MKT
True or false: People are not all the same, so satisfying some customers means necessarily alienating others.
False
When backed by buying power, wants become needs.
False
When sellers pay less attention to the specific products they offer and more attention to the benefits and experiences produced by these products, they suffer from marketing myopia.
False
Which of the following is true of strategic planning in a firm?
It deals with adapting the firm to take advantage of changing marketing opportunities.
Under Armour increasing its advertising spending and offering an ever-increasing range of styles and colors in its original apparel line is an example of a ________ strategy.
Market penetration
________ refers to the process of evaluating each market segment's attractiveness and selecting one or more segments to enter.
Market targeting
Which of the following is the most financially strapped generation in the post-recession era?
Millenial
________ marketing is perhaps the fastest-growing marketing platform.
Mobile
Which of the following is true of perceptual positioning maps?
They are used to analyze consumer perceptions of a brand relative to competing products
SBUs identified as cash cows need less investment than stars.
True
The product-market expansion grid, like the BCG matrix, is used to identify growth opportunities.
True
A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.
Value proposition
JetBlue's promise to put "You Above All" by "bringing humanity back to travel" is their ________.
Value proposition
________ are the form human needs take as they are shaped by culture and individual personality.
Wants
Suppliers and resellers can update their accounts, arrange purchases, and check orders against inventories through ________.
a company's extranet
Which of the following is NOT considered a factor influencing consumer buying behavior?
a) Family b) Economic situation c) Culture d) Beliefs and attitudes [e) all of these ARE influences] e
Hammond Corp. operates in the highly aggressive electronics market. The firm aims to obtain early warnings of opportunities and threats caused by the actions of other firms that are doing well in the industry. Which of the following sources would best serve Hammond's purpose?
competitive marketing intelligence
Which of the following is not considered a source of competitive intelligence?
competitors' internal databases
__________ consists of fresh marketing information-based understandings of customers and the marketplace which become the basis for creating customer value, engagement, and relationships.
customer insights
Personal sources of information normally inform the buyer, but commercial sources legitimize or evaluate products for the buyer.
false
Secondary data consist of information collected for the specific purpose at hand.
false
The wording and ordering of questions is not an important consideration in survey design.
false
Tom usually buys new devices such as PDAs, DVRs, and MP3 players only after his friends and family start owning these devices. In this case, Tom is an innovator.
false
Which of the following is a social factor that influences consumer buying behavior?
family
Which of the following is most likely categorized as a business market?
firms that buy goods and services for further processing
Which generational group consists of the kid, teen, and tween markets?
generation z
__________ are high growth, high share businesses or products in a company's business or product portfolio.
stars
Which of the following is most likely the final stage of the business buying decision process?
supplier performance review
A __________ is a set of buyers sharing common needs or characteristics that a company decides to serve.
target market
Causal research is used to ________.
test hypotheses about cause-and-effect relationships
Which of the following transforms marketing strategies into real values for consumers?
the four Ps of marketing
Which of the following is an approach where firms target a whole market based on common consumer needs?
undifferentiated marketing
Shampoo marketers segment buyers as light, medium, or heavy product users. This is an example of ________ segmentation.
usage rate
________ is a set of benefits or values a company promises to deliver to consumers to satisfy their needs.
value proposition
Business markets differ from consumer markets in which of the following?
All of the above are differences
Which of the following is most likely true about people's beliefs and values?
Core beliefs and values have a high degree of persistence.
"At CL Online, we create customer connectivity, anytime, anywhere" is a product-oriented mission statement.
False
Holiday Inn divided the total customer market into smaller segments and selected the most promising segments. Deciding what position it wants to occupy in these segments is called diversification.
False
In the marketing mix, product refers to activities that communicate the merits of a product and persuade target customers to buy it.
