing customers. Therefore, Powerfully Fit should split its marketing budget between new customer acquisition and existing customer retention.
New and Old: Powerfully Fit needs to focus on getting new customers as well as keeping its existing customers. Therefore, Powerfully Fit should split its marketing budget between new customer acquisition and existing customer retention.
Decision Point: Choosing Your Primary Sources Having decided to use primary sources to obtain data, you need to decide what sort of primary sources you will use. The following three options are suggested by the researchers within the market research department. Choose the one you think best suits your research objectives. Select an option from the choices below and click Submit. Performing a survey that focuses on consumer knowledge, attitudes, and preferences towards the eSports industry. Performing a series of experiments that test whether consumers would purchase more eSports event tickets if advertising was increased. Observing consumers as they purchase eSports tickets and memorabilia. Submit You chose performing a survey. This was the best choice because surveys are
Performing a survey that focuses on consumer knowledge, attitudes, and preferences towards the eSports industry.
Decision Point: Choosing an Appropriate Question When writing the questionnaire you decide to include a question that will allow you to classify consumers by consumption level. Which of the following questions should you include in the survey in order to accurately discover this information? Select an option from the choices below and click Submit. Do you spend more on eSports tickets or traditional sports tickets? Exactly how much money have you spent on eSports memorabilia and tickets in your lifetime? Would you classify yourself as a heavy, moderate, light, or non-consumer of eSports memorabilia and tickets? Submit You chose to ask what level
Would you classify yourself as a heavy, moderate, light, or non-consumer of eSports memorabilia and tickets?
Buyer Decision Process MY PROGRESS - 100% Decision Point: PowerShirt's Differential Advantage Now that you have been briefed on the PowerShirt's features, you need to identify which attribute of the PowerShirt is its most valuable differential advantage. Keep in mind that the differential advantage is the feature that sets it apart from the competition and makes the product desirable to the target market. VP of Marketing: "The sports apparel market is large and growing -- nearly $100 billion in sales in the United States alone -- and is crowded with big-name competitors with huge product lines offering hundreds of shirt styles and colors. To succeed in the sports apparel market, Powerfully Fit needs to stand out from the rest." Which of the following is the PowerShirt's differential advantage? Select an option from the choices below and click Submit. Style Power Price Submit Y
Power
Buyer Decision Process MY PROGRESS - 100% Decision Point: Choosing the Best Message In the evaluation of alternatives stage, consumers focus on key product attributes as they review and rank alternative brands, eliminating brands that do not deliver on the most important features. As a marketing manager, you need to ensure that your communication plan focuses the consumer's attention on your product's strengths.Keep your target market's desires and PowerShirt's differential advantage in mind as you consider your messaging strategy for your integrated marketing communication plan. Select an option from the choices below and click Submit. PowerWallet! PowerShirt delivers everyday savings. PowerOn! PowerShirt keeps you charged all day long. PowerStyle! PowerShirt makes you attractive in the gym and on the town. Submit Yo
PowerStyle! PowerShirt makes you attractive in the gym and on the town.
Decision Point: Presenting Your Findings You have worked with the research department to implement the research plan. The team has gathered the data, checked it for accuracy, and coded it for analysis. How should you present your findings so that the VP of Marketing can best utilize them? Select an option from the choices below and click Submit. Present only those important insights and findings that you think will be useful in the major decisions made by management. Present the data in full, with detailed statistical analysis. It is best for the marketing department to have access to all the details so they won't miss anything. Present your recommendations on how the marketing department should proceed from here. Submit You chose
Present only those important insights and findings that you think will be useful in the major decisions made by management.
Decision Point: Evaluating What Consumers Want The VP of Marketing gives you marketing research on three different consumer desires in the fitness technology market. As a first step, you need to prioritize the desires of actual and potential buyers of Powerfully Fit's products. In order for exchange to happen, Powerfully Fit must be able to satisfy these wants. VP of Marketing: "Keep in mind that our goal is to engage customers by creating exceptional customer value that results in a profitable customer relationship. The first step in creating customer value is understanding consumer needs and wants relative to our new products. Choose the market desire Powerfully Fit should focus on satisfying." Style: consumers want wearable technology that helps them express their sense of style and individuality. Price: consumers want wearable technology that is inexpensive. Function: consumers want wearable technology with the latest and greatest functionality.
Price: consumers want wearable technology that is inexpensive.
