Midterm 306
Which of the following is the first step in the marketing research process?
defining the problem and objectives of the study
Which of the following is NOT a market-oriented business definition?
"We make high-quality consumer food products."
Companies that take a proactive stance toward the marketing environment are most likely to ________.
. develop strategies to change the environment in their favor
________ analysis is an overall evaluation of the company's strengths, weaknesses, opportunities, and threats.
A SWOT
________ are minor stimuli that determine where, when, and how a person responds to an idea.
Cues
Which of the following is true with regard to e-procurement?
E-procurement hastens order processing and delivery
Marketers should understand that people's core beliefs and values tend to be ________.
Fixed
Which of the following is an advantage of using an internal database?
Internal databases can be accessed more quickly and cheaply than other information sources.
Which of the following is a disadvantage of using information from internal databases?
Internal information may be incomplete or in the wrong form for making marketing decisions.
________ is a person's pattern of living as expressed in his/her psychographics, and it includes the individual's activities, interests, and opinions.
Lifestyle
________ refers to the stage of the business buying process in which the buying organization decides on and specifies the best technical product characteristics for a needed item.
Product specification
Which of the following is a disadvantage of using secondary data?
Relevant secondary data can be difficult to locate.
Which of the following is true of the Millennials?
They are the children of baby boomers and were born between 1977 and 2000.
Which of the following is true with regard to cash cows?
They can be used to help finance the company's question marks and stars.
Which of the following is true of the baby boomers?
They control an estimated 70 percent of the United States' disposable income.
Which of the following is true of Gen Xers?
They were the first to grow up in the Internet era
Which of the following is true with regard to media publics?
This group carries news, features, and editorial opinion
Which of the following questions is an example of a closed-end question?
Would you like to try our new ice cream flavor?
A person's buying choices are influenced by four major psychological factors. Which of the following is NOT one of these factors?
association
Total government spending is determined by ________.
elected officials
A manager in a garment manufacturing company decided to replace the plastic shopping bags currently used in his company with bags made of recyclable material. Consequently, he asked the operations officer to gather relevant information and send a list of alternatives to him. In the business buying process, the manager is preparing a(n) ________.
general needs description
Which of the following consumer buying behaviors is related to conditions of low-consumer involvement and little significant brand difference?
habitual buying behavior
Opinion leaders are also referred to as ________.
influentials
Which group includes neighborhood residents and community organizations?
local publics
Maria Ramirez is conducting research to determine consumers' personal grooming habits. Because of the personal nature of many of the survey questions, Maria wants to select the contact method that is most likely to encourage respondents to answer honestly and that will allow her to easily collect large amounts of data. Which of the following is best suited to meet Maria's requirements?
mail questionnaires
The purpose of ________ is to ensure that the company achieves the sales, profits, and other goals set out in its annual marketing plan.
operating control
Marketing stimuli consist of the four Ps. Which of the following is NOT one of these?
packaging
People vary in their attitudes toward their society-while ________ defend it, malcontents want to leave it.
patriots
LandPort Transportation and Omega Warehousing help companies move and stock goods from their manufacturing plants to their destinations. These two businesses are examples of ________.
physical distribution firms
Marketing stimuli include which of the following?
price stimuli
Which of the following product characteristics refers to the degree to which the innovation appears superior to existing products?
relative advantage
In business markets with inelastic demand ________.
the total demand for products is not much affected by short-term price changes
What is the purpose of a data warehouse?
to gather and integrate data in a central, accessible location Correct
Carrie tends to purchase various brands of bath soap. She has never been loyal to a specific brand; instead she does a lot of brand switching. Carrie exhibits ________.
variety-seeking buying behavior
Herbie Inc., a firm manufacturing sandwich makers, has fixed costs of $250,000, variable costs of $20 per unit of output, and expected unit sales of 50,000 units. What is the unit cost of a sandwich maker manufactured by Herbie?
$25
The total production costs at Kellner Machine Works are $87,000 out of which $45,000 represent fixed costs. Which of the following is representative of the variable costs incurred by the company?
$42,000
Which stage in the PLC normally lasts longest and poses strong challenges to marketing managers?
