MKT 301 Final
Which of the following explains how market segmentation plays a key role in an organization's success?
By identifying the various needs and wants of customers
Which of the following is an example of advertising puffery?
"Our sandwiches are the healthiest sandwiches in town."
Which of the following strategies exemplifies a geographic segmentation strategy based on customer convenience?
Cracker Barrel Old Country Store® locating its stores along interstate highways
During the sales presentation, the salesperson focuses on achieving four key objectives, one of which is to leave the customers with something to think about long after the presentation is over. These lingering thoughts should encourage the customer to make a purchase decision. This describes which of the four key presentation objectives?
Create a memorable experience.
________ refers to the perceived benefits, both monetary and nonmonetary, that customers receive from a product compared to the cost associated with obtaining it.
Customer Value
Which of the following questions would a firm ask if it were using the ethical decision making framework regarding its promotion?
Does the advertising message represent the products benefits honestly?
For a firm to deliver value to a customer, it must ensure that its product or service is physically available or
Easily accessible to customers
When a hospital displays a digital recognition system in its front lobby listing donors of all sizes in order to foster pride and enthusiasm in donors about how their efforts improve the lives of others, it is most likely attempting to overcome which external marketing factor?
Economic
T/F: A disadvantage of paid advertising is that because it is paid, it does not allow marketers to control how to present their message to the public.
False
T/F: Most salespeople work from a central office, which dictates their schedule and what priorities they should pursue on a daily basis.
False
T/F: One disadvantage of wholesalers is that they are generally found in distant locations and are not necessarily connected to the market that they serve.
False
This agency was created to enforce truth-in-advertising laws for all forms of media.
Federal Trade Commission (FTC)
Which of the following statements about advertising campaigns is true?
It is a collection of coordinated advertisements that share a single theme.
Which of the following is true of packaging?
It is all of the activities of designing and producing the container for a product.
Which of the following is true of repositioning and its impact on the marketing mix?
It typically involves changing market mix elements.
Which of the following scenarios would most likely require an extensive external search for information?
Justin and Janelle looking to buy their first home
________ are the relatively homogenous groups of consumers that result from the segmentation process.
Market segments
Which statement best differentiates how marketing benefits accounting versus finance?
Marketing efforts give accounting inflows to track, cash flow to pay expenses, and taxes to be calculated where as these same efforts give finance a reason to expand business for invest in capital expenditures
Which statement about the psychological influence of motivation is true?
Motivation is the inward drive people have to get what they need or want.
Which of the following statements accurately depicts how marketers use perceptual maps?
Perceptual maps provide marketers a visual picture of where products are located in consumers' minds.
Which statement best differentiates the place and promotion elements of the marketing mix?
Place includes the activities a firm undertakes to make its product available to potential customers; promotion refers to all the activities that communicate the value of a product and persuade customers to buy it.
When building a successful brand, it is important that all of the marketing decisions, promotions, and employees reinforce the brand by providing a(n) ________ experience in the minds of consumers.
consistent
The way in which individuals and organizations make decisions to spend their available resources, such as time or money, is known as
consumer behavior
If the economy of a country contracts and people lose jobs
consumer confidence decreases
An ethical concern related to using sites like Twitter and Facebook to compile marketing research data is
consumer privacy
Apple iPhone's overall benefits of communication, information, and connection represent which product component?
core product component
A devastating storm leveled many of the houses in the community, leaving most of its residents without shelter; this lack of shelter represents a consumer
need
An advertisement shows a group of boys playing soccer on a hot day. When they take a break, the group runs to a cooler to find something to quench their thirst. Inside the cooler are water bottles, cans of soda, fruit juices, and Gatorade. Immediately, the boys fight over the Gatorade, showing that it is clearly the best choice. In this ad, liquid refreshment represents a _____, while Gatorade represents a _____.
need, want
A targeting strategy that involves pursuing a large share of a small market segment is referred to as
niche marketing
Which of the following promotion tools commonly involve problems due to misredemption practices?
coupons
________ have traditionally come in the form of printed vouchers but the expansion of mobile advertising has allowed companies to distribute these digitally.
coupons
Mountain Dew's efforts to maintain a youthful, energetic, and extreme brand for its consumers helps the firm to develop a successful branding strategy by
creating a consistent brand image
After listening to customer requests for travel routes to the Northwest, Southwest Airlines has added cross-country routes to both Seattle and Portland. By providing its customers with benefits that meet their needs, Southwest is providing
customer value
The perceived benefits, both monetary and nonmonetary, that customers receive from a product compared to the cost associated with obtaining it is referred to as
customer value
Which of the following is the first step in the price-setting process?