What are the eight steps in the business buying decision process, in the correct sequence? A. Problem recognition, general need description, product specification, supplier selection, supplier search, proposal solicitation, order-routine specification, and performance review B. Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review Your answer is correct. C. General need description, problem recognition, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review D. Performance review, problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, and order-routine specification E. Problem recognition, general need description, product specification, supplier search, supplier selection, proposal solicitation, order-routine specification, and performance review
Problem recognition, general need description, product specification, supplier search, proposal solicitation, supplier selection, order-routine specification, and performance review
What are the variables in a company's marketing mix? A. Product, price, promotion, and people B. Product, price, profits, and people C. Product, price, place, and promotion Your answer is correct. D. Profits, product, partners, and people E. Product, partners, profits, and place
Product, price, place, and promotion
Mentoring Moment: The 4 Ps After a firm understands a consumer's needs and wants and designs a value-driven marketing strategy, it must construct an integrated marketing program (often called the marketing mix) that delivers value to the consumer.The marketing mix is the marketer's toolbox, which contains the 4 Ps: Product, Price, Promotion, and Place.Keeping with the fitness theme, identify the marketing mix elements for a personal trainer.You must drag and drop one item at a time and then click Submit to see your results. After clicking Submit, you will be able to drag and drop another item, repeating the process. P Product DroppablePPRODUCT P Product Droppable P Price DroppablePPRICE P Price Droppable P Place DroppablePPLACE P Place Droppable P Promotion DroppablePPROMOTION P Promotion Droppable
ProductCorrect. The six training sessions are the product that a personal trainer would offer to her clients. PriceCorrect. $50 or $250 is the price, the amount the consumer must exchange to receive the training session(s). PlaceCorrect. The gym is the location where the consumer and provider come together to create the service interaction. PromotionCorrect. The use of social media to communicate with existing and potential consumers is an example of promotion.
Which of the following represent market offerings? A. Products, services, needs, and exchanges B. Value, satisfaction, sales, and profits C. Products, services, information, and experiences Your answer is correct. D. Products, services, needs, and wants E. Needs, wants, products, and advertisements
Products, services, information, and experiences
Decision Point: Maintaining Your Customers' Loyalty You meet with your boss to discuss your progress: "I am pleased with the progress you have made in your evaluation of the first four steps of the buyer decision process. It is critical that we not only have an understanding of the process from the consumer's perspective, but also use this understanding to guide our marketing strategy and decision making." "Our work does not stop when the consumer purchases the PowerShirt. To reach our goals, we need to make sure we are developing loyal customers who will make purchases in the future. Reducing cognitive dissonance is one strategy for building customer loyalty. Our analysts have recommended three different strategies. Which one do you recommend we implement first?" Select an option from the choices below and click Submit. Warranty: Provide a 1-year unlimited warranty on the PowerShirt, which allows consumers to easily return a defective product for replacement. Big promises: Promise consumers that buying the PowerShirt will improve their overall fitness and guarantee that they achieve their fitness goals. Quality product/instructions: Manufacture with superior components, provide sa
Quality product/instructions: Manufacture with superior components, provide sales training to retail associates, and provide detailed use instructions for consumers.
Decision Point: Creating Value Through Suppliers One of the key relationships Powerfully Fit must build is with its suppliers. Because power-generating nanotechnology is the most important feature in its product, Powerfully Fit collects four proposals from manufacturers who want to produce Powerfully Fit's patented nanotechnology. Your boss asks you to evaluate these potential suppliers, each of which has a different competitive advantage. Keep Powerfully Fit's target market and value proposition in mind as you choose a supplier for the nanotechnology. Select an option from the choices below and click Submit. Close Location: This supplier is located closest to Powerfully Fit's manufacturing facility, so delivery lead-times would not be an issue. It produces a mid-level quality product that is moderately priced. Quick Turnaround: This supplier can fill nano-processor orders more quickly than competing suppliers. The quality and price of the products it produces are average. High Quality: This supplier produces the highest quality nano-processors available on the market today. Although the unit prices are on the high side, their reliability is the best. Low Price: This supplier produce
Quick Turnaround: This supplier can fill nano-processor orders more quickly than competing suppliers. The quality and price of the products it produces are average.
