MKT Final

Which type of retail approach brings national chains to local ownership?

franchises

How can presenters get to where they feel confident and comfortable with their presentation?

practice, do a SWOT analysis on the presentation and get feedback their presentation skills

Which of the following best explains the process that finds, evaluates, and engages suppliers to provide goods and services to a business?

sourcing

The goal of a marketer's interaction with the product life cycle is to

influence the life cycle

Ford Motor Company's mission statement is "to make people's lives better by making mobility accessible and affordable." This mission statement focuses on moving people, which is a basic function expected in automobiles and the transportation sector. Such emphasis on mobility indicates the purpose of Ford's business in society. As one of the biggest players in the international market, the company aims to make people's transportation more effective. The main components of Ford's corporate mission statement: make people's lives better, make mobility accessible, make mobility affordable. Based off the above information what would be a good objective for Ford to establish?

Increase market share by 10 points in markets outside North America by 2020

A marketing plan is an important tool for communicating details of the marketing functions. What else is the marketing plan used for

It is required by most banks and investors

When a marketer aims her product message at a specific target market, what does she do with the general value proposition?

She uses the positioning strategy to adjust the value proposition to the target segment's needs and interests.

Which Act establishes federal standards for commercial email. Consumers must be given the opportunity to opt out of receiving future solicitations

The Controlling the Assault of Non-Solicited Pornography and Marketing (CAN-SPAM) Act

The most effective indicator of a customer's lifetime value is when the lifetime value is based on:

a frequent and loyal repeat customer

A lobster trap manufacturing company's marketing department completed their marketing segmentation analysis and discovered a potential new market in repurposing the traps for home decoration. If the company's objective for growth is to increase its market share by 3% by tapping into the international lobster market, how does the marketing objective use the company's objective?

aligns with the company objective, abandons the home decor market and focuses its efforts on the international community of lobster catchers

Tangible and intangible features like design, symbols, customer touch points, etc. differentiate the services and goods of one seller from another. These features create a psychological stimulus or trigger that causes associations with other ideas or thoughts about a seller. Which marketing term best fits this definition?

brand

Kelly decided to purchase a new pair of running shoes. She is aware of Nike's swoosh and slogan of "Just Do It," so she buys Nike running shoes. Her familiarity with Nike is an example of what effective marketing tool?

branding

A mapmaking company began to collect information about its customers and discovered that its ideal customer was male, 32 years old, had a college degree, worked as a engineer, enjoyed outdoor activities and traveling, lived in a suburb, worked in a medium-sized company, and liked to go on adventures with his friends on the weekends. This company just created what is known as a

buyer persona

Which factors can trigger an organization's decision to reposition a product, service, or brand?

competition and consumer trends

Marketing should create services and goods for a company to offer at a price to its customers in order to

create an exchange process

The BeardHead company makes winter hats with attached beards. It had few funds for a marketing campaign, so it opted for a branding strategy: it gave hats to local celebrities to wear at an annual film festival. A handful of attendees in the crowd filmed the celebrities wearing the hats and sparked a small following for the hats on YouTube. What type of brand strategy did BeardHead select to grow its brand?

crowd-sources branding

The Museum of Modern Art sends out donation cards in the mail three times a year to previous donors. It also target markets by sponsoring school visits from the local k-12 schools. What type of marketing emphasis do they use?

dual emphasis

What are examples of the most common quantitative marketing research?

experimental research and surveys

A company sells vacuums for consumers and wants to see the latest marketing trends, find data on its industry, and developments in both online and offline news sources for its yearly forecasting. What is a best place for it to discover this information?

industry associations, professional journals

When a company decides to manage the supply chain as a complete system and treat it as an important function, it is ________.

integrating the supply chain management

influence the life cycle

is compelling for its target market to use its services

A set of strategies and activities that influences how we conduct business, the clothes we wear, where we live, and how we spend our money and time is a definition of

marketing

What is the freshest source of dependable customer information from either outside or inside an organization?

marketing information

A company controlling a combination of factors to provide value to its target customers is the definition of a

marketing mix

An accounting software company aligned its marketing mix strategy and tactics with its overall corporate objectives. When it came time to use its marketing strategy and tactics, the team failed to enforce the new tactics and returned to an older version of the 4Ps mix. They spent over half of the allocated total marketing funds to run advertisements in direct competition with a much larger accounting software competitor instead of sticking with its original advertising campaign strategy. What areas did this company fail to do well?