define the pricing objectives
The iconic Apple logo is recognized worldwide, and the Apple iPhone is a globally distributed product. Apple a firm that knows how to effectively
deliver value
Quentin is a realtor selling high-end homes priced over $750,000. Before showing a property to prospective clients, Quentin makes sure they are prequalified for a home loan commensurate with the price of the house. This prequalification is based mainly on the client's income, which is what type of segmentation variable?
demographic
Which of the following lists comprise the four broad bases of market segmentation?
demographic, geographic, psychographic, behavioral
The description of human populations based on characteristics such as age, gender, ethnicity, and education level is referred to as
demographics
High levels of customer service and a uniquely curated inventory are characteristics of which type of retailer?
department stores
In order for a product to create value for a customer, it must enrich the lives of consumers with
designs, features and functions they need AND want
Which of the following statements about monitoring and evaluating the effectiveness of a pricing strategy is true?
Pricing strategy should be reevaluated as the product moves through its life cycle.
Etsy is an e-commerce site where different shops can sell handcrafted, vintage, custom, or other unique goods—from jewelry to apparel to kitchen cabinet hardware—at different price ranges; shops are located around the world. On which element of the marketing mix does Etsy focus its efforts?
Product
That a brand like Nike is known for its high-performing shoes and other sportswear that improve according to changing customer demands shows that its success starts with which marketing mix element?
Product
For a business entering a market where large segments of the market are targeted by multiple firms, the best strategy for this business is to target a large share of a small market segment with a unique product. This is known as
niche marketing
Every fall Starbucks adds its Pumpkin Spice Latte to its beverage menu but then removes it at the end of the fall season. This is a behavioral segmentation strategy based on which variable?
occasion
Customers tend to love supercenters because they offer lower prices and
one-stop shopping.
What two key words in the definition of advertising are crucial to understanding how advertising fits into the promotion mix?
paid and nonpersonal
Service providers of haircuts, nail care, or oil changes may also use ________ pricing in a competitive market to drive awareness of a new location or for expanded services.
penetration
Several factors impact how sensitive consumers are to prices—a concept known as price sensitivity. In cases when it is difficult for customers to compare competing products, therefore making it difficult to judge whether they will receive the expected benefits of that product, then customers are exhibiting a factor known as
perceived risk
The single most effective approach for establishing and developing a personal relationship with the customer is through
personal selling
Wants are the form that human needs take and are shaped by
personality, family, and previous experiences
What type of advertising is common during the growth stage of the product life cycle as firms compete directly and attempt to take market share from one another?
persuasive
Which of the following exemplifies impulse buying in a supermarket?
picking up a candy bar while waiting in line at the checkout counter
An online subscription retailer, Fabletics sells most of its athletic wear online, which means that marketing decisions related to _______ are most important.
place
Which marketing mix element involves decisions regarding location and inventory management?
place
Of the six external environmental factors that impact the marketing environment, this one considers the impact of agencies like the Federal Trade Commission (FTC).
political/legal
Kiosks can be readily relocated to areas of high foot traffic due to their
portability and small format.
Cognitive dissonance occurs during which stage of the consumer decision-making process?
postpurchase evaluation
A company that sells beef sandwiches across the country makes the sandwich with green chilies and jalapenos in the Southwestern states but makes it with green peppers in the Northeastern states. This is an example of a(n) ________ targeting strategy.
differentiated
A firm marketing its product in the United States and abroad may have to tweak the product for its international customers and as such may have to market it differently. What type of targeting strategy would work best for this situation?
differentiated
Rico's firm manufactures homemade salsa. His product is sold around the country, but he adds extra jalapenos to his product sold in Texas, New Mexico, and Arizona because those customers prefer the extra heat and spice. Rico also markets the product differently based on the region of the country where it is sold. This represents what type of targeting strategy?
differentiated
Which of the following list accurately captures the four types of digital sellers?
digital malls, digital marketplaces, auction sites, and buying club sites
Inbound marketing, email marketing, search engine optimization, and social media marketing are all forms of
digital marketing
An Omega advertisement for a high-end watch features George Clooney, wearing this watch and driving a convertible along the coast. Which type of appeal is this ad using?
emotional
Wholesalers sell to all of the following except
end-consumers.