Decision Point: Choosing Your Research Topic You are now tasked with developing a research plan that would best support the research objectives you have just chosen. You consider your options and narrow them down to the following three. Select an option from the choices below and click Submit. Research the attitudes that U.S. women and consumers over 35 have towards the eSports industry. Research the effect that increased advertising in women's magazines would have on women's attitudes towards eSports. Research the attitudes that men under 35 have towards eSports. Submit You chose to research the attitudes of women and older consumers
Research the attitudes that U.S. women and consumers over 35 have towards the eSports industry.
Decision Point: Sauber's Differential Advantage Keeping the target market and competition in mind, what is the best way to position the Sauder washer-dryer in the marketplace? Laundry appliance consumers seek a number of attributes from the product. Fortunately, you just received data from a recent consumer survey identifying cleaning ability, price, and machine size as the three most important attributes to consumers. Select a positioning statement that you feel captures Sauber's differential advantage most accurately. Select an option from the choices below and click Submit. Sauber All-In-One: Small machine, small price. Sauber All-In-One: Cleanest clothes, small machine. Sauber All-In-One: Cleanest clothes, high price. Submit You
Sauber All-In-One: Cleanest clothes, small machine.
Decision Point: Your First Step You consider the situation, roll up your sleeves, and get to work. What should be the first step you take in obtaining the information you need to help eCompeteUSA move up in the eSports industry? Select an option from the choices below and click Submit. Set up a meeting with the VP of Marketing and other involved parties to define the problem that needs to be solved. Examine the secondary sources you have at hand (public and internal databases) to establish exactly what data you already have and what data you need to obtain. Create a survey to administer to Baby Boomers to gather primary information about their purchase intention for eSports events. Submit You chose to define the problem that needs to be
Set up a meeting with the VP of Marketing and other involved parties to define the problem that needs to be solved.
Which of the following is an important trend in the natural environment of which marketers should be aware? A. Decreasing costs of nonrenewable resources B. Decreased pollution C. Shortages of raw materials Your answer is correct. D. A decrease in consumer concern toward the environment E. Decreased government intervention
Shortages of raw materials
Decision Point: Target Market: Household Size With the segmentation variables identified, the VP of Marketing asks you to think about what the target market would look like for the Sauber washer-dryer combo. The VP continues: "I need you to analyze three key demographic segmentation variables and make recommendations for each. As you make your recommendations, keep the washer-dryer's key attributes in mind. We'll begin with household size." Select an option from the choices below and click Submit. Medium households: 3-4 members Small ouseholds: 1-2 membersh Large households: 5+ members Submit You chose to target small households. T
Small ouseholds: 1-2 membersh
Decision Point: Target Market: Lifestyle Consumer lifestyles are also an important factor in market segmentation and targeting. Review the following three consumer lifestyles and identify the one that would find the greatest value in the All-in-One washer-dryer. Social butterfly: With large social circles and lots of activities, these consumers are always on the go. Typically young, these consumers move from work, to the gym, to a night on the town nearly every night. A quick change of clothes is all they need to keep the party going. Work-a-holic: With a high-pressure job and the CEO's office in sight, it's not uncommon for these consumers to pull 80+ hour work weeks. Approaching their mid-30s, these consumers recognize that their professional aspirations have taken a toll on their social life, but for now they're content with the sleep-work-sleep routine. Homebody: With a comfortable career and income, these consumers know what makes them happy: reading, listening to music, and spending time at home with their pets and close friends. Select an option from the choices below and click Submit. Work-a-holic Social butterfly Homebody Submit You
Social butterfly
Decision Point: Where to Provide Your Information You've selected the advertising program to begin need stimulation for the PowerShirt. Once the target market recognizes a need for the PowerShirt, they will need to gather more information about it. Your responsibility is to make sure that this information is readily available to the potential consumer. You now need to decide on a marketing strategy that will put out information when and where consumers will search for it. Select two options from the choices below, and then click Submit. 60-second television commercial: Run an informative TV commercial on sports channels featuring ultra-marathoners wearing PowerShirts PowerfullyFit.com website: Create dedicated PowerShirt pages housed on the firm's website complete with images, video, and text Sunday newspaper ad: Purchase a quarter-page ad in key markets highlighting PowerShirt's differential advantage Social media websites: Create PowerShirt accounts on leading social media sites highlighting product innovation and superiority Submit Yo
Social media websites: Create PowerShirt accounts on leading social media sites highlighting product innovation and superiority PowerfullyFit.com website: Create dedicated PowerShirt pages housed on the firm's website complete with images, video, and text
Decision Point: Choosing Where to Sell Your Product Another key relationship that Powerfully Fit must develop is with its intermediaries, the retailers and wholesalers who will make the products available for sale to the ultimate consumers. Intermediaries can add value to the marketing system in many ways including product display, customer service, and product assortment. Keep Powerfully Fit's target market and value proposition in mind as you choose which intermediary you will recommend to carry Powerfully Fit's products. Select an option from the choices below and click Submit. Sporting Goods Store: This sporting goods chain carries a large selection of items for many sports. There is some customer service available in the departments and a wide variety of manufacturers' products for sale at manufacturers' suggested retail prices. Discount Superstore: This large chain store carries a small selection of items across many departments including clothing, electronics, toys, and beauty aids. The store provides limited customer service and merchandising. Specialty Running Store: This small independent store carries a large selection of items, all related to the sport of running. This hig
Specialty Running Store: This small independent store carries a large selection of items, all related to the sport of running. This high-end store provides a high level of customer service and charges high prices.
