MKT 2010
The owners of Eskimo Joe's understand the customers' needs and wants by sensing and responding to those needs, indicating that Eskimo Joe's assumes which philosophy?
Marketing concept
Which of the following describes a value delivery network?
Consists of the company, its suppliers, its distributors, and, ultimately, its customers who partner with each other to improve the performance of the entire system
Burger King's Satisfries are most likely marketed to which type of customer market?
Consumer
__________ is the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions.
Culture
The growth-share matrix defines four types of SBUs: __________ are low-share business units in high-growth markets.
Question marks
A subculture is __________.
a group of people with shared value systems based on common life experiences and situations
The growth-share matrix defines four types of SBUs: Dogs are __________.
low-growth, low-share businesses and products
Which of the following is a statement of the organization's purpose - what it wants to accomplish in the larger environmentt
Mission statement
Descriptive research is __________.
used to better describe marketing problems, situations, or markets such as the market potential for a product or the demographics and attitudes of consumers
Which term refers to the marketing logic by which the company hopes to create customer value and achieve profitable customer relationships?
Marketing strategy
__________ refers to the actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
Microenvironment
Which of these demographic trends would most likely lead to an increase in telecommuting?
Migration of the population to suburban areas
Due to the changing economic environment, marketers are increasingly emphasizing __________.
value
Users are members of the buying organization who __________.
will actually use the purchased product or service
King Auto Supply sells car and truck parts, as well as tire replacement and balancing services. As King places its order for truck tires with Michelin, it must also place an order for valve stems and balancing weights for the tires. Such business products are characterized as having ____ demand.
joint
The growth-share matrix defines four types of SBUs: Question marks are __________.
low-share business units in high-growth markets
Smart marketing managers take a proactive approach rather than a(n) ________ approach to the marketing environment.
reactive
Need recognition is the stage of the buyer decision process in which the consumer __________.
recognizes a problem
Which term refers to the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment?
Competitive marketing intelligence
Generation X is the ________.
49 million people born between 1965 and 1976
Baby boomers are the ________.
78 million people born during the years following World War II and lasting until 1964
What is a modified rebuy?
A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers
Which of the following describes a belief?
A descriptive thought that a person holds about something
Which of the following is most likely to affect a company's microenvironment?
A new competitor in the industry
What is the marketing concept?
A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do
IMG World's products and services are geared toward colleges and students, the students of which may be considered young achievers. This designation can be best described as which influential factor of consumer buying behavior?
Age and life stages
Which term refers to a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea?
Attitudes
__________ is/are the 78 million people born during the years following World War II and lasting until 1964.
Baby boomers
________ is the huge and complex data sets generated by today's sophisticated information generation, collection, storage, and analysis technologies.
Big data
What is the fourth step in the marketing process?
Build profitable relationships and create customer delight
__________ refers to the buying behavior for organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others.
Business buyer behavior
Which of the following describes the business buying process?
Business buyers determine which products and services their organizations need to purchase and then they find, evaluate, and choose among alternative suppliers and brands
In business markets, companies find governments to be attractive customers. Which of the following is NOT a reason why a company would want to do business with a government agency?
Businesses typically have high profit margins with government contracts.
__________ are people in an organization's buying center who make an actual purchase.
Buyers
__________ are part of the buyer's responses.
Buying attitudes and preferences
The growth-share matrix defines four types of SBUs: __________ are low-growth, high-share businesses or products.
Cash cows
Chipotle is considering raising the price of its burritos. Before they change the price nationwide, they raise the price of its burritos in Columbus and measure the effect of the price change on sales. The type of marketing research being conducted is best described as which of the following?
Causal
__________ is used to test hypotheses about cause-and-effect relationships.
Causal research
Which of the following describes learning?
Changes in an individual's behavior arising from experience
You want to conduct a survey measuring how BGSU students who live on campus feel about the dining options. To do so, you divide all of the on-campus students into groups based on which floor of which dorm they live in (e.g., 3rd floor of Kohl; 4th floor of McDonald). Next, you select sample groups and survey every student that belongs to that group. This is an example of which of the following survey methods?