Monitoring developments outside of the firm's control with the goal of detecting and responding to threats and opportunities is called
environmental scanning
Better Bags sells fashionable, all-purpose bags of various sizes made from recycled materials such as paper, cork, and plastic. After analyzing the accessories market in town and noticing that no other shop sells fashionable, environmentally friendly bags, it decided to move its operation from online only to its own shop on Main Street, right next to a supermarket that continues to use plastic bags (though it does sell reusable grocery bags for 99 cents each). Most shoppers who go into the supermarket are commuters who usually go in the evening and walk out with few enough items to fit inside their brief cases or purses, though some will walk out holding overflow items in their hands. However, the shoppers want to carry as little as possible on their walk or bus rides home. The shop did well during its first six months, especially among
environmentally conscious young professionals who rely on public transportation to get around.
Firms often face situations that require price increases. An agreement that provides for price increases depending on certain conditions is known as a(n)
escalator clause.
According to your text, what step in deciding how to position a product should be done on a continual basis since consumer tastes change for almost every product?
evaluate feedback
Which of the following technologies enables digital marketers to build customer relationships through exceptional customer experiences?
excellent website design
When customers look beyond their personal knowledge and experience to help them in buying something, they are engaging in
external information search
In the mid-1980s, Coke launched New Coke, a soft drink featuring a new cola taste. It did not do well. A few weeks after New Coke launched, it was discontinued. Coke returned to its original formula and rebranded it Coca-Cola Classic. New coke is an example of
failed value creation
T/F: Brand, features, and quality are characteristics of the augmented product component that enhances product value.
false
T/F: Handling customer objections is often the most difficult part of the personal-selling process because it requires the salesperson to overcome the basic human fear of being rejected.
false
T/F: Procter & Gamble offers Tide detergents, Charmin bathroom tissue, Crest toothpaste products, and Pampers diapers, as well as a host of other household brands. These products all represent a product line.
false
T/F:Positioning is a company's efforts to gain competitive advantage through strategic target marketing.
false
The sociocultural influences on consumer behavior are formally called
family influences, reference groups, and opinion leaders.
With temperatures anticipated to reach record lows this winter, all the local retail shops have donated winter coats, gloves, blankets, hats, and scarves to area homeless shelters. These items are intended to help
fulfill a need for clothing to protect against the frigid temperatures.
A department store that sells ski equipment in Colorado understands the importance of ________ segmentation.
geographic
Segmentation based on where prospective consumers live, work, and spend their leisure time is referred to as
geographic segmentation
One of the ways in which market segmentation helps firms is by
helping them decide how to allocate their marketing resources in a way that maximizes profits.
A firm's positioning of products contributes, to some degree, to that firm's success within a target market. Market positioning consists of three steps. The first is to analyze competitors' positions. The second is to
highlight competitive advantage
A firm's daily operations, employees, products, manufacturing processes, customers, and corporate partners are all key aspects of its ________ environment.
immediate
When Merrill Lynch decided to tailor its global investment advice and professional money management services to best meet the needs of mass affluents, it was focusing on which demographic variable?
income
Consumers will engage in this stage of the consumer decision purchase process to determine whether a product they are considering purchasing will address their specific need.
information search
Manuel is trying to decide whether to get the latest iPhone or Android phone. He talks it over with friends, reads reviews online, and considers his past experiences with both types of cell phones. In terms of the consumer purchase decision process, Manuel is engaging in
information search
The type of advertising that attempts to develop initial demand for a product is ________ advertising.
informative
Of the four P's of the marketing mix, the P that focuses on making sure that the organization is using the most effective means of letting consumers know about its offerings is known as
Promotion
Identifying which potential customers within the firm's target market have not only a desire for the product but also the authority to purchase it and the resources to pay for it is a process called
Qualifying
Which of the following statements best defines who retailers are in the supply chain?
Retailers purchase and resell products to consumers for their personal or family use.
Yuri is a new car owner and has invested in the best auto insurance to satisfy which of the following on Maslow's hierarchy of needs?
Safety Need
Which of the following is an example of a service retailer?
Shampoo Hair Salon
Which of the following laws specifically relates to the prohibition of monopolies?
Sherman-Antitrust Act (1890)
Which of the following about social media marketing is true?
Social media marketing utilizes online social networks to communicate product messages.
The better a firm understands the difference between customers' needs and wants, the more effectively it can ________ its message to convince customers to buy its good or service.
Target
A paid advertising campaign has the advantage of control. What does this statement mean?
The advertiser decides how to present the message to the public.
What can be said of the level of competition when selecting a target market?
The more competitors there are, the more a firm will have to invest in promotion to increase market share.