. maturity
Proton Corp. is an automobile manufacturer known for producing efficient, durable, and low-priced cars. Recently, the company launched a new range of luxury cars to broaden its market appeal and to add prestige to its existing line of cars. This is an example of ________.
. product line stretching
Which of the following companies has a market-oriented business definition?
A cosmetic company, whose business definition is: "We sell hope and self-esteem."
Which of the following is true about the demand curve?
A demand curve shows the number of units the market will buy in a given time period at different prices that might be charged.
Which of the following companies has a product-oriented business definition?
A shoe manufacturer, whose business definition is: "We manufacture affordable and long-lasting shoes for all."
Which of the following is most likely a risk associated with experience-curve pricing?
Aggressive pricing often gives a product a cheap image.
________ occurs when two established brand names of different companies are used on the same product.
Co-branding
Which of the following is an advantage offered by co-branding?
Co-branding allows a company to expand its existing brand into a category it might otherwise have difficulty entering alone.
Which of the following is true about the concentrated marketing strategy?
Companies that rely on a few segments for all of their business will suffer if a segment turns sour.
________ consists of inviting 6 to 10 people to meet with a trained moderator to talk about a product, service, or organization.
Focus group interviewing
Which of the following is most likely a disadvantage of focus group interviewing?
Focus group interviewing involves small samples to keep time and costs down, which makes it hard to generalize from the results.
In several major cities in the U.S, the ________ operates business service centers with staffs to provide a complete education on the way government agencies buy, the steps that suppliers should follow, and the procurement opportunities available.
General Services Administration
________ segmentation assumes that nations close to one another will have many common traits and behaviors.
Geographic
Which of the following is true of the BCG matrix approach?
It considers market growth rate to be a measure of market attractiveness.
Which of the following is true with regard to a SWOT analysis?
It evaluates the company's overall strengths.
Which of the following is an adverse effect of using promotional pricing?
It makes shopping stressful if used by multiple stores simultaneously.
________ marketing tailors brands and promotions to the needs and wants of regional customer groups, such as cities, neighborhoods, and even specific stores.
Local
________ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
Marketing research
Wholesome Soups, a maker of organic soups, is starting a new marketing campaign emphasizing the ease of preparing and eating Wholesome Soups. Print, television, and Internet ads feature college students enjoying Wholesome Soups in between classes and during study breaks. Wholesome Soups' new marketing campaign is most likely aimed at which of the following?
Millennials
Which of the following is true with regard to the diversity segment of U.S. adults with disabilities?
Most individuals with disabilities are active consumers.
_______ involves designing and producing the container or wrapper for a product.
Packaging
________ shows consumer perceptions of a company's brands versus competing products on important buying dimensions.
Perceptual positioning maps
________ marketing consists of activities undertaken to create, maintain, or change attitudes toward particular people. People ranging from presidents, entertainers, and sports figures to professionals such as doctors, lawyers, and architects use it to build their reputations.
Person
________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
Positioning
________ are the major marketing factors in the sale of most manufactured materials and parts.
Price and service
A particular firm added three new products earlier this year to increase variety for customers. Two of the products failed to reach the minimal sales quota. Which of the following is LEAST likely to have been the cause of their failure?
Product research was too extensive.
________ are low-share business units in high-growth markets that require a lot of cash to hold their share.
Question marks
________ measures the profits generated by investments in marketing activities.
Return on marketing investment
Harris Brown, the marketing manager at a small retail chain, wants to assess his firm's strengths, opportunities, weaknesses, and threats. Which of the following would be best suited for his purpose?
SWOT analysis
________ means that consumers are likely to remember good points made about a brand they favor and forget good points made about competing brands.
Selective retention
Why is markup pricing most likely popular?
Sellers do not need to make frequent adjustments as demand changes.
Which of the following is true with regard to services?
Services are a form of product that consists of activities, benefits, or satisfactions offered for sale.
________ are society's relatively permanent and ordered divisions whose members share similar values, interests, and behaviors.
Social classes
Which of the following is NOT part of the business market?
Sue shops for her family's groceries at the local Whole Foods store.
Which of the following is true about survey research?
Survey research is the most widely used method for primary data collection
Which of the following is true of public policies and pricing?
The Robinson-Patman Act governs interstate commerce.