Cluster
Imagine you are deciding which new phone to buy. You like the features of the latest iPhone more than the newest Android, but opt for the Samsung because you get a better price on the Android. After your purchase of the Android, you feel some regret for missing out on the iPhone's retina display and camera.
Cognitive dissonance
BGSU is interested in upgrading one of its computer labs. For this process, they have put together a buying center that is comprised of current students, faculty members who teach in the labs, members of BGSU's Information Technology Services (ITS) staff, and an assistant who is collecting information from potential vendors.
Current students-user Faculty members-user ITS staff-Influencer Assistant-Gatekeeper
__________ is the total combined values of all of the company's customers.
Customer equity
Which term refers to the fresh understandings of customers and the marketplace derived from marketing information?
Customer insights
Eskimo Joe's food, logo products, and overall experience keeps customers loyal and coming back time and time again. Such customer loyalty increases __________________.
Customer lifetime value
__________ is the value of the entire stream of purchases a customer makes over a lifetime of patronage.
Customer lifetime value
__________ is the overall process of building and maintaining profitable customer relationships.
Customer relationship management
__________ is the extent to which a product's perceived performance matches a buyer's expectations.
Customer satisfaction
__________ is the customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
Customer-perceived value
A marketer who wishes to gain insight into the demographics and attitudes of consumers who buy their product would likely ask Nielsen to perform which type of research?
Descriptive research
__________ is used to better describe marketing problems, situations, or markets such as the market potential for a product or the demographics and attitudes of consumers.
Descriptive research
__________ achieves company growth by starting up or acquiring businesses outside the company's current products and markets.
Diversification
Which of the following describes internal databases?
Electronic collections of customer and marketing information obtained from data sources within the company network
Eskimo Joe's offers food, spirits, and logo merchandise to customers, who in turn, offer Eskimo Joe's money. What is this relationship known as?
Exchange
__________ involves gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses.
Experimental research
__________ is used to gather preliminary information that will help define problems and suggest hypotheses.
Exploratory research
True or False: To be successful, a company should set expectations for its products as high as possible.
False
The __________ forbids the manufacture or sale of adulterated or fraudulently labeled foods and drugs.
Federal Food and Drug Act
Which of the following is most likely to affect a company's macroenvironment?
Geographic shifts in population
Students purchasing items with the college logo most likely represent consumers involved in which type of buying behavior?
Habitual
Which of the following is an example of an open-ended survey question?
How do you feel voting helps the country?
"Share of customer" is best demonstrated by which of the following?
How much of your groceries are bought at Kroger vs. Walmart vs. Aldi vs. Meijer
A company has a product that it considers a star. In the long run, it hopes that the star will become
a cash cow.
When Eaton worked with the University of Notre Dame on its new engineering building to improve its energy efficiency and earn LEED credits, Eaton engaged with a number of people at Notre Dame to finalize the partnership and solidify terms and conditions associated with the agreement. Which of the following people in the buying center would have affected Notre Dame's buying decision (for example, define specs and provide information on evaluating alternatives)?
Influencers
How is primary data defined?
Information collected for the specific purpose at hand
IMG World provides college students with new, relevant media, making which stage of the consumer buyer behavior process easier for the consumer?
Information search
__________ is the stage of the buyer decision process in which the consumer is motivated to search for more information.
Information search
Which of the following best defines secondary data?
Information that already exists somewhere having been collected for another purpose
American Airlines is preparing a newsletter that it will distribute to employees. Which of the following best categorizes who the newsletter is targeting?
Internal publics
What is survey research?
Involves gathering primary data by asking people questions about their knowledge, attitudes, preferences, and buying behavior
__________ refers to changes in an individual's behavior arising from experience.
Learning
One 19-year-old spends money on college tuition, room and board, and textbooks. Another 19-year-old spends money on diapers and baby gear. Which of the following influences on consumer behavior most likely explains the difference between these two individuals?
Life cycle
Which term refers to the larger societal forces that affect the demographic, economic, natural, technological, political, and cultural forces?
Macroenvironment
What is the purpose of the Wheeler-Lea Act?
Makes deceptive, misleading, and unfair practices illegal regardless of injury to competition
Which of the following is the set of all actual and potential buyers of a product or service?