How do marketers determine whether potential market segments will become target market segments?
They use data to reveal which segments are responsive to the firm's marketing efforts.
T/F: An important distinction between frequency and reach is that advertisers desire to reach as many consumers as they can, as frequently as they can.
True
T/F: One way that marketers determine the goals of their product advertising campaign is to determine where the product falls within the product life cycle (PLC).
True
T/F: Relationship selling is increasingly important since very few firms can survive on the profits generated from one-time transactional sales.
True
T/F: When a sales presentation makes very clear the significance the product holds for the customer, the presentation was effective at explaining the value proposition.
True
Which of the following is the best example of how one's personal value system influences his or her buying behavior?
Urvashi decided to buy an electric vehicle because she is concerned about the harmful effects of carbon dioxide emissions produced by gasoline fuels.
The iPad Pro is Apple's most advanced iPad and contains the most advanced technology. It is designed to work with the new Apple Pencil, which can magnetically attach to and pair with the iPad Pro for charging. Apple is appealing to a segment of the market that is comfortable with technology and already owns some sort of digital tablet. If Apple were to utilize the VALS framework to segment its market for the iPad Pro, which psychographic segment should it target?
innovators
In marketing terms, what is a person looking to satisfy if he or she feels deprived of basic necessities such as food, clothing, shelter, transportation or safety?
a need
One of the key differentiators between supercenters and supermarkets is that supercenters provide consumers with
a one-stop shopping format.
A type of visible marketing influence that appears to the viewer as ads framed around narrative content is called
a paid story
The specific combination of goods, services, or ideas that a firm offers to its target market is referred to as
a product
Inelastic demand refers to a situation in which
a specific change in price causes only a small change in the amount purchased.
Consumer learning typically begins with
a stimulus that encourages consumers to act to reduce a need or want.
The allocation of promotional resources should be considered in the context of how _____ a segment is.
actionable
The iPhone's smartphone is well-regarded as a stylish phone with several colors and sizes. This is an example of which product component?
actual product component
As the ethnic composition of the United States continues to rapidly change, this gives marketers the opportunity to
adapt their marketing strategies to appeal to the growing variety of unique tastes and cultures
Successful salespeople have all of the following characteristics, except
advanced training
A new ice cream shop in town allows customers to create their own sundaes using various flavors of ice cream and toppings. The store owners have decided to have a contest for the most unique customer creation. They are asking customers to create a sundae, take a picture of their creation and post it on their Facebook page as well as on Instagram so people can vote for their favorite. The winning creation will be featured on the shop's menu. This use of social media relates to which promotional tool?
advertising
Nonpersonal promotional communication about goods, services, or ideas that is paid for by the firm identified in the communication is referred to as
advertising
Marketers are particularly interested in segmenting older Americans because they generally have more time and money than do their younger counterparts. Which demographic variable is most important to marketers in this case?
age
What are the two most commonly used demographic variables used by marketers?
age and gender
Which of the following is a product with elastic demand?
airline tickets
Retailers provide value to product manufacturers by
allowing manufacturers to focus on product development and production.
When considering marginal revenue versus marginal costs, marketers must ensure that
marginal revenue exceeds marginal costs.
Market segmentation produces relatively homogenous groups of consumers called
market segments
The organizational function and set of processes for creating, communicating, and delivering value to customers and managing customer relationships in ways that benefit the organization and its employees, customers, investors and society as a whole is referred to as
marketing
Factors such as competition, societal change, economic uncertainty, and evolving customer demands are all part of a firm's
marketing environment
the combination of activities that represent everything a firm can do to influence the demand for its good, service or idea is called the
marketing mix
Market segmentation involves dividing a larger market into smaller market segments based on
meaningfully shared characteristics.
A benefit of social media advertising is that
messages can be more specifically targeted to specific users.
The basis of a continued commitment to working toward a goal is known as
motivation
When it comes to the components of successful omnichannel retailing, firms need to make sure that ________ is in place to allow for an integrated shopping experience. Additionally, they must implement ________ and strategies to ensure that the experience is seamless across channels. Lastly, they need to hire the right people to ensure that the overall omnichannel strategy is successful.
an infrastructure; processes
Robin, a 28-year-old fashion designer, is very finicky about the brands that she consumes as a customer. She believes in buying brands that she has previously used. When Robin walks into Brown and Grey, a supermarket, she is most likely to engage in ________ to buy toothpaste and mouthwash.
an internal information search
What type of targeting strategy works with uniform products for which the firm can develop a single marketing mix that satisfies the needs of all customers?
an undifferentiated targeting strategy
Marketers should follow three major steps to decide how to best position their product. The first step is to
analyze competitors' positions
The first step marketers should take when deciding how best to position their product is to
analyze competitors' positions.