Why are customers often considered the most important sources of new product ideas?
The company can analyze customer questions and complaints to find new products that better solve consumer problems.
Refer to the scenario below to answer the following question(s). Champion, Inc. is a manufacturer of lunch boxes, school bags, and school stationery. Charles Payton, the CEO of Champion, hopes to sell the products at a low price to penetrate the market quickly. Which of the following best supports a market-penetration strategy for Champion?
The market for the products is highly price sensitive.
________ is an approach in which all the company's people are involved in constantly improving the quality of products, services, and business processes.
Total quality management
________ is a pricing strategy in which the company sets up two or more clearly identified geographic regions within which all customers pay the same total price.
Zone pricing
Which of the following is an example of a pure tangible good?
a bag of potato chips
Worthington's Farm is an old poultry farm in Mount Prospect, Illinois. For years, it has used wooden coops to haul its poultry to the market. The owner of the farm needs to buy some replacement coops and is considering buying plastic coops that are slightly more expensive than wooden ones but much easier to clean after use. Consequently, the owner of Worthington's Farm ordered 100 customized coops from its regular supplier. This exemplifies ________.
a modified rebuy
Which of the following states the product's membership in a category and then shows its point of difference from other members of the category?
a positioning statement
Electron Corp. purchased Proton Corp. by buying all of its assets and ownership equity. This is an example of a(n) ________.
acquisition
Companies that adopt value-added pricing ________.
attach value-added features and services to differentiate their offers and support their higher prices
Motorzone offers replacement parts for old Volkswagen Beetles. The company calculates shipping charges based on shipping parts from Boston, even though some parts actually ship from St. Louis. Motorzone most likely practices ________ pricing.
basing-point
Mission statements should ________ and be defined in terms of ________.
be market oriented; satisfying basic customer needs
Harley-Davidson promotes its motorcycles with images of independence, freedom, and power. Harley-Davidson has created a ________.
brand personality
Which of the following terms refers to a specific mix of human traits that may be attributed to a particular brand?
brand personality
Which of the following is one of the four consumer perception dimensions used by ad agency Young & Rubicam to measure brand strength?
brand relevance
Marketing mix planning begins with ________.
building an offering that brings value to target customers
Which of the following involves costs that most likely occur during the commercialization stage of new product development?
building or renting a manufacturing facility
A review of the sales, costs, and profit projections for a new product to find out whether they satisfy the company's objectives is called a ________.
business analysis
Many marketers use the self-concept premise that people's possessions contribute to and reflect their identities-that is, "we are what we consume." According to this premise, consumers ________.
buy products to support their self-image
Using ________ pricing, companies are able to turn their trash into cash, allowing them to make the price of their main product more competitive.
by-product
________ are low-growth, high-share businesses/products that need less investment to hold their market share.
cash cows
Experimental research is best suited for gathering ________ information.
causal
A consumer organization in Ohio has challenged the marketing decision of a local firm alleging it to be against the larger social interest. In this instance, the firm is challenged by a(n) ________ public.
citizen-action
A company's marketing decisions may be questioned by consumer organizations, environmental groups, minority groups, and others. These organizations and groups are also known as ________.
citizen-action publics
When a customer feels uneasy about losing out on the benefits of a brand not purchased, she is likely to experience ________.
cognitive dissonance
Refer to the scenario below to answer the following question(s). Jason West, owner of A1 Cleaning, started his enterprise in 2001. Jason's primary focus had been on office cleaning for large corporations. But in recent months, Jason has seen a decline in demand for his office cleaning services. Surprisingly, the competitive environment appeared relatively stable with no new competitors. However, Jason knew that office cleaning was a high-frequency service that is usually performed daily; therefore, competitors must have been doing something to attract his customers. Building a competitive advantage seemed to be the only option to offset competition. But as Jason pondered over his dilemma, he realized that prior to building his competitive advantage he needed to better understand how customers assessed service quality and what they look for in a superior cleaning service. Jason developed a research plan. First, he gathered information about his competitors, primarily through pamphlets and Web sites, as well as through a few phone calls in order to find out exactly what the competitors offered in their cleaning packages. In addition, Jason obtained from the Chamber of Commerce an updated list of local corporations. He planned on sending written questionnaires to them. Though the list of corporations contained 141 local company names, Jason chose to survey 75 of them. To better understand customer service expectations between both small and large corporations, Jason divided his surveys into two categories. The survey questions were designed to extract specific data from respondents with regard to service quality expectations in correlation to service frequency and price. Jason awaited the results. Though his primary focus had been on large corporations, he was flexible and would aim his efforts differently if needed.