Market
________ achieves company growth by identifying and developing new market segments for current company products.
Market development
In addition to selling food, drink, and a variety of items that feature its popular logo, Eskimo Joe's offers its customers a valuable experience, known as its ______________.
Market offering
__________ achieves company growth by increasing sales of current products to current market segments without changing the product.
Market penetration
__________ refers to dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs.
Market segmentation
__________ refers to a state of felt deprivation.
Needs
A shopping website is tracking its visitors, including keeping information about what pages each visitor views, how long the person looks at each page, and what item is finally purchased. This tracking uses what type of marketing research approach?
Observation
________ involves gathering primary data by observing relevant people, actions, and situations.
Observational research
Nielsen gathers consumer insights through a variety of ways, including consumer tracking and panels. Which type of research is Nielsen engaged in during these examples?
Online marketing research
You go to a restaurant and get sick from eating the food. Because of this bad experience, the next time you want to eat out, you don't even consider going back. Which of the following best explains what has happened in this situation?
Operant conditioning
Which of the following is a person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others?
Opinion leader
__________ is the stage of the business buying process in which the buyer writes the final order with the chosen supplier(s), listing the technical specifications, quantity needed, expected time of delivery, return policies, and warranties.
Order-routine specification
Which of the following describes marketing information systems?
People and processes dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights
Which of the following describes influencers?
People in an organization's buying center who affect the buying decision; they often help define specifications and also provide information for evaluating alternatives
In an organization's buying center, who are the deciders?
People who have formal or informal power to select or approve the final suppliers
__________ is the process by which people select, organize, and interpret information to form a meaningful picture of the world.
Perception
Prior to changing its product offerings and realigning its business units, managers at Konica/Minolta most likely first performed which of the following to determine those units that were profitable and those that should be phased out or realigned?
Perform a portfolio analysis.
__________ consist of the laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.
Political environments
What is the name for the process of arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers?
Positioning
The specific data that Nielsen provides to its clients for a specific purpose that has not been completed before, is most likely which type of data?
Primary
Lincoln Farm raises chickens and has always used wooden coops to take its poultry to market. When Robert Lincoln went to reuse some of his coops, he decided many of them need to be replaced. Worthington was at which stage of the business buying process?
Problem recognition
When Eaton's customers became aware that they needed solutions for power management, energy savings, green technologies, and LEED certification, they were in which phase of the business buying process?
Problem recognition
__________ is the idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.
Product concept
our boss says to you, "People are going to buy our product because we have the best product with the latest and greatest features!" This statement most likely reflects which of the following marketing orientations?
Product concept
________ achieves company growth by offering modified or new products to current market segments.
Product development
__________ is the stage of the business buying process in which the buying organization decides on and specifies the best technical product characteristic for a needed item.
Product specification
Some companies may define their mission in terms of the products or technologies they sell. Why would these companies be considered myopic?
Products and technologies will eventually become outdated
__________ is the stage of the business buying process in which the buyer invites qualified suppliers to submit proposals.
Proposal solicitation
The __________ empowers the FTC to establish limits on quantity discounts, forbid some brokerage allowances, and prohibit promotional allowances except when made available on proportionately equal terms.
Robinson-Patman Act
Which level of Maslow's Hierarchy of Needs does this Volvo ad most likely address? Image result for volvo crash ad
Safety
Johnson & Johnson is entering a new partnership with Target to release an exclusive line of Band-Aids featuring designs created by Target's partners. To predict sales for the new line, Target and Johnson & Johnson are examining prior sales data to see how well previous Band-Aid designs sold when they were introduced. The type of data they are using is best described as which of the following?
Secondary
__________ is the idea that a company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests.
Societal marketing concept
__________ is the process of developing and maintaining a strategic fit between the organization's goals and capabilities and its changing marketing opportunities.
Strategic planning
__________ is the systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials used in making products or reselling to others.
Supplier development
__________ refers to buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation.
Systems selling
Which of the following describes Generation Y?
The 83 million people born between 1977 and 2000
What is the microenvironment?
The actors close to the company that affect its ability to serve its customers - the company, suppliers, marketing intermediaries, customer markets, competitors, and publics
Which of the macroenvironmental forces below can most likely be controlled by a company?