This positioning strategy highlights product use, as well as the exclusive services associated with that product, that competing products do not offer
application as competitive advantage
Undifferentiated targeting is a strategy that
approaches the marketplace as one large segment.
The key differences between purchasing a product from a vending machine versus from a kiosk is that kiosks
are inexpensive, temporary, and moveable.
A key characteristic of the vending machine is that it dispenses merchandise via a(n) ________ machine.
automated
There are several reasons why a career in personal selling is attractive to job seekers. One of the more compelling reasons is the fact that the job itself allows an individual a flexible way to earn a living. This is an aspect of the job that reflects
autonomy
The five categories of online purchasing behavior are
bargain hunting, product-focused shopping, browsing, researching, and one-time shopping.
The swoosh symbol on its shoes, its orange shoe boxes and the slogan "Just Do It!" are elements that help to identify Nike's ______ from other firm's products.
brand
Brands are an integral component of a firm's ability to achieve its marketing objectives, which means the firm must make sure it selects the best branding strategy for its organization. The three most common branding strategies are
brand extension, brand revitalization, and co-branding.
Which of the following is an example of a convenience product?
breath mints
When a consumer engages in social media "chatter," this means the consumer
broadcasts a marketer's message to other consumers.
Trade sales promotions are promotion tools directed to _______ firms.
business-to-business
The cost of a retailer's products in omnichannel marketing
must be the same across all channels.
An advantage to using a perceptual map is that it
can highlight potential market positions that might be underserved.
Demographic segmentation divides markets by
characteristics such as age, gender, and income.
Carla, the marketing manager at Regal Inc., is in the process of setting prices. She has finished analyzing the competitive price environment. According to the price-setting process, what should be Carla's immediate next step?
choose a price
Tom recently bought a pair of headphones, XOB 10, from Blue for $99. Within a month, Tom's friend, Leo, bought a brand new pair of headphones, XGD 20, released by Soundz, online at a reduced price of $86. Tom tried the XGD 20 and found it to be significantly better the XOB 10. In this scenario, Tom is most likely to experience
cognitive dissonance
The Fantastically Fit health club has just opened a new location in your neighborhood. The club has mailed a flyer to all households in the area that contains information about the club and a coupon for a one-month free membership. In doing so, Fantastically Fit is MOST LIKELY attempting to
communicate value
Which of the following characteristics of successful salespeople is least likely to help a salesperson when his or her sales numbers are low?
communication
When positioning, a firm assumes that consumers
compare products and brands on the basis of benefits.
Consider a situation in which a coffee chain opens across the street from a locally owned cafe. Theoretically, the prices at both stores should be similar because the costs and customer demand will be similar. However, because the coffee chain can rely on corporate backing for support, it makes the decision to radically lower prices, attracting more customers to its facility and eventually driving the competition out of business. This scenario illustrates which ethical issue in pricing?
predatory pricing
Once a salesperson completes the approach step of the personal-selling process, the immediate next step is called the ________ step.
presentation
For certain products, demand increases as price increases to a point, with lower demand at the highest price and lowest price. This type of curve is known as the
prestige demand curve.
One way that companies can capture value from customers is through
price
The marketing mix, often known as the four P's of marketing, represent areas that a firm can adjust to influence demand for its good, services, or ideas. If a firm wanted to adjust the cost of a service by 2% to stay competive, on which of the four P's would it be focusing?
price
Identify the accurate equation for revenue: total number of units sold divided by price charged for a single unit sum of the total cost of raw materials and manufacturing average profits for a quarter multiplied by number of quarters price charged to customers multiplied by the number of units sold profit minus the total manufacturing cost
price charged to customers multiplied by the number of units sold
The unethical pricing practice of charging different customers different prices for the same product is known as
price discrimination.