collecting data about competitors
Which of the following is an organizational factor that influences business buyers?
company procedures
The marketing department of a reputed firm wants to improve strategic decision making, track the actions of other players in the market, and provide early warning of opportunities and threats. Which of the following would help the firm achieve its objectives?
competitive marketing intelligence
A market-skimming pricing strategy should NOT be used for a new product when ________.
competitors can undercut prices easily
A firm dumping chemical wastes in the local lake is ________.
contributing to increased pollution
Which of the following processes does value-based pricing reverse?
cost-based pricing
The simplest pricing method is ________ pricing.
cost-plus
Which of the following is the practice of inviting broad communities of customers, employees, independent researchers, and members of the public into the new product innovation process?
crowdsourcing
Which of the following focuses on finding new ways to solve customer problems and create more customer-satisfying experiences?
customer-centered new product development
Refer to the scenario below to answer the following question(s). Alpha Stampings Inc. produces 14 metal stampings for the automotive industry. Due to industry design changes and consumer demands, for the next financial year, six of those stampings will require a slight change: two will have an extra hole punched through the side, two will require an extra plating process, and two will require an additional weld operation. In the meantime, purchasing agent Richard Koehl has been asked to reduce the number of Alpha's steel suppliers in an effort to cut costs. After obtaining updated price quotations and steel samples from his current suppliers, Richard faced a dilemma. Until now, he had selected his suppliers based on quality and price, but the major consideration had been the type of steel required and the specialized production processes of his respective suppliers. Not all of Alpha's suppliers could produce the exact grades of steel needed; some suppliers were better at producing certain types of steel than others. Richard contacted several employees at Alpha who had worked with the various types of steel in the past. The quality control manager and line inspector, for example, could help to determine which suppliers had the capabilities of producing specific types of steel. The production control manager could provide input regarding which types of steel worked best in which presses. The warehouse foreman gave inputs regarding how long various types of steel could be held in inventory before rust spots began to form on their surfaces. Each person contributed the necessary information to help Richard in making his decision. In this instance, Richard plays the role of a(n) ________.
decider
Due to dropping sales, a company that manufactures soaps begins to sell them to restaurants and hotels to extend their product's life. The soap manufacturer is in the ________ stage of PLC.
decline
All of the following steps pertain to the marketing control process EXCEPT ________.
defining the company's mission
Which of the following is the first step in strategic planning?
defining the organizational mission
Which of the following shows the number of units the market will buy in a given time period, at different prices that might be charged?
demand curve
A catalog retailer in the United States has identified African American professionals between the ages of 35 and 45 as a group of potential customers for its products. The retailer plans to direct its marketing efforts toward this group of consumers. Which of the following market segmentation variables did the catalog retailer most likely use?
demographic
Refer to the scenario below to answer the following question(s). Ruben Delgado was making wooden pens and pencils, which had unique engravings, as a hobby until SimonYoder recognized Ruben's talent. Simon immediately ordered 250 pens and pencils of various styles to be displayed in his shop's showcase. Within three months, the wooden pencils were a hit with all students! Ruben Delgado had never thought of marketing his talent, but Simon's enthusiasm and the recent sales were enough to change his mind. With limited resources, Ruben contacted three additional specialty shops within 100 miles that were situated near schools. He explained his manufacturing processes and engraving options to each. All three shop owners placed a trial order. Within two months, just prior to the holiday season, each shop owner placed an additional order. Ruben was ecstatic! "I figured business would slow down after that," Ruben stated, "but in February I was contacted by Elmore Distributors. At that point, I had to make a huge decision about how far I wanted to go with this business." Elmore Distributors provides products for school fundraisers in a seven-state area. Ruben was offered a two-year contract and immediate inclusion in Elmore's promotional flyer. Ruben Delgado accepted the offer and, along with it, the responsibility to produce thousands of wooden pens and pencils. "I had to get a grip on the magnitude of this project," Ruben added. He decided to place his major focus on the large contract with Elmore. However, to avoid placing his total emphasis with one customer, Ruben continued nurturing his four previously established accounts without targeting any additional customers. "At this point, I had set up an assembly line in a rented building," Ruben explained. "I had to hire three full-time employees to work the line while I managed the customer orders and purchased materials." Ruben paused. "But I can't take the Elmore project for granted. It might not always be there. I'll have to have a good alternate plan if that day comes." In the scenario, Ruben has segmented his market based on ________.
