MTK 3300 exam 2
5 steps in the marketing research process
1. define the problem or opportunity 2. develope marketing plan 3. collect data 4. analyze data 5. take action
Situational Analysis
A process planners use, within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration.
market penetration
a marketing strategy that tries to increase market share among existing customers
SWOT analysis
a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats
Before Segway manufactured its two-wheeled people movers, it built a prototype and had staff engineers test it for performance and stability. At this stage, Segway was involved in
alpha testing
Brands can be owned by
any firm in the supply chain
Marketers need to think about the product offer as more than just its physical characteristics or its basic service function. Which component includes associated services such as warranties, financing, support, and after-sale service?
augmented product
If many consumers in the marketplace are familiar with a brand and what it stands for and have an opinion about the brand, the brand has considerable
awareness
Margret always buys Lay's brand potato chips. She does not even consider alternatives. Margret is a ________ customer.
brand loyal
A service is any intangible offering that involves a deed, performance, or effort that
cannot be physically possessed.
When there is a significant difference between the service customers receive and the service the firm promotes, the firm has a ________ gap.
communications
In many high-end resort markets, Westin hotels compete directly with Crown Plaza hotels. When it comes to pricing, Westin tends to charge its guests similar rates to what the Crown Plaza hotels charge. Westin is using a ________ pricing strategy.
competitive parity
It is Nathan's job to evaluate the performance of the marketing strategy his company used to promote its new line of tennis shoes and recommend any changes the company should make. Which step of the marketing plan is Nathan responsible for?
control phase
When travelers are bumped from overbooked flights, they are frequently offered vouchers good for future travel. The dollar value of the voucher is the airline's estimate of
distributive fairness.
When consumers associate a brand with a certain level of quality and familiar attributes, allowing consumers to make quick decisions, the brand is
facilitating purchasing
Along the service-product continuum, which one of these would be considered the most product dominant?
grocery store
What refers to the variability in a service's quality?
heterogeneity
If the price for a product increases, the demand for the complementary product will
increase
Consumers might not realize that Old Spice health and wellness products and Iams pet nutrition products are made by the same company—Procter & Gamble. Old Spice and Iams are examples of
individual brands
secondary data
information that already exists somewhere, having been collected for another purpose ex: surveys, experiments, etc
___ is the process by which ideas are transformed into new products and services that will help firms grow.
innovation
Whenever Stephen considers upgrading his computer gaming system, he consults with Pete, a knowledgeable friend who always has the newest technology. For Stephen, Pete is a(n) ________ in the diffusion of innovation curve.
innovator
During the introduction stage of a product's life cycle, typical consumers are
innovators
Max relocated to take a new job. He immediately got sick and went to a doctor close to where he lived. During his exam, the doctor was impatient and demonstrated a poor bedside manner. Max wished that he could have requested a different doctor in that moment, but it was too late. Max's experience exemplifies which key characteristic of services?
inseparability
When marketers state that services are ________, they are referring to the fact that services are produced and consumed at the same time.
inseprable
Primar data
is the process of gathering data directly from a first-hand source
It was during the market-oriented era that firms first discovered "marketing." In what timeframe did this occur?
just after World War II
Gina booked a room at the Whispering Sands Resort because, as advertised on its website, she expected to check in at 11:00 am, the swimming pool would be heated, the talent in the dining area would be able to sing, and the breakfast would be fresh. When she arrived, she had to wait for her room, found the swimming pool to be 50 degrees, realized the singer could not carry a tune, and the free continental breakfast was stale. The Whispering Sands Resort was experiencing a severe ________ gap.
knowledge
In an effort to build sales for their new running shoes quickly, Sprinters Inc. set the initial price of the shoes very low. What type of pricing does this reflect?
market penetration
During the ________ stage of the product life cycle, sales peak and profits begin to decline as competition becomes intense.
maturity
In a market with ________ there are many firms providing differentiated products.
monopolistic competition
Many interior design businesses volunteer to provide their services for house-walk fundraisers because they know their design efforts will benefit from
observabilty
To generate ideas for new products, some firms will purchase the rights to use another firm's technology. This is known as
outsourcing
Cross-price elasticity is the
percentage change in quantity demanded of Product A compared to the percentage change in price of Product B.
For which of the following is demand likely to be least sensitive to price increases?
perscription drugs
represents all the activities necessary to get the product to the right customer when that customer wants
place
In one test before product launch, customers try a sample product and are then surveyed to understand whether or not they would buy/use the product again. This is known as
pre market testing
Isabella knows that her customers always shop for top-of-the-line leather purses and price is not a consideration. She decides to price her line of purses and wallets above those of her closest competition in order to capture those customers who only look for the best. What type of strategy is Isabella using?
premium pricing
A demand curve shows the relationship between ________ during a specific period of time.
price and demand
A ________ is a group of associated items that consumers tend to use together or think of as part of a group of similar products.
product line
A university that has separate graduate and undergraduate admission offices recognizes that these are distinct
product line
When a company launches a new product line with an existing brand name, this is known as
product line
It is Mallory's job to make sure the company's products are shipped to the distribution center from the production center to fulfill customer orders. Which element of the marketing mix does her job focus on?
production
Firms spend millions of dollars annually to build brand equity, recognizing that brand equity contributes to
profitability
In ________ many firms provide similar products that are considered substitutes for each other.
pure compitions
Yum Yum Ice Cream Shoppe provides each employee with a clean, sharp-looking uniform. It also instructs employees to keep the work area neat, tidy, and uncluttered. Yum Yum Ice Cream Shoppe emphasizes ________ in the five service
relability
Rob is the marketing manager for a home goods store. His boss tells him the firm's primary goal is to increase its local market share from 10 to 20 percent. His firm is using a ________ orientation.
sales
During the ________ era, firms had excess production capacity and used personal selling and advertising to generate customers.
sales-oriented
market penetration pricing
setting a low price for a new product in order to attract a large number of buyers and a large market share
By setting appropriate service standards and measuring service performance, firms can attempt to close a ________ gap.
standards
Sabrina's is an upscale running gear store. Prices are based on customers' beliefs about the value of the gear. The store focuses on a limited target market and provides excellent customer service. Sabrina's is using a ________ pricing strategy.
status quo
The Broadmoor Hotel in Colorado Springs, Colorado, maintains its five-star rating by focusing on five service characteristics: reliability, responsiveness, assurance, empathy, and tangibles. The hotel has been updating rooms built in the early part of the 20th century to meet the needs of 21st-century visitors. To accomplish this, it spent millions in improvements, renovating rooms, and adding a new outdoor pool complex. These renovations focus on the ________ service characteristic.
tangibles
When considering price within the marketing mix, price consists of
the money, time, and energy buyers give up in exchange for a product.
From a customer's perspective, value reflects
the relationship of benefits to costs.
During the ________ era, manufacturers and retailers recognized they needed to give their customers greater value than their competitors did.
value-based marketing