During times of a need, such as following a natural disaster, firms will overcharge for certain items or services, knowing customers will pay the higher cost due to lack of options. This unethical pricing practice is known as
price gouging
Both Sam's Club and Costco have positioned themselves as providing a variety of items to shoppers at prices lower than retail stores. These stores have positioned themselves based on
price/quality relationship
This positioning strategy allows a firm to highlight its competitive advantage as a cost-savings firm that offers quality goods at low-selling prices.
price/quality relationship
Babbel is a subscription-based language learning app available in 14 different languages. On which element of the marketing mix is Babbel concentrating?
product
Brand has the closest association to ________ in a firm's marketing mix.
product
Which two key factors differentiate one retailer from another?
product category and desired target market
Product lines are composed of multiple ________ in a product category.
product items
Which accurately represents the four P's of the marketing mix?
product, price, place and promotion
Marketers generate value through decisions based on the four Ps of the marketing mix, which are
product, price, place, and promotion
Indirect competition occurs when
products provide alternative solutions to the same problem
The amount a product sells for above the total cost of the product itself is known as the
profit margin
The two pricing strategies that are specific to new products because they help to stimulate demand of these new products are
profit maximization and volume maximization.
Firms that pursue a prestige pricing strategy are looking to
promote an image of product superiority and exclusivity.
An organization that considers packaging beyond its containment, protection, and shipping functions also considers it a tool for
promoting and reinforcing brand image.
When people think of what marketing entails, they typically think about the element of
promotion
The first step in the personal-selling process is
prospecting and qualifying.
As it relates to customers, the aim of marketing is to
provide customers with value
What is the key to creating value?
providing consumers with benefits that meet their needs and wants
In which of the following ways can retailers add value to consumers?
providing products when and where consumers want them
Which common form of external data helps marketers understand what influences a consumer's purchasing behavior?
psychogragphic
What is the relationship between purchasing power and inflation?
purchasing power decreases with rising inflation
All of the following are differentiating aspects of a product's brand except
quality
________ allow consumers to recoup a specified amount of money after making a single purchase.
rebates
The prices that consumers consider reasonable and fair for a product are termed
reference prices.
An effective sales presentation should do all of the following except: -explain the value proposition. -assert the advantages and benefits of the product. -refute any complaints or objections about the product.Correct -enhance the customer's knowledge of the company and the product. -create a memorable experience.
refute any complaints or objections about the product.
A salesperson that engages in ________ selling engages the customer via multiple sales interactions in the effort to build trust between the salesperson and the customer.
relationship
Tristan has been calling on the same customer for years. He handles all of the company's orders and quickly resolves any issues that may come up. On occasion, Tristan takes some of the company employees out to dinner and has even given them tickets to local sporting events. Tristan is involved in
relationship selling
In advance of the holiday season, companies like Harry & David Gourmet Gifts might send out emails to previous or existing customers to let them know that they should order their product favorites "now" to ensure that they arrive in time for the holidays. This form of advertising is known as
reminder advertising
Which form of advertising is the best way to maintain demand of an accepted product during its maturity stage?
reminder advertising
When it comes to a repositioning strategy, a firm that decides to launch a promotional campaign characterizing a competing brand as less innovative or behind-the-times is deciding to
reposition the competition rather than itself.
Today's health conscious society has caused cereal manufacturers to rethink their products. Now many cereals such as Frosted Flakes are being marketed as being healthier because they are made with whole grains and have less sugar. This is an example of
repositioning
Brand ________ often begins with an investment in rebuilding trust with consumers.
revitalization
Jerome has a sink full of dirty dishes and has run out of his favorite dishwashing liquid, so he heads to the corner market to pick up a new bottle. This type of consumer purchase exemplifies which variation of the consumer buying process?
routine problem solving
Which of the following correctly identifies the variations of the consumer purchase decision process?
routine, limited, and extended problem solving
According to Maslow's hierarchy of needs, once their physical needs have been satisfied, consumers' _____ take precedence.
safety needs
All of the following are examples of common fixed costs except
sales commissions
This form of promotional tool can be expensive because in many cases, marketers are handing out free giveaways. However, these giveaways are often what will encourage a consumer to make an actual purchase.
samples
Which of the following is an example of information search behavior during the consumer purchase decision process?
searching a company's website for product specifications
This pricing strategy is often used as a way to expose new customers to the brand, especially during periods when that brand's products are least likely to be purchased.
seasonal discounts
Marketers that develop consumer profiles that highlight their similarities and dissimilarities both within and across consumer groups are using _____ bases.
segmentation
Demographic, geographic, psychographic, and behavioral characteristics make up the four bases of market _____. This process helps firms develop _____ profiles that highlight the similarities and dissimilarities within and across market segments.
segmentation; consumer
All of the following are necessary for omnichannel retailing success, except
segregated channel operations.