demographics
Refer to the scenario below to answer the following question(s). Alpha Stampings Inc. produces 14 metal stampings for the automotive industry. Due to industry design changes and consumer demands, for the next financial year, six of those stampings will require a slight change: two will have an extra hole punched through the side, two will require an extra plating process, and two will require an additional weld operation. In the meantime, purchasing agent Richard Koehl has been asked to reduce the number of Alpha's steel suppliers in an effort to cut costs. After obtaining updated price quotations and steel samples from his current suppliers, Richard faced a dilemma. Until now, he had selected his suppliers based on quality and price, but the major consideration had been the type of steel required and the specialized production processes of his respective suppliers. Not all of Alpha's suppliers could produce the exact grades of steel needed; some suppliers were better at producing certain types of steel than others. Richard contacted several employees at Alpha who had worked with the various types of steel in the past. The quality control manager and line inspector, for example, could help to determine which suppliers had the capabilities of producing specific types of steel. The production control manager could provide input regarding which types of steel worked best in which presses. The warehouse foreman gave inputs regarding how long various types of steel could be held in inventory before rust spots began to form on their surfaces. Each person contributed the necessary information to help Richard in making his decision. The demand for Alpha Stampings' products is ultimately based on the demand for new automobiles in the consumer market. This is an example of ________ demand.
derived
Beth Williams works for a marketing research company in Chicago. Her current research involves finding the market potential for a client's new line of sports apparel. Given her objective, which of the following types of research is the most suitable for Beth?
descriptive research
Which of the following types of research would be best suited for understanding the attitudes of consumers who buy a particular brand of soft drink?
descriptive research
Effective positioning begins with ________.
differentiation
Which of the following is a price adjustment strategy?
discount and allowance pricing
When consumers are highly involved with an expensive, infrequent, or risky purchase but see little difference among brands, they most likely will exhibit ________.
dissonance-reducing buying behavior
A good brand name should most likely be ________.
distinctive
Market segmentation can be best described as the process of ________.
dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs
The learning curve is representative of the ________.
drop in the average per-unit production cost that comes with accumulated production experience
The Internet offers ________, where the price can easily be adjusted to meet changes in demand.
dynamic pricing
Brand ________ is the differential effect that knowing the brand name has on customer response to the product and its marketing.
equity
Which of the following is NOT a step in the strategic planning process?
evaluating members of the company's value chain
Which of the following is the adoption process stage at which the consumer considers whether trying the new product makes sense?
evaluation
A marketing plan begins with a(n) ________, which presents a brief summary of the main goals and recommendations of the plan for management review.
executive summary
Which of the following groups influences the company's ability to obtain funds?
financial publics
As production moves up, the average cost per unit decreases because ________.
fixed costs are spread over more units
The most common form of marketing organization is the ________ organization. Under this organization, an operational specialist heads different marketing activities.
functional
Paul, a purchasing agent for Kiel Inc., has the authority to prevent salespersons from seeing the decision makers in his organization. Which of the following best describes Paul's position?
gatekeeper
Which of the following involves adjusting prices to account for the physical location of customers?
geographical pricing
Which of the following involves introducing less-expensive versions of established, brand name products?
good-value pricing
In the aftermath of the Great Recession of 2008 to 2009, consumers ________.
have become more value conscious
New product development starts with ________
idea generation
Even when competing offers look the same, buyers may perceive a difference based on ________ differentiation
image
Many managers think that "doing things right," or ________, is as important as, or even more important than, "doing the right things."
implementation
Dips in the economy and the instant price comparisons made possible by the Internet have contributed to ________.