marketing-mix objectives and tactics implementation and aligning their budget

When Linda set S.M.A.R.T. goals for the company's product marketing campaign, she set herself up to be able to do what additional activities with her campaign?

monitor the campaign progress and adjust the approach and tactics where needed

A mattress manufacture paid its retailer, Bed Head, a sum of money to have Bed Head feature its mattresses in its weekly advertising flyers, radio spots, newspaper ads, and email campaigns. This is an example of a manufacturer giving ________ to its retailer

personal allowances

If a company uses in-person interactions to sell a product or service through sales representatives, which this type of communication method is it using

personal selling

In previous years customers could rent DVDs from a store to watch movies when they wanted. When Netflix entered the market it offered a new service which mailed DVDs to a consumer's home. Netflix recognized an untapped market and used what strategy to capture this market?

product development strategy

Apollo Tyres tire company focuses specifically on the technical aspects of their tires. They often have leftover inventory because as great as their tires are, they do not meet many customer's needs. Instead of focusing on their customers, what marketing philosophy does Apollo Tyres use?

production philosophy

Which step of the organizational buying process involves qualified suppliers who are invited by a company in a B2B scenario to submit a bid to become its supplier

proposal solicitation step

There is a need for a more sophisticated means of managing and tracking the complex movement of goods from place to place throughout a supply chain. Which of the following is one example of a mechanism used to manage and track inventory?

radio-frequency identification (RFID) technology

Jason has run out of toilet paper in the bathroom. He walks over to his supply closet only to discover that all of his toilet paper rolls have been used up. Jason has just experienced what part of the consumer decision-making process?

recognition of a need

State Farm insurance company prints an ad in a national newspaper's apartment rental section with a picture of a girl sitting on the edge of a tub full of water, blowdrying her hair while a plugged in toaster sits on the edge. The caption at the top of the ad reads, "Renting without State Farm is like..." Which need does this marketing ad emphasize for potential customers?

safety and security

An industrial ball bearing manufacturer plans to offer sales promotions for its B2B customers. Which of the following would be the best sales promotion for the manufacturer to offer?

sales contests

As a company owner, you are trying to grow your party supply sales by reaching new customers. You know most of your customers are college students in their early 20s, but you conduct more research of your sales and discover customers who are business with events. This market is located within a 25 mile radius, they are mid- to small-sized companies with main holiday events and smaller birthday and retirement parties. You have just conducted customer:

segmentation

The Y-Combo company is in need of new software to run its information technology services. Y-Combo narrows down the prospects to two companies. The second company shows how itsIT software also integrates easily with Y-Combo's accounting, human resources, and CRM software package. The second company is offering Y-Combo what type of a sale?

solution sale

The company BarkBuddy decided to pursue a unique product that would allow customers to more easily find a dog to adopt. Customers value BarkBuddy's unique way of finding dogs; it has few competitors who offer a similar product. BarkBuddy, from this description, has decided its

strategy

If the marketing team is testing a product's marketing mix with a wider market and validating its effectiveness, what product development stage are they in?

test marketing and validation stage

What is the goal of a presentation with regards to its content?

to highlight the important areas in order for the audience to understand why the content being presented is significant

The Clean Guys ofce cleaning company has a value proposition of, "America's most trusted janitorial service and commercial cleaning company." Their value proposition statement is

very specific and compelling to their target market

You are looking for a solution to organize your small closet. After visiting the IKEA website you discover the perfect components to make your closet more useful. Marketing just highlighted a benefit for

you the consumer

The first step in outlining a strong marketing positioning statement is to:

address the target audience

Which two additional marketing Ps help retailers deliver the best retail experience?

presentation and personnel

When starting a presentation, what is the first crucial step to take?

Consider your audience and what their needs are.

A marketer works on developing the "Place" portion of the marketing mix. What question should she keep in mind while working on it?

Is there a distribution focus mentioned or implied as a competitive advantage or a positioning strategy that should be directly addressed?

When a country has significant marketing opportunities, which is the best description of its economic classification?

It is an industrialized nation.

