Midterm Advanced Marketing Management

The CEO of Big Wheel Automotive is concerned about declining sales. He has identified his research problem as the fact that his competitors are drawing away his business. He purchases access to J. D. Power's automobile rankings to learn about possible reasons for the shift in consumer purchasing. In this case, the CEO is using ________ to collect secondary data for his research problem.

a market research organization

Perishability of a service means that ________.

a service cannot be stored or saved up for future use

Demographic segmentation is best described as using characteristics of ________ to segment the market.

human populations

Kalea works for a large global corporation. Her job is to conduct market analyses and manage the computational costs associated with them. Kalea is MOST likely a(n) ________.

marketing analyst

Societal marketing refers to practices of promoting products to entire consumer markets rather than to individuals.

False

The most common foreign market entry strategy is joint venture.

False

The most widely used measure of economic growth is the strength of the currency.

False

Value may be defined as the want-satisfying power of a good or service.

False

At about 17 percent of the U.S. population, ________ remain the largest minority group.

Hispanics/Latinos

How is the growth stage of the product life cycle (PLC) characterized with respect to sales revenue and profitability?

Companies recoup costs and begin to realize a return on their investment.

________ is an analytic method that identifies which products or services to recommend based on a determination of how similar a product or service seems to be to those that the customer has demonstrated a preference for in the past, or is currently considering.

Content filtering

It is important to remember that a marketing plan should be able to change as customers change, competitors develop new products, or there is a change in the external environment. In other words, a marketing plan should be ________ to be successful.

Flexible

________ include a set of methods facilitated by technology that utilize individual-level and market-level data to identify and communicate meaningful patterns within the data for the purpose of improving marketing-related decisions.

Marketing analytics

Jeffie completed his mission statement for his marketing plan and has written down company goals; now he is focusing on his business's ________, or how he will be able to attain these goals in specific, measurable ways.

Objectives

________ data refers to data that is generated in such a way that a logical organization is imposed on it during its generation, thus enabling it to be more readily analyzable for knowledge creation.

Structured

Which of the following is TRUE of collecting data for market research in global markets?

The quantity and quality of data found in the United States are not available in most of the world.

A firm with a production orientation assumes that if you have a great product, customers will come to you.

True

Brad's company is in the process of determining the best way to get enough wood to build the furniture that they need to manufacture. This represents the value-creating activity of inbound logistics.

True

Regional market zones usually form as a result of economic and political factors, geographic proximity, and cultural similarities.

True

Some firms come close to one-to-one marketing by employing mass customization.

True

The rate at which new products become accepted is known as the ________ process.

adoption

In the purchase process, once a problem has been identified, the next step is to ________.

clearly define the need and develop product specifications

CRM helps in determining which customers to target based on known or learned characteristics that will drive growth. This describes which of the three CRM objectives?

customer acquisition

External sources of generating product ideas include ________.

customers

The most significant global economic trend in the past 15 years has been the ________.

emergence of regional market zones

Every time Tabitha pays bills for her cell phone or car insurance, services that are important for her, she is practicing the central tenet of marketing called ________.

exchange

________ information sources include independent groups, personal associations, marketer-created information, and experiences.

external

Firms that employ service as a marketing strategy must plan ahead for service ________ and train employees to properly execute service recovery.

failure

The household life cycle is changing due to changes in ________

family structure

New-to-the-world products are products that ________.

have not been available before their introduction to the market

Reasons for conducting exploratory research include ________.

identifying characteristics of the target market

Demographic segmentation is one of the most popular segmentation approaches because ________.

it is relatively easy to measure the variables used in this approach to segmentation

When a company is focused on uncovering needs that customers do not realize they have, it is using a ________ strategy.

market-driving

Peter Drucker, the father of modern management, stated that the business function(s) of an organization include ________.

marketing and innovation

The face-to-face time between customer and service provider is often called the ________ because that is when customer judgments take place

moment of truth

The B2B customer buying process is ________ than the consumer purchase decision process because it takes longer and involves more people, making the seller's job more challenging.

more complex

Data collected specifically for the research question under consideration is called ________ data.

primary

A marketing manager using VALS is interested in ________ segmentation.

psychographic

A ________ chain is the synchronized movement of goods through the channel.

supply

Which of the following is one of the characteristics of services?

variability

At Nancy's Natural Potato Chip Corp., the company always take into account the quality of the ingredients going into the snack foods it produces and recently rejected a supplier who claimed to use all-natural ingredients but actually did not. What part of the marketing mix did this claim affect?

Product

Even if companies do not engage in direct foreign marketing, they may still sell abroad through intermediaries.

True

The GE Business Screen portfolio analysis uses three levels—high, medium, and low—to rank business position and market attractiveness.

True

________ relates to the amount of data produced, which is generally measured in bytes, given the digital media in which data is most commonly stored.