increased consumer price sensitivity
Marketing control involves four steps including all the following EXCEPT ________.
increasing the staffing in the planning department
If demand hardly changes with a small change in price, the demand is ________.
inelastic
Eric Mason, an employee of Huntington Steelworks, is responsible for defining product specifications and providing relevant information for evaluating alternatives in his organization's buying center. Eric, whose opinions affect the buying decisions of his organization to a great extent, is most likely a(n) ________.
influencer
Secondary data consist of ________.
information that already exists somewhere, having been collected for another purpose
In a SWOT analysis, which of the following would be considered a strength?
internal capabilities
Which of the following factors influencing the business buying process do marketers typically find most difficult to assess?
interpersonal
Which of the following is the final step of the marketing research process?
interpreting and reporting the findings
In response to price cuts from competitors, a cereal company with several more expensive and higher quality cereals introduced a lower-priced option to its product line. This is an example of which of the following responses to a competitor's price cut?
launching a "fighter brand"
Pierre's Mart, a grocery store in New Orleans, Louisiana, offers less merchandise selection and fairly low levels of service. Despite the lackluster service and limited selection of merchandise, customers still flock to Pierre's because it charges rock-bottom prices. Pierre's Mart most likely uses the ________ positioning.
less for much less
FencePro, a local company, has developed an entirely new mounting system for chain link fences. After acquiring a distributor, FencePro now has the ability to market its products nationwide. FencePro is most likely following a ________ strategy.
market development
The managers of Arrow, an American retail chain, are currently reviewing new demographic markets to sell the firm's current products. This is an example of ________.
market development
Crocus, a gift store, specializes in serving customer segments that major competitors overlook and ignore. Which of the following best describes Crocus?
market nicher
Paul Robinson has identified a group of potential customers who seem to respond in a similar way to a series of magazine and radio advertisements for his company's product. Paul has identified a(n) ________.
market segment
Teenagers are expected to respond in a similar way to a set of marketing efforts. In other words, this group represents a ________.
market segment
Each company must divide up the total market, choose the best segments, and design strategies for profitably serving chosen segments. This process involves market segmentation, ________, differentiation, and positioning.
market targeting
The process of evaluating each market segment's attractiveness and selecting one or more segments to enter is known as ________.
market targeting
In a bid to attract more customers in a market that has several competitors, Barrymore's Bakery slashed the prices of all its products by 50 percent. Managers at the firm reasoned that lower prices would draw in even more customers, making up for the reduction in price several times over. Which of the following pricing strategies are they using?
market-penetration pricing
Which of the following is a component of a firm's microenvironment?
marketing intermediaries
Maria works for Sigma Inc., a firm that helps companies target and promote their products to the right markets. Sigma is most likely a ________.
marketing services agency
Most products in the marketplace are in the ________ stage of the product life cycle.
maturity
When the size, purchasing power, and profile of a market segment can be calculated, the market is ________.
measureable
By harvesting its SBU, a company would most likely be ________.
milking the SBU's short-term cash flow regardless of the long-term effect Correct
A ________ documents an organization's purpose-what it wants to accomplish in the larger environment.
mission statement
Orion Inc. operates in many industries, including pharmaceuticals and food products. The company's goal is to create "abundant and affordable food for all and a healthy environment." This represents Orion's ________.
mission statement
In a ________ situation, the "in" suppliers may become nervous and feel pressured to put their best foot forward to protect an account and the "out" suppliers may see the present situation as an opportunity to make a better offer and gain new business.
modified rebuy
In a(n) ________ situation, the buyer wants to revise product specifications, prices, terms, or suppliers.
modified rebuy
Under ________, the market consists of many buyers and sellers who trade over a range of prices rather than a single market price.
monopolistic competition
________ positioning involves providing the most upscale product or service and charging a higher price to cover the higher costs.
more for more
With the recent explosion of information technologies, ________.
most marketing managers are overloaded with data and often overwhelmed by it
The physical environment affecting marketing activities is referred to as the ________ environment.
natural
Product improvements, product modifications, and original products can all be classified as ________.
new products
Which of the following product mix pricing strategies involves pricing additional or accessory products sold along with the main product?