Historically direct marketing filled up the mailboxes of customers with postcards, flyers, and junk mail offers. How has direct marketing changed in today's world?

It is more personalized through database information about customers and delivered through email and mobile devices.

You are a marketer for a company that sells inexpensive picture frames through stores like All A Dollar and Walmart. What is the most likely type of customer involvement scenario that matches your product and marketing mix strategy?

Low-involvement decision scenario

How do you distinguish an effective positioning statement from an ineffective one?

The effective positioning statement includes all five key positioning statement elements, and an ineffective one leaves out some of the key elements.

A company decides to actively monitor social media interactions with its brand, products, company image, and reach. They begin to monitor Facebook, blogs, media outlets, Twitter, etc. What are potential discoveries it may discover by conducting the social listening research?

See who shapes and influences opinions.

How do IMC compatibility and guerrilla marketing often work together?

Social media, like a landing page on a website, is used in conjunction with the guerrilla marketing experience.

Which methodology shortens the time frame needed to collect and capture marketing mix feedback and data?

lean startup methodology

A B2B company wishes to develop a strong relationship with its high lifetime value business customers. It can develop this by

responding to and anticipating their customers' evolving needs

Sales of the cooler freeze packs made by the company Coolpaxx have been declining. Online sales information is shared with the sales department and customer service division. The product development team, however, has not been receiving the customer complaints or suggested product changes that have been collected. Which part of the effective three-step process did this company fail to use?

share customer information across departments

A company introduces a new technology product to the market. It sets the product's price at the highest price it thinks customers will pay. Which type of pricing strategy is the company using?

skim pricing

A fishing equipment company set an objective to increase its market share in 2016 by 3%. The marketing team's strategy to support that objective, is to focus on a new target market and the increased product sales will support the company's objective. What types of marketing strategies would be effective in reaching these objectives?

solidify a new partnership with Cabela's national retail chain to distribute company products

An organization groups together similar products into product lines. What is it called when an organization groups those product lines into specific market-targeting strategy groups?

strategic business unit (SBU)

A course of action that is directed to achieve an intended goal or set of goals is the definition of a

strategy

A tire company collected proposals from ten different rubber suppliers. The main decision-makers reviewed the proposals and then met to discuss the next step. What is the tire company's next step in the B2B buying process?

supplier selection

Which section of a marketing plan covers the recommended marketing strategy, objectives, messaging, and tactical approach for a marketing campaign in order to reach a target audience?

the Promotion: IMC Strategy section

Which three functions are necessary between channel partners for an efficient flow of title and product to a customer and for payment back to the product producer?

transactional, logistical, and facilitating functions

One of the disadvantages of personal selling is the high cost to maintain good salespeople. How can companies reduce the cost but still maintain that personal touch?

use complementary techniques like telemarketing, direct mailings, and toll-free numbers for prospective customers

What basic marketing questions are answered in a marketing plan?

Who are we trying to reach and how will we reach them?

In order for a company to strategize when to augment its products with add-on services, it asks itself two questions. One question is "Will the augmented services increase the total revenue for each sale?" What is the other question?

Will the augmented services create a more satisfying and complete customer experience?

If a wine company decides to focus its specialty of creating its products to rely on other business partners to fill in the supply chain gaps, which strategy is this wine company creating?

a channel strategy

Which type of product is the most appropriate one for a company to use with a skimming strategy

a new high-quality laptop

The linguistic tone for all brand-related communications and promotions is defined as which of the following?

brand voice

Diego purchased a new black jacket through Amazon.com. When it arrived, he was disappointed when he opened up the package to discover that the black jacket he thought he ordered was actually dark navy blue.Then he tried on the jacket and realized that the sleeves were too long for his arms. What did Diego probably just experience about his purchase?

cognitive dissonance

Two candy bar makers sell a chocolate bar that contains coconut and almonds. One company is a well-known national brand name, while the other is a small local candy company that has been marketing its local roots extensively. A customer who likes to support local businesses and is familiar with the local brand chooses the local company's bar and doesn't mind paying $.50 more for it. This is an example of the local company having a

competitive advantage

A fruit stand marketer has gathered marketing information about a rival fruit stand by reading their advertisements, checking out their website, and looking at what other similar fruit stands have opened their area. This is known as

competitive intelligence

What are some of the factors that a marketer should to consider when working on the pricing of products or services in a global market?