The focus of which of the following processes not only sets the stage for planning in the firm, but also represents the maintenance and development of the organization's goals and capabilities and its changing marketing opportunities? A. Research and development planning B. Annual planning C. Marketing planning D. Long-range planning E. Strategic planning
Strategic planning
What are the two keys to building lasting customer relationships? A. Innovative products and low prices B. Superior customer value and satisfaction Your answer is correct. C. Customer service and quality products D. Value and customer service E. Satisfaction and sales promotions
Superior customer value and satisfaction
compose a company's external value delivery network A. Suppliers, distributors, and customers Your answer is correct. B. Suppliers, distributors, and other company departments C. Other company departments, customers, and competitors D. Suppliers, customers, and other company departments E. Customers, competitors, and suppliers
Suppliers, distributors, and customers
Decision Point: Choosing Your Data Collection Method Having chosen to use a survey to obtain descriptive data on eSports attitudes, you now need to decide how to contact consumers. You want to gather a large quantity of data fairly quickly, while not incurring high costs. How will you collect this data? Select an option from the choices below and click Submit. Mail questionnaires Telephone interviews Personal interviewing of individuals and groups Submit You chose telephone interviews. This was the best ch
Telephone interviews
Decision Point: Which Ad Should You Run? Using what you have learned in your focus group, you begin your analysis of the buyer decision process. In the first stage of the process, you need to show consumers that their existing state does not equal their desired state. Which advertising strategy would be optimal for the need (problem) recognition stage? Select an option from the choices below and click Submit. Television ad during evening primetime network programming showcasing PowerShirt's style selection and power-generating ability Television ad on a fitness training television channel showing a consumer charging their phone using PowerShirt Television ad on a home improvement television channel showing a consumer wearing PowerShirt to a gym class Submit You chose to run an ad on a fitn
Television ad on a fitness training television channel showing a consumer charging their phone using PowerShirt
What is the mistaken assumption that business-to-business companies often make about digital and social media? A. That digital and social media choices are confined to Twitter and Facebook B. That digital and social media are useful primarily to consumer products and services companies Your answer is correct. C. That digital and social media yield little except for brand awareness D. That digital and social media are only effective with large expenditures E. That digital and social media require teams of specialists
That digital and social media are useful primarily to consumer products and services companies
Mentoring Moment: Involvement Not every purchase requires consumers to move sequentially through each of the five stages of the buyer decision process. Some purchases are arrived at much more quickly, allowing consumers to pass quickly through some of the stages or even skip a stage entirely. Involvement reflects the amount of importance the consumer feels the product has. Involvement also captures the concept of perceived risk of a negative outcome -- financial, social, or even personal welfare. Is this product expensive? What will my friends think of this product? Could this product hurt me? As the level of perceived risk increases, so does the consumer's level of involvement, resulting in a longer, slower, more methodical decision-making process. Classify the following products as either high involvement or low involvement from the Fitness Fanatic target market's perspective. After you have classified all the products, you can click Submit. Running shoes Automobile Paper towels Oatmeal Submit High involvement Low involvement Running shoes Click Next to continue.
That was correct. For Fitness Fanatics, running shoes have high social and personal welfare consequences. Automobile That was correct. For Fitness Fanatics, a new car has high financial, social, and personal welfare consequences. Paper towels That was correct. For Fitness Fanatics, paper towels have little to no financial, social, or personal welfare consequences. Oatmeal That was correct. For Fitness Fanatics, oatmeal has little to no financial or social consequences and very little personal welfare consequences.