optional-product pricing
Which of the following would lead to greater competition in the maturity stage of the PLC?
overcapacity
Service ________ means that services cannot be stored for later sale or use.
perishability
In the context of a company's marketing mix, ________ includes company activities that make the product available to target consumers.
place
Which of the following is an element of the marketing mix?
place
Rhodia invites tourists from all over the world to experience its pristine nature, clear skies, and beautiful summertime climate. This exemplifies ________.
place marketing
Jake Adams works for a marketing research firm and is currently conducting research for a company that wants to investigate multiple international markets for the possibility of expansion. Internet-based survey research would be the most attractive research option for Jake if his client ________.
places a high emphasis on speed
Which of the following is included in the second part of the marketing strategy statement?
planned price
Alpha Motors offers "Green automobiles for a greener world." This refers to the ________ of Alpha automobiles.
position
Apex describes its clothing line as, "Elegance and attitude, now as one. For the daily office-goer, who takes pride in what he or she wears everyday, Apex makes sure you get noticed." This exemplifies a ________.
positioning statement
A particular automobile company works to keep its customers happy after each sale, aiming to delight each one of them in order to increase their customer lifetime value. Which of the following steps of the buyer decision process does the company exemplify?
postpurchase behavior
After the purchase of a product, consumers will be either satisfied or dissatisfied and engage in ________.
postpurchase behavior
In industries in which pricing is a key factor, ________ often set the best prices or help others in setting them.
pricing departments
Rather than assuming that strategic options are bounded by the current environment, firms adopting a(n) ________ to the marketing environment develop strategies to change the environment
proactive stance
In the beginning of the buying process, Timothy Perry, a product development manager, noticed that the raw materials that were being procured from his company's regular supplier were of poor quality. Consequently, he decided to change the existing supplier as a remedial measure. The stage of the buying process in which Timothy identified the quality breach represents the ________ stage.
problem recognition
Through ________ differentiation, brands can be differentiated on features, performance, or style and design.
product
Which of the following Ps in the marketing mix describes the goods-and-services combination the company offers to the target market?
product
Which of the following is the lowest level on which marketers can position their brands in target customers' minds?
product attributes
Sunny Brews is a coffeehouse chain based in Boston. It recently introduced Eva, a mild roast, which became immensely popular. This exemplifies ________.
product development
Chronos Inc. designs and markets different brands of cycling watches. Each brand has a single unique feature: the Chronos Cosmos has a heart rate monitor, the Chronos Acumen is designed for older cyclists who prefer a large display, and the Chronos Aegis has a GPS function. Which of the following is evident here?
product differentiation
A ________ is the way consumers perceive an actual or potential product.
product image
Refer to the scenario below to answer the following question(s). Ruben Delgado built his enterprise on the faithful patronage of four specialty shops and a large contract from Elmore Distributors. But after two years, the maker of novelty pens and pencils had to rethink his strategy when his contract with Elmore ended. Ruben built a company reputation on the manufacturing and distribution of a variety of wooden writing utensils with customized engravings. Specialty shops loved to display the products in their fancy, lighted showcases, but such specialty shops alone were not profitable. Ruben Delgado established a brand name, known merely as Delgado, and decided to expand on it. Ruben extended his writing utensil lines to include quills, felt-tip pens, and multiple-cartridge pens that write in different colors. He even added a line of various grades of personalized stationery and business cards. Perhaps Ruben's biggest added touch, however, was the addition of two salespeople who would work to explain the diverse array of products offered by Delgado, as well as nurture existing accounts. "We make an excellent product," Ruben Delgado stated, "and we honor a good guarantee on everything we sell. But let's face it-we face hundreds of competitors! We need Delgado representatives out there to help prospects understand what they should demand in something as simple as a writing tool." The Delgado brand was fast-becoming synonymous with top-notch customer service. Part of the purchase package brought personal visits from the Delgado representative, before the purchase and long after. The new felt-tip pens, multiple-cartridge pens, and quills offered by Ruben Delgado are examples of ________.
product line filling
Big Moose Toys is a market pioneer introducing a modern version of Bubble the Moose, a character from an animated television series originally broadcast in the '50s and '60s. The company's version of Sandy the Flying Squirrel, a character from the show targeted to baby boomers, was a strong success. Since the firm is a market pioneer, it needs to make the new launch strategy for Bubble the Moose consistent with the intended ________.