The availability of new technologies
What is online marketing research?
The collection of primary data through internet and mobile surveys, online focus groups, consumer tracking, experiments, and online panels and brand communities
In its efforts to offer healthier options, Burger King hopes to attract mothers away from McDonald's and into Burger King. By providing the Satisfries, Burger King is reacting to which of the following environments?
The competitive environment
The decision to offer Satisfries to customers is most closely aligned with their understanding of the changes in which of the following environments?
The cultural environment
Burger King's offering of healthier French fries is most closely related to building relationships with which of the following microenvironment actors?
The customers
What is environmental sustainability?
The development of strategies and practices that create a world economy that the planet can support indefinitely
Which of the following statements is true?
The difference between a need and a want is that a want is a need with a specific target attached to it.
What is the definition of a market intermediary?
The firm that helps a company to promote, sell, and distribute its goods to final buyers
________ is the federal, state, and local units that purchase or rent goods and services for carrying out the main functions of government.
The government market
Which of the following describes the selling concept?
The idea that consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort
Which of the following describes customer relationship management (CRM)?
The management of detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty
Which of the following describes the natural environment?
The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities
What is the marketing mix?
The set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market
Which of the following describes demography?
The study of human population in terms of size, density, location, age, gender, race, occupation, and other statistics
What is supplier development?
The systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials used in making products or reselling to others
What is marketing implementation?
Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives
Which of the following describes causal research?
Used to test hypotheses about cause-and-effect relationships
__________ are shaped by culture and an individual's personality.
Wants
Which of the following is NOT part of the marketing mix?
Who to sell to
New task is __________.
a business buying situation in which the buyer purchases a product or service for the first time
A SWOT analysis is best described as __________.
an overall evaluation of the company's strengths, weaknesses, opportunities, and threats
A public is __________.
any group that has an actual or potential interest in or impact on an organization's ability to achieve its objectives
The most basic determinant of a person's wants and behavior are embedded in a consumers __________.
culture
Demands are __________.
backed by buying power
In the adoption process, awareness is when the consumer __________.
becomes aware of the new product, but lacks information about it
In a __________ sample, the population is divided into mutually exclusive groups and the researcher draws a sample of the groups to interview.
cluster
Nielsen is engaged in the collection and analysis of information about consumers, competitors, and developments in the marketplace. This systematic monitoring is known as __________.
competitive marketing intelligence
Consumer buying behavior in situations characterized by high consumer involvement in a purchase and significant perceived differences among brands is known as ________.
complex buying behavior
Alternative evaluation is the stage of the buyer decision process in which the __________.
consumer uses information to evaluate alternative brands in the choice set
General need description is the stage of the business buying process in which a buyer __________.
describes the general characteristics and quantity of a needed item
Eaton sells only to businesses and focuses on the electrical, hydraulics, aerospace, and vehicle markets. When the economic crises hit in 2008, consumers began cutting back, and as a result, Eaton's customers needed to cut costs and scale back operations. This, in turn, impacted Eaton's sales, which is known as __________.
derived demand
In the __________ stage of the adoption process, the consumer considers whether trying the new product makes sense.
evaluation
The economic environment primarily consists of __________.
factors that affect purchasing power and spending patterns
The growth-share matrix defines four types of SBUs: Stars are __________.
high-growth, high-share businesses or products
The third step in the marketing research process is ________.
implementing the research plan
Market penetration achieves company growth by __________.
increasing sales of current products to current market segments without changing the product
Damian wants to buy a new jacket. During the ________ stage of the purchase decision process, Damian asks friends to recommend a style of jacket. Damian also searches online for sales and visits nearby stores to see all the different types that are available in a reasonable price range.
information search
The cultural environment is the __________.
institutions and other forces that affect a society's basic values, perceptions, preferences, and behaviors
In the __________ stage of the adoption process, the consumer seeks information about the new product.
interest
Konica/Minolta focuses one of its business units on medical and healthcare groups. These groups make up one of Konica/Minolta's __________.
market segment
Campbell's Soup has divided the market of soup consumers into distinct groups that have different needs. For these different groups, they have developed different types of soups, including Chunky, Home Style, Healthy Request, and Soup on the Go. This process of dividing the market into distinct groups of buyers is referred to as
market segmentation.