Which of the following allows for the settlement of disagreements in business without having to include government resources?
self-regulation
A website-based media channel used to facilitate communication and connection is known as a(n)
social media platform
There are six major external factors that influence the marketing environment of a firm: economic, demographic, technological, political/ legal, competitive, and
sociocultural
Products that require high consumer involvement in the purchase process are called
specialty product
A digital buyer who is engaged in one-time shopping is someone who
spends a lot of time researching Telecaster guitars before purchasing one as a gift.
Social media advertising is different from traditional advertising in that traditional advertising is
static
According to your text, when selecting a target market, firms should consider three important factors: growth potential, level of competition, and
strategic fit
What factor of the targeting process is at work when a marketer ensures that the target market is appropriate for what the organization is and wants to be as defined in its mission statement?
strategic fit
The process of thoughtfully defining a firm's objectives and developing a method for achieving those objectiives is known as
strategic planning
Segments must be _____ in order to be considered as potential target markets because such segments hold promise of greater rewards (sales, profits, market share, etc.).
substantial
Which market segment criterion refers to the fact that segments must be large enough for the firm to make a profit by serving them?
substantial
Which of the following technologies enables digital marketers to build customer relationships through exceptional customer experiences?
superior customer service tools such as chat features.
The goal of this pricing strategy is to maximize cash flow over the short term and is typically implemented by a struggling firm.
survival pricing.
Patagonia, a california based clothing company, uses solar panels to generate most of the electricity at its headquarters. In its advertising it asks its customers to think twice before buying anything that might increase their carbon footprint. This is an example of how Patagonia is engaged in
sustainable marketing
A clothing manufacturer has decided to buy its cotton only from those growers who grow it organically. This is an example of
tactical greening
The group of customers toward which an organization has decided to direct its marketing efforts is known as a
target market
When a company is deciding which group of market segments they will focus their efforts on to maximize sales, they are engaging in
targeting
When marketers evaluate each market segment and determine which segment or segments present the most attractive opportunity to maximize sales, this process is known as
targeting
While shopping for back-to-school clothes, Josie uses apps on her smartphone to comparison shop, and to obtain coupons and fashion advice. Which external factor affecting the marketing environment does this represent?
technological
Price is defined as
the amount of something—money, time, or effort—that a buyer exchanges with a seller to obtain a product.
During which step of the personal-selling process does the salesperson establish a rapport that sets a foundation for the relationship and asks open-ended questions to learn more about the prospect and his or her needs and wants?
the approach step
Microshine is a brand of toothpaste. In its earlier campaign, Microshine was advertised as an effective whitening toothpaste. However, due to declining sales, its parent company has decided to rethink its marketing strategy. In its new campaign, Microshine is still portrayed as whitening toothpaste, but it also features a research study where other familiar brands in the market fail to make the grade. In this campaign, Microshine has tried to reposition
the competition
When marketers segment based on psychographics, the market is divided into groups according to
the reason why the consumer made the purchase.
Why do marketers tend to target educated consumers?
they are more likely to comprehend an advertising message
All of the following are functions of packaging except
to classify the product type.
Personal selling is the ________ flow of communication between a(n) ________ and a customer; it is paid for by the firm.
two-way; salesperson
Trader Joe's is an American chain of grocery stores that sells high-value, fresh grocery items at low costs. Their shelves are primarily stocked with its own private-label products, which helps to simplify the grocery-shopping experience for customers. Which of the following customer profiles would be the ideal target market for Trader Joe's?
underpaid individuals looking to stock up on some good, healthy food without all the decision-making hassle
The maker of a new specialty product purchased general air time on a cable network that was aimed at TV viewers as a whole. This is an example of
undifferentiated targeting
Which of the following represents the three basic strategies for targeting markets?
undifferentiated targeting, differentiated targeting, and niche marketing
Amazon.com offers different shipping-and-delivery services for its Prime members based on their shipping-and-delivery preferences including, Two-Day Shipping, Same-Day Delivery, and 2-Hour Delivery. Which behavioral segmentation variable did Amazon use to segment its market in this case?
usage rate
When a firm employs a differentiated targeting strategy, it simultaneously pursues several different market segments. For each segment, it usually
uses a different marketing mix strategy for each.
Jana won a sales contest at her firm and was awarded $5,000. How should this sales contest reward be classified?
variable income
When firms offer products and services at a lower price to encourage customers to purchase more, they are implementing a pricing strategy known as
volume maximization
The job of marketers is to focus on providing products that fufill customers' ________, which in turn will satisy their underlying ________
wants;needs
Because of the low prices offered at this type of retailer, customers can expect limited service. What type of retailer is this?
warehouse retailer
When analyzing the competitive price environment, marketers must consider which two key aspects?
what competitors charge and how competitors might respond to their pricing
Regarding positioning a product, when is competitive analysis most important?
when competitors all appear to offer a similar good or service
Select the statement that accurately defines a consumer want.