Most standard portfolio analysis methods evaluate strategic business units (SBUs) on their performance in two important dimensions. What are these two dimensions? A. The attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry Your answer is correct. B. The attractiveness of the SBU's market or industry and the number of products the company produces C. The type of market or industry in which the company competes and the strength of the SBU's position in that market or industry D. The number of SBUs the company identifies and the number of products it produces E. The number of products a company produces and the number of foreign countries in which the company competes
The attractiveness of the SBU's market or industry and the strength of the SBU's position in that market or industry
Which of the following is NOT true regarding international marketing research? A. Translating questionnaires from one language into another is not an easy task. B. Good secondary data is scarce. C. The cost of international research is lower. Your answer is correct. D. Obtaining primary data may be difficult. E. Cultural differences from country to country cause additional problems.
The cost of international research is lower.
Which of the following environments demonstrates a changing age structure, shifting family profiles, geographic population shifts, a better-educated and more white-collar population, and increasing diversity? A. The demographic environment Your answer is correct. B. The political environment C. The technological environment D. The economic environment E. The socio-cultural environment
The demographic environment
Which of the following consists of factors affecting buying power and patterns? A. The sociocultural environment B. The political environment C. The demographic environment D. The technological environment E. The economic environment
The economic environment
Which marketing management orientation holds that a firm should have a customer focus to achieve sales and profits? A. The societal marketing concept B. The production concept C. The selling concept D. The product concept E. The marketing concept
The marketing concept
determines whether the buyer is satisfied or dissatisfied with a purchase. A. The relationship between the consumer's expectations and where the product was purchased B. The relationship between the consumer's expectations and how others evaluate the product C. The relationship between the price of the product and the level of customer service provided D. The relationship between the price of the product and the product's perceived performance E. The relationship between the consumer's expectations and the product's perceived performance
The relationship between the consumer's expectations and the product's perceived performance
Mentoring Moment: Research Types Defining the research problem and research objectives is often regarded as the most difficult step in the marketing research project. Although this step is challenging, it is critically important because it is impossible to solve problems that have not been clearly defined. With the research problem defined, researchers must decide on the type of research they will pursue to generate the data they need. The three types of research (also called objectives) are exploratory, descriptive, and causal. Drag and drop the problem description into the type of research that would most likely be used to generate the appropriate data. When you've classified all the descriptions, click Submit. Exploratory Thirsty athletes: Greg needs to understand how the consumption of sports drinks varies by geographical region. Hypotheses help: Joe's research problem is still not clearly defined, and he needs to generate some hypotheses for his research. Distinctive coffee: Sierra wants to expand her menu by offering specialty coffees and needs to come up with ideas for creative flavors. Descriptive Yoga love: Gema wants to open a yoga studio in her hometown, but first she wants
Thirsty athletes That was incorrect. Descriptive research is used to describe things such as the geographical variation in sports drink consumption. Hypotheses help That was correct! Exploratory research can be used early on to help define the problem and develop hypotheses. High heels That was correct! Causal research is used to identify cause-and-effect relationships. Changing the location of the shoes would be the cause and sales would be the effect. Yoga love That was correct! Descriptive research is often used to gather attitudinal data such as the residents' feelings about yoga. Price hike That was correct! Cause-and-effect relationships such as price-demand relationships utilize causal research to generate data. Distinctive coffee That was correct! Exploratory research is often used to come up with ideas for new strategies and would be useful for generating coffee flavor ideas.
Marketing information is of no value until it is used for what purpose? A. To build a better bottom line B. To better practice customer relationship management C. To obtain marketing metrics D. To perform marketing research E. To make better marketing decisions
To make better marketing decisions
Decision Point: How to Distinguish Yourself from Your Competitors Everyone at Sauber is now in agreement that consumers who are time-pressed are the best target market for the All-in-One washer-dryer. Therefore, the target market for the washer-dryer combo is a busy, small-household, high-income consumer who lives in an apartment. In order to promote the All-in-One washer-dryer to this target, you need to decide how to distinguish it from its competitors. What is a good number of key product differences to promote? There may be more than one good choice here. Select an option from the choices below and click Submit. Three One Two Submit You
Two
Decision Point: Choosing Your Secondary Sources Having decided what you want to research, you now must decide what sources to use to gather your data. The following secondary resources are available. Which will you choose to use first? Bear in mind that using in-house databases costs very little, whereas using a commercial database will incur considerable expenses. Select an option from the choices below and click Submit. Use in-house year purchase history data from the past 10 years, which contains consumer profiles. Don't use any secondary sources—you prefer to use primary sources that target exactly the data you want. Use an online commercial database that contains 15 years of eSports industry sales analysis and market profiles. Submit You chose to use in-house sec
Use in-house year purchase history data from the past 10 years, which contains consumer profiles.