product positioning
________ refers to the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
product quality
The PLC concept can be applied by marketers as a useful framework for describing how ________.
products and markets work
Hearth & Home, a store which sells household products, has announced a one-week sale on its new carpet line. This is an example of ________.
promotional pricing
What type of pricing is being used when a company temporarily prices its product below the list price or even below cost to create buying excitement and urgency?
promotional pricing
Different soft drinks target different personalities. This is an example of ________ segmentation.
psychographic
Marketers who use ________ often segment their markets by consumer lifestyles and base their marketing strategies on lifestyle appeals.
psychographic segmentation
Which term refers to prices that buyers carry in their minds and check with when they look at a given product?
reference prices
In ________, companies put their purchasing requests online and invite suppliers to bid for the business.
reverse auctions
Stores such as Walmart, Best Buy, PetSmart, David's Bridal, and DSW Shoes use ________ positioning.
same for less
People cannot focus on all of the stimuli that surround them each day. A person's tendency to screen out most of the information is called ________.
selective attention
Tristan and Juliet, a newly married couple who intend to go to Egypt for their honeymoon, bought a Europe travel package on Jizo Inc., an online travel site. As they have never seen Europe or used the services of Jizo before, they were largely dependent on other customers' feedback and signals for service quality. Which of the following characteristics of service is highlighted in this instance?
service intangibility
A hickory rocking chair, handmade by an Amish woodcarver in Lancaster, Pennsylvania from locally grown wood, is an example of a ________.
specialty product
Refer to the scenario below to answer the following question(s). Alden Manufacturing produces small kitchen appliances-blenders, hand mixers, and electric skillets-under the brand name First Generation. Alden attempts to target newlyweds and first-time home buyers with this brand. Considering that most young households have limited financial resources, Alden attempts to engage in target costing. "In doing this," says Milt Alden, the co-founder of Alden Electronics, "we have better control over keeping price right in line with customers." Alden manufactures a three-speed blender, its top seller, along with a five-speed blender. The hand mixers are manufactured in two variants-a small handheld mixer with two rotating beaters and another that comes with an optional stand and an attached mixing bowl. Alden's temperature-controlled skillets are manufactured in a single style with three color options. "Our product offerings are narrower," Milt Alden added, "but our line workers know each product like the back of their hands. This allows us to produce superior products while holding our prices low. Milt Alden uses which of the following strategies for pricing his products?
starting with customer-value considerations
Most standard portfolio analysis methods evaluate SBUs on the ________.
strength of the market or industry position
Companies set not a single price, but a pricing ________ that covers different items in its line and changes over time as products move through their life cycles.
structure
Members of the buying center at Kid's World, a store for children's clothing, are drawing up a list of desired supplier attributes and their relative importance. Next, they intend to compare several suppliers' proposals to these attributes. In which step of the business buying process is the buying center at Kid's World involved in?
supplier selection
Which of the following is an external source for ideas?
suppliers
Many companies use RFID product labels on their goods, which exemplifies the ________ environment in business.
technological
In a straight rebuy, ________.
the "in" suppliers try to maintain product and service quality to keep the business
Which of the following best describes a strategic business unit?
the key businesses that make up a company
Which of the following is an external factor that affects pricing decisions in a company?
the nature of the market
The "bottom of the pyramid" refers to ________.
the world's poorest consumers
In industrial markets, ________ typically has the final say in setting the pricing objectives and policies of a company.
top management
In the case of services, captive product pricing is called ________ pricing.
two-part
In which of the following geographic pricing strategies would customers located close to the company pay the same amount as customers in distant locations?
uniform-delivered pricing
In the context of behavioral segmentation, markets segmented by ________ can be categorized into light, medium, and heavy product users.
usage rate
The full mix of benefits on which a brand is differentiated and positioned is known as the brand's ________.
value proposition
According to the commercialization stage of the new product development process, following the decision to introduce the new product at a particular time, a company must next decide ________.
where to launch the new product
The major purpose of test marketing is to provide management with the information needed to make a final decision about ________.
whether to launch the new product