A consumer want is something a consumer would like to have but does not need for survival.
What is the primary goal of the second step of the market positioning process?
A firm identifies the positioning strategies that will best highlight its competitive advantage
Exclusive distribution is best exemplified by which of the following?
A maker of fine jewelry sells only through official dealers, which are limited in number.
Marketers of the pet shop Happy Tails observed how customers and their dogs really enjoy going to its store. Unfortunately, they get distracted when the dogs meet each other and want to play. More than half the time, customers leave the store without making a purchase. Happy Tails asked each customer to complete an online survey to help it understand how it could encourage customers to stay in the store, browse, and shop without worrying about their dogs. Which of the following responses shows how Happy Tails used data to inform its retail strategy?
Happy Tails added Doggy Playpens to each of its stores. Each playpen is managed by three professional dog sitters and is big enough to allow dogs to run around and play with each other while the owners shop.
Sam, the marketing manager at Indigo Inc., is in the process of market positioning. He has finished analyzing competitors' positions. What should he do next?
He should clearly define the firm's competitive advantage.
Which of the following is true of brand equity?
High brand equity increases a firm's ability to succeed in a difficult competitive environment.
A firm can employ a number of positioning strategies to highlight its competitive advantage. Identify one of those strategies from the list below.
Highlight successful product attributes.
Which of the following questions relates to the place element of the marketing mix?
How much inventory should i have?
Which of the following statements about sales promotions is true?
If successful, sales promotions have the potential to build short-term excitement and long-term customer relationships simultaneously.
Which of the following statements about repositioning is true?
In extreme cases, firms may decide not to reposition, but instead abandon an existing product to develop a new one.
Which of the following statements about informative advertising is true?
Informative advertising is effective at "setting the stage" for a new product, event, or brand.
Which of the following statements about paid advertising and nonpersonal advertisi
With paid advertising, marketers have the advantage of controlling the message that gets presented to the public; that message is transmitted to a large number of individuals through nonpersonal advertising.
Which of the following is an example of an assumptive close?
Would you like us to start work on Monday or Tuesday?
The name, term, symbol, design, or any combination of these that identifies and differentiates a firm's products is known as
a brand
Firms that market the same product to multiple regions with different preferences may need to tweak the product to ensure that it meets a need unique to each segment. This represents what type of targeting strategy?
a differentiated marketing strategy
All of the following are examples of a social media campaign except - a new makeup company used Facebook advertising to create brand awareness. -apple encouraged its iPhone users to post their pictures with the hashtag "#shotOniPhone." -a travel company urged travelers to post pictures of their favorite trips on Instagram. -a clothing brand launched a search for the "Most Fashionable Professional" on LinkedIn. -a local restaurant ran a series of 30-second ads on the radio.
a local restaurant ran a series of 30-second ads on the radio.
Coca-Cola is available at retail outlets worldwide; its products are available in vending machines, grocery stores, fast-food restaurants, and even online. This product availability is an example of which type of distribution strategy?
intensive
If consumers think about their previous experiences with a product or a brand when shopping for products, this is referred to as
internal information search
A firm's ________ is considered part of its immediate environment because it is something the firm can control, unlike ________ within the firm's external environment, which the firm cannot control.
internal structure, economic changes
The marketing environment comprises of _________ and ____________ factors that affect firms and may help or hurt a product in the market place.
internal, external
Numerous factors affect the consumer decision-making process at every stage. These include psychological, situational and personal, sociocultural, and _____ influences.
involvement influences
Chicago Inc., a leading retail store, has a chain of department stores across the United States. The products available at its outlets include cosmetics, jewelry, clothes, footwear, and home accessories. Chicago Inc. offers its customers a Gold Card to which points are added every time the customer's bill amount exceeds $500. These points can be accumulated and used for purchases at any of its outlets. Which of the following promotion mix elements is the cosmetic company using?
loyalty programs
This sales promotional tool is specifically designed to strengthen customer relationships by allowing customers to accumulate points for doing business with the same company.
loyalty programs
Pricing is one of the most important strategic decisions a firm faces. Thus, when setting its prices, a firm should consider all of the following except
make sure its pricing objectives are distinct from its marketing objectives.