Decision Point: Choosing Your Target Market The VP of Marketing directs you to begin looking at markets for Powerfully Fit's products: "Assuming that we focus on the desire for fitness technology functionality, what market do you think would benefit most from our offerings?" Select an option from the choices below and click Submit. Weekend Warriors: This large market works out 2-3 times a week and mixes up running with gym time. Weekend warriors typically purchase mid-level shoes and apparel and use a fitness app on their phone to track their workouts. Marathon Madness: This mid-size market works out daily. Workouts often include long distance runs. Quality, durable products are attractive to this market, and marathoners are willing to pay premium prices to get the latest tech. Gym Newbie: This largest market is new to fitness and working out. Gym newbies work out once a week and are price sensitive about their fitness spending.
Weekend Warriors: This large market works out 2-3 times a week and mixes up running with gym time. Weekend warriors typically purchase mid-level shoes and apparel and use a fitness app on their phone to track their workouts.
To design a winning marketing strategy, what are the two important questions a marketing manager must answer? A. What customers will we serve? How can we serve these customers best? Your answer is correct. B. How can we serve our customers best? How can we maximize profits? C. What customers will we serve? How can we maximize profits? D. Who are our competitors? How can we beat our competitors? E. What markets should we enter? How do we maximize sales in those markets?
What customers will we serve? How can we serve these customers best?
What advice would you give a firm about how to respond to the changing marketing environment? A. Do not do anything until competitors respond. B. Accept the fact that things change and not much can be done about it. C. Whenever possible, take a proactive approach to the environment. Your answer is correct. D. Watch environmental changes but react only when absolutely necessary. E. If the current strategy is working, there is no need to respond to environmental changes.
Whenever possible, take a proactive approach to the environment.
Decision Point: Persuading Your Customers to Purchase After discussions with your boss, you decide to focus your integrated marketing communications around the PowerOn! message. As consumers approach the decision point, you must address those factors that affect purchase intent and ultimately purchase. Given what you know about the target market, which of the following three factors is most likely to increase purchase intent? Select an option from the choices below and click Submit. Price drop: Initiate a $10 price drop, which results in a new price of $59.95. Word of mouth: Provide free sample PowerShirts to key opinion leaders in large running clubs and gyms to generate positive word of mouth. Athlete endorsement: Secure a well-respected professional athlete's endorsement for the PowerShirt. Submit You chose word of mouth. That was the be
Word of mouth: Provide free sample PowerShirts to key opinion leaders in large running clubs and gyms to generate positive word of mouth
Decision Point: Do You Want Primary Sources? Having decided what secondary sources you will use, you now need to decide whether you elect to use any primary sources for obtaining data. This will involve setting up targeted research to answer the questions that you need answered. Note that this research will be carried out in-house by the market research department, but will be quite expensive. Select an option from the choices below and click Submit. You will use the research department to gather attitudinal data relevant to the research problem and objectives you have set. You will not use any primary sources. They are too expensive and you feel the secondary sources you have chosen should be sufficient to gather the data you need. Submit You chose to collect primary research
You will use the research department to gather attitudinal data relevant to the research problem and objectives you have set.