Konica/Minolta hopes to create customer value through its mission, strategic goals and objectives, marketing mix, and other marketing tools. This collective effort is known as Konica/Minolta's __________.
marketing strategy
Marketing myopia is the __________.
mistake of paying more attention to the specific product a company offers than to the benefits and experiences produced by the product
The __________ stage is when the buyer makes a decision about which brand to purchase.
purchase decision
Buyers are __________.
people in an organization's buying center who make an actual purchase
Marketing is best described as the __________.
process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Under the previous CEO, Konica/Minolta's management determined it was time to invest in __________ by offering new products to the technology market.
product development
LG wants to increase its sales among its current cell phone customers by introducing accessories such as customizable cases, earbuds, and headphones. This is an example of
product development.
The Sherman Antitrust Act __________.
prohibits monopolies and activities (price-fixing, predatory pricing) that restrain trade or competition in interstate commerce
A straight rebuy is a business buying situation in which the buyer__________.
routinely reorders something without any modifications
The institutional market is best defined as the ________.
schools, hospitals, nursing homes, prisons, and other institutions that provide goods and services to people in their care
Developing the research plan for collecting information is the __________ step in the marketing research process.
second
A __________ is a relatively permanent and ordered division in a society whose members share similar values, interests, and behaviors.
social class
Through the years, Eaton has shifted from selling strictly components to solving its customers' problems with more tailored offerings. This is an example of _________.
solutions selling
Market offerings are __________.
some combination of products, services, information, or experiences offered to a market
By __________, diversification achieves company growth.
starting up or acquiring businesses outside the company's current products and markets
Dr. Smiley owns a dental practice. When she orders latex gloves, disposable masks, and sample toothbrushes for patients, she is most likely making a _____.
straight rebuy
In a __________ sample, the population is divided into mutually exclusive groups and random samples are drawn from each group.
stratified random
The __________ environment consists of forces that create new technologies that lead to new product and market opportunities.
technological
Supplier selection is the stage of the business buying process in which __________.
the buyer reviews proposals and selects a supplier or suppliers
Supplier search is the stage of the business buying process in which __________.
the buyer tries to find the best vendors
In the business buying process, product specification is the stage in which __________.
the buying organization decides on and specifies the best technical product characteristic for a needed item
Due to __________, marketers are increasingly emphasizing value.
the changing economic environment
Production concept is __________.
the idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency
The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships is __________.
the marketing strategy
Marketing return on investment is __________.
the net return from a marketing investment divided by the costs of the marketing investment
Perception is best defined as __________.
the process by which people select, organize, and interpret information to form a meaningful picture of the world
Marketing control is __________.
the process of measuring and evaluating the results of marketing strategies and plans, and taking corrective action to ensure that the objectives are achieved
A value chain is best defined as __________.
the series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm's products
Culture is __________.
the set of basic values, perceptions, wants, and behaviors learned by a member of society from family and other important institutions
Marketing research is best defined as __________.
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
Implementing the research plan is the ________ step in the marketing research process.
third
Which term refers to the actors and forces outside marketing that affect marketing management's ability to build and maintain successful relationships with target customers?
Marketing environment
__________ is best defined as the art and science of choosing target markets and building profitable relationships with them.
Marketing management
Which term refers to the set of tactical marketing tools - product, price, place, and promotion - that the firm blends to produce the response it wants in the target market?
Marketing mix
__________ are such things as product, price, place, and promotion, and are considered part of the environment that influences the buyer's black box.
Marketing stimuli
__________ is the stage of the business buying process in which the buyer assesses the performance of the supplier and decides to continue, modify, or drop the arrangement.
Performance review
A social class is __________.
a set of relatively permanent and ordered division in a society whose members share similar values, interests, and behaviors
A need is best described as __________.
a state of felt deprivation
A company has an employee training progam that helps it develop workers that are more efficient than its competitors. This training program is an example of
a strength.
In the __________ stage of the adoption process, the consumer tries the new product on a small scale to improve his or her estimate of its value.
trial
A group is __________.
two or more people who interact to accomplish individual or mutual goals