Volume

Before Carlos opened his restaurant, he brought all his new employees in for training and showed them a diagram of all the activities that would take place, from first customer contact to the customer exiting the restaurant. Carlos created ________.

a service blueprint

As discussed in the text, Caesars Entertainment has found that customers who fall into the zone of ________ spend considerably more money and provide a substantially greater return on customer investment than others.

affection

If a low-risk marketing program has a return on marketing investment (ROMI) of 4.0, this means that any marketing program must generate at a minimum $4.00 in revenue for every ________ in marketing expenditure.

$1

________ segmentation recognizes that there may be a number of consistent needs and wants demonstrated by consumers based on what type of job they have.

Occupational segmentation

________ fulfill an important role by classifying, explaining, and then bestowing information, most often to family and friends but occasionally to a broader audience.

Opinion leaders

The ________ phase of the customer relationship management process is where organizational learning occurs based on customer response to the implemented strategies and programs.

analysis and refinement

To compete in today's market, how often should firms focus on marketing planning so that managers and executives have the core information about progress toward relevant goals and metrics at their fingertips?

at all times

________ choices tend to be more holistic than emotional choices, using summary impressions rather than specific attributes to evaluate the options and affect even important purchases such as a car or house.

attitude-based

Generation X is often referred to as the ________.

baby bust generation

________ segmentation divides customers into groups according to similarities in benefits sought or product usage patterns.

behavioral

The probability of a product's success is determined in the ________ stage of the product development process.

business case analysis

A restaurant's marketing manager is interested in finding out if reducing the price of food items will lead to increased sales. For this purpose, the manager should conduct ________ research.

casual

Many companies are using popular songs from the 1960s and 1970s in their advertising. When individuals, particularly baby boomers, hear that music it connects them with positive memories and the product and brand being advertised. This demonstrates ________.

classical conditioning

The marketing ________ is a comprehensive system providing managers with up-to-the-minute information, including data such as actual sales versus forecast and progress on marketing plan objectives.

dashboard

________ indicates the amount of interpersonal contact an individual has with the reference group.

degree of affiliation

An important issue for consumers is conformance, which is the product's ability to ________.

deliver on features and performance characteristics promised in marketing communications

To remain competitive, firms collect intelligence on a number of external factors. Information related to population change is referred to as ________ information.

demographic

The owners of Tyrell's Tattoo Shop are interested in determining the nature of the relationship between their clients' professional occupation and the number of tattoos that individuals have. In this case, which research will result in the most appropriate way to explain the nature of this relationship?

descriptive

Approaches to geographic segmentation include all of these EXCEPT ________.

gender of population

Fun Time Corp. has decided to move production of its board games for children and adults from the United States to Mexico to realize cost savings. At the same time, the company has decided to make Spanish-language versions of the games and distribute them in Central and South America. Most likely Fun Time is pursuing a strategy of ________.

growth/concentration via vertical integration

Gen Y consumers are much more receptive than their parents and grandparents to electronic commerce as a primary means of receiving marketing communication and purchasing. The marketing change driver represented by this is a shift ________.

in generational values and preferences

The four characteristics of services are that they are ________.

inseparable, perishable, intangible, and variable

Estimating total demand is a function of three separate purchase situations, which are ________ purchases.

new, repeat, and replacement

The National Do Not Call Registry is an example of how the ________ environment affects marketing.

political/legal

Once market segments have been defined and analyzed and target markets have been selected for development, the firm must turn its attention to creating, communicating, delivering, and exchanging offerings that have value to the target markets. This process is known as ________.

positioning

Cost reduction is a specific method for introducing lower-cost products to the market. This may involve ________.

reducing features

The ________ dimension of the SERVQUAL scale relates to delivering what is promised every time.

reliability

The most fundamental criterion in vendor selection is ________.

reliability

The choice of generic strategy is usually driven by ________ capabilities of the firm, as well as the ________.

resource; competitive landscape

In the service-profit chain, customer satisfaction leads to customer loyalty, and results in ________.

revenue growth and profitability

Burger Bistro recently experienced a decline in hamburger sales after salmonella was discovered during a health inspection at one of the restaurants. The marketing manager was interested in how other restaurants had dealt with similar situations. Which of the following types of data would be the most appropriate way to find answers related to this marketing problem?

secondary

Sociologists look for defining events such as major economic upheaval, wars, and ________ as triggers for generational change.

sociocultural revolution

The marketing manager for Joe's Shoe-Mart has decided to conduct descriptive research using primary data. Based on some preliminary research of trade journals and interviews with customers, she knows what questions to ask. However, the customers she wants information from are spread out over many stores in several states. The best technique for her to collect this data would be ________.

surveys

Product followers who purchase older generation models with lower prices and fewer features are called ________.

the late majority

New purchases of new products are called ________ purchases.

trial

In a service blueprint, activities are divided between those above and those below the line of ________ to a customer.

visibility