cost of production and delivery, the availability of natural resources,and localized factors affecting pricing

A store picks a pricing goal in relation to a specific gross margin, producing a desirable profit margin. What is this type of pricing called

cost-plus

A company's purpose in managing its relationship with its customers should be to

create a personalized relationship and communication with a customer

When a company uses a marketing discipline and combines computer technology and databases with customer service and marketing communications it is known as:

customer relationship management

A company making expensive watches for the jet-set crowd of international travelers should consider incorporating which elements of packaging to match its product and brand?

distinction, aesthetic beauty, quality

If something is an intangible or tangible characteristic of a product, service, or offering, it is considered a

feature

Identify the first stage of the product development process:

generate and collect new product ideas

What must a global marketer consider when developing a global advertising plan that addresses potentially competitive business objectives

how to develop economies of scale in the creative process

An air freshener company created a marketing strategy after analyzing its various resources within the company. This is an example of a marketing strategy

input

Which of the following is an example of a wholesaler?

Costco

What is one of the risks or pitfalls that can occur when a product or service is repositioned in the market?

Has the potential to weaken or undermine market perceptions of the product or service

A banner ad appears on your favorite website. It is displaying a car you have thought of test driving soon. This banner is an example of what marketing tool?

advertising

Carolina Biological Supply Company sells science instructional materials. It wants to grow beyond the current customer base and identify potential markets besides the public education systems. What is the order it should follow to take in the market targeting process?

identify business needs, segment total market, prole target customer segment, research and validate marketing opportunity

If a company's positioning statement includes a target segment, the service/product category in which a company is establishing that market position, the key differentiation points, and the reasons why customers should believe the positioning claims, what is the statement missing?

the brand name

If a brand positioning statement is guided by principles that an organization uses to make decisions and conduct business then it is being driven by

the brand's core values

Over the last two years the consumer foods market has shifted toward a desire for healthier foods. The product manager of a breakfast cereal company designed a new healthier cereal but was uncertain how it would be received by the market. Josh, the plant's marketing director, conducted a focus group of existing and potential customers to observe their responses to the new cereal. In order for the information from the focus group to be most beneficial for the company, what must Josh discover about the customers' feedback?

what holds the greatest value to them

Which pricing strategy is often used when a company wishes to compete by capturing a larger sales volume and is willing to deal with lower profit margins per unit?

pricing below competitors

Which of the following statements is true with regards to globalization?

Creating a global marketing plan is no simple task

A business wants to fit its products or services to match the local market's needs. It recognizes that global markets are very diverse and that the business's marketing needs to respond to that diversity by adjusting its marketing for consumers in those markets. This business has chosen which marketing strategy to approach the market?

a localization strategy

Beverly just finished her five-mile run and is now at the drugstore deciding on a beverage. She enjoys cola soda but feels like something lighter today. In the soda aisle she considers Sprite or 7-Up. To her they taste about the same, but she notices that Sprite is having a sale and she can get two for the price of one 7-Up can. She purchases the two Sprite cans and happily goes on her way. Beverly has just experienced a

competitive offering situation

The Guardian Express, a community newspaper, has identified a potential new customer segment for its product. What next step should it take to validate that the new market is large enough to pay for the targeted marketing campaign and grow its circulation and revenues?

conduct market research

A residential development company builds large housing developments throughout the state then sells them to new homeowners. In this scenario a new homeowner is considered a

customer

Samantha buys a pair of gloves for her father, Joe, for Christmas. In this example Samantha ts the definition of a:

customer

What strategic coordination does marketing use to identify, satisfy, and retain its customers?

customer relationship management

Effective marketing benefits an organization by

driving product or service improvements

What aspect of marketing contains, protects, displays, increases the utility, and promotes a product, as well as conveying the product and brand messages?

packaging

A Swedish children's toy company is sending its toys to other countries in South America to sell through various distributors. What is this type of entry strategy called?

exporting

A company operates from the point of view that in order to be successful, it must deeply understand its customer's expectations and needs. Which concept best describes this view?

marketing concept

A company conducts primary research by watching its non-customers and customers purchase, shop, return products, give positive and negative feedback, and engage in a variety of behaviors. What type of research did this company use?

observational research