False
Market segments that can be effectively reached and served are said to be ________.
accessible
Jessie is an opinion leader and likes adopting new ideas. Based on this opinion, most likely Jessie is:
an early adopter
Business portfolio analysis is defined as the process in which management ________.
assesses the attractiveness of an SBU's market and the strength of its position in the market
Stew Leonard's has created what has been the "Disneyland of Dairy Stores," complete with costumed characters, scheduled entertainment, and a petting zoo. It's built 30 additions onto the original store, which now serves more than 300,000 customers each week. This legion of loyal shoppers is largely a result of the store's passionate approach to customer service. Instead of focusing on individual transactions, Stew and his staff are putting a priority on ________.
capturing customer lifetime value
P&G "Tide Loads of Hope" program provides mobile laundromats and loads of clean laundry to families in disaster-stricken areas. This is an example of ________ marketing.
cause-related
________ is the degree to which the results of using an innovation can be observed or described to others.
communicability
What is NOT one of the major forces of the macroenvironment.
company
Electric cars are not considerably different or difficult to drive relative to gas-powered cars. However, this is not aligned with the perceptions or conceptual concerns held by the public about the new technology. This will likely slow the adoption rate due to the ________ of the innovation.
complexity
The selling concept holds that ________.
consumers will not buy enough of a firm's products unless the firm undertakes large-scale persuasion and promotion efforts
A child in the United States is exposed to many values including achievement and success, freedom, individualism, hard work, and material comfort. These are symbolic of American ________.
culture
When possible, you should start with your ____________ and define your company, strategy, and offerings around that.
customer demands
________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
demography
Effective positioning begins with strong __________.
differentiation
In the Lego case study, they embedded researchers with families to observe the children at play with their products. This would be an example of __________ research.
ethnographic
In most marketing research projects, what type of research is conducted first?
exploratory
What type of research is to gather preliminary information that will help define the problem and form hypotheses?
exploratory
Amazon offers a variety of products so that it can increase its "share of wallet" of its existing customers. This is an attempt to________.
increase internal service
The town of Genter recently witnessed a devastating hurricane that crippled the town's infrastructure. Q-Mart, a retail chain that plans to open a new retail store in Genter, organizes a program to help the people of Genter. The program consists of providing free meals to those who lost their dwellings in the hurricane. What section of the marketing microenvironment is Q-Mart most likely trying to reach?
local publics
Which of the following is generally considered the least risky strategy?
market penetration
The ________is 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.
marketing concept
__________ refers to measuring and evaluating the results of marketing strategies and plans.
marketing control
Rad, a manufacturer of luxury watches, charges a higher price for its products than its competitors. Despite the high prices, the brand is popular among customers for its quality and service in comparison to cheaper alternatives available in the market. In this case, Rad offers a(n) ________ value proposition.
more-for-more
In a SWOT analysis, which of the following would be considered a weakness of a company?
obsolete technologies used by the company
A marketer wants to sell ice cream. She decides to segment the market into the categories of 1) Birthdays 2) Weddings 3) Night snacks 4) Fairs/concerts/theme parks 5) Hot days. This is an example of___________.
occasion-based segmentation
Which of the following is a structured method of online research where marketers require direct responses from customers?
online surveys
In a SWOT analysis, ________ refer to favorable factors or trends in the external environment that a company may be able to exploit to its advantage.
opportunities
rgonaut Food Stores, a retail giant, hires better-skilled employees than its competitors by employing strategic recruitment practices. It also conducts highly specialized training programs for its employees. In this case, Argonaut has focused on gaining a strong competitive advantage through ________ differentiation.
people
________ consists of arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.
positioning
The media is an example of a __________ in the microenvironment.
public
Most college students desire the newest iPhone. Unfortunately, very few can afford them. This suggests there is insufficient:
requirement
Which of the following is NOT a part of the marketing mix?
segmentation
________ means that consumers are likely to remember good points made about a brand they favor and forget the good points made about competing brands
selective retention
Which of the following needs in Maslow's hierarchy is generally satisfied last?
self-actualization
Business and consumer marketers use many of the same variables to segment their markets.
true
In vendor-managed inventory, buyers share sales information directly with key suppliers.
true
Individual interviews cost three to four times as much as telephone interviews.
true
Marketers have a better chance of taking advantage of a person's secondary beliefs than his or her core beliefs.
true
Marketing research is the systematic design, collection, analysis, and reporting of data directly relevant to a specific marketing situation facing an organization.
true
Multivariable segmentation systems merge and analyze geographic, demographic, lifestyle, and behavioral data to help companies segment their markets.
true
Not all companies that use income segmentation target the affluent.
true
The Federal Trade Commission enforces laws that prevent unfair competition in business.
true
Value marketing has become the watchword for many marketers
true
According to the five-step model of the marketing process, the first step in marketing is ________.
understanding the marketplace and customer needs and wants