The key to learn about and engage with individual customers is to blend the new digital technologies and approaches with traditional marketing to create _______________________. A. comprehensive marketing plans B. customer-focused digital applications C. a smoothly integrated marketing strategy and mix Your answer is correct. D. promotions with wide customer appeal E. superior social media, mobile apps, and television advertising
a smoothly integrated marketing strategy and mix
Today's marketers see information not only as a tool for input for better decision-making, but also as ___________________________. A. a way to provide useful customer insights B. an important strategic asset and marketing tool Your answer is correct. C. an excellent resource to gather information on competitors D. a revenue-generation tool E. a way to gather big data and perform analytics
an important strategic asset and marketing tool
In the broadest sense, a new product marketer must research _____________________ when developing a new product and a marketing program. A. attitudes of consumers toward packaging B. characteristics of international markets C. characteristics influencing the rate of adoption Your answer is correct. D. characteristics related to pricing acceptability E. various domestic promotional challenges
characteristics influencing the rate of adoption
The environment that consists of institutions and forces that affect a society's values, perceptions, preferences, and behaviors is the ________________________. A. political and social environment B. technological environment C. economic environment D. cultural environment Your answer is correct. E. demographic environment
cultural environment
Once market segments have been selected, the company then must decide on _____________________________. A. differentiation and positioning strategy Your answer is correct. B. positioning map C. mission and vision D. unique value proposition E. target market strategies
differentiation and positioning strategy
Technology advances have made B-to-B online purchasing possible. This is called ________. A. online bidding B. web-based submissions of proposals C. e-procurement Your answer is correct. D. automated requests for proposals E. e-shipping options
e-procurement
Which stage of the business buying decision process involves ranking the importance of reliability, durability, and price? A. supplier search B. proposal solicitation C. supplier selection D. general need description Your answer is correct. E. product specification
general need description
Two major public policy and ethical issues in marketing research are ________. A. intrusions on consumer privacy and misuse of research findings Your answer is correct. B. paying research respondents and intrusions on consumer privacy C. misuse of research findings and improper sampling procedures D. intrusions on consumer privacy and inaccurate data analysis E. the use of research to create deceptive advertising
intrusions on consumer privacy and misuse of research findings
A __________________________ consists of the people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers use the information to generate and validate actionable customer and market insights. A. marketing information system Your answer is correct. B. marketing research department C. marketing technology system D. marketing analytic system E. marketing consulting team
marketing information system
Changes in the _____________________ have focused greater emphasis on ethics and socially responsible actions. A. technological environment B. demographic environment C. political and social environment Your answer is correct. D. cultural environment E. economic environment
political and social environment
Software and analytical techniques that integrate, analyze, and apply the mountains of individual customer data to gain a 360-degree view of customers enable companies to ________________________. A. practice customer relationship management Your answer is correct. B. get to know their customers personally C. perform market research D. find new customers E. develop large customer datasets
practice customer relationship management
Firms that develop strategies to change the environment, instead of assuming that strategic options are bounded by the current environment, are being _______. A. shortsighted B. proactive Your answer is correct. C. passive D. cautious E. reactive
proactive
Companies need meaningful customer insights so they can _____________________________. A. build larger market share B. gain a competitive advantage C. realize better bottom lines D. produce superior value for their customers Your answer is correct. E. build databases that prove useful to marketers
produce superior value for their customers
A company rarely gets 100 percent of a customer's purchases for a product category. The share it does get of the customer's purchasing in its product categories is called ________. A. share of customer Your answer is correct. B. share of market C. customer equity D. customer defections E. customer lifetime value
share of customer
According to the text, __________ are perhaps the most dramatic forces affecting today's marketing strategies. A. political forces B. technological forces Your answer is correct. C. natural forces D. economic forces E. demographic forces
technological forces
Marketing provides a guiding philosophy for a company's strategic planning. This philosophy, known as __________, focuses on creating customer value and building profitable relationships with important consumer groups. A. the value network B. customer relationship management C. value chain management D. partner relationship management E. the marketing concept
the marketing concept
The first step of the marketing process is to ___________________. Question content area bottom A. understand the marketplace, which includes customer needs and wants Your answer is correct. B. build profitable relationships C. capture value from customers to create profits and customer equity D. design a customer-driven marketing strategy E. construct an integrated marketing program that delivers superior value
understand the marketplace, which includes customer needs and wants
The ________________________ is a brand's full positioning or the full mix of benefits on which the brand is positioned. A. brand's personality and voice B. value proposition Your answer is correct. C. differentiation strategy D. target marketing strategy E. positioning map
value proposition
What are the five marketing management functions used to manage the marketing process? A. Product development, pricing, customer service, promotion, and cost control B. Writing an executive summary, conducting a situation analysis, planning, setting budgets, and outlining controls C. Segmenting, targeting, positioning, differentiation, and control D. Analysis, planning, implementation, organization, and control Your answer is correct. E. Planning, segmenting, targeting, positioning, and implementing
Analysis, planning, implementation, organization, and control
