Principles of Marketing Test Prep

Five-Step Marketing Research Approach

1 - Define the problem 2 - Develop the research plan 3 - Collect relevant information (data-facts and figures related to the problem) 4 - Develop Findings 5 - Take marketing actions

Identify the five steps involved in segmenting and targeting markets.

1 - is to group potential buyers into segments. -Buyers within a segment should have similar characteristics to each other and respond similarly to marketing actions like a new product or a lower price. 2 - involves putting related products to be sold into meaningful groups. 3 - organizations develop a market-product grid with estimated sizes of markets in each of the market-product cells of the resulting table. 4 - involves selecting the target market segments on which the organization should focus. 5 - involves taking marketing mix actions —often in the form of a marketing program—to reach the target market segments.

Which of the following is an example of green marketing? A) McDonald's added apple snacks to its Happy Meals for children. B) 3M created a new petrochemical-based fertilizer for trees. C) Xerox designed equipment that can be refurbished or recycled. D) Walmart issued a supplier requirement for cups made from polystyrene to save money. E) Joe's Lawn Service is offering a special spring promotion.

C) Xerox designed equipment that can be refurbished or recycled.

Purchasing and engineering personnel would visit potential suppliers to assess their quality control at which stage in the organizational buying process? A) problem recognition B) information search C) alternative evaluation D) purchase decision E) postpurchase behavior

C) alternative evaluation

During the next-to-the-last stage of the organizational purchase process, the organization buyer A) looks for potential suppliers. B) formally evaluates the performance of a supplier. C) awards a contract. D) evaluates a supplier's financial status. E) recognizes a notable issue requiring change.

C) awards a contract.

What are the effective rules of the game and the codes of conduct in business dealings called? A) business norms B) societal mores C) business culture D) fair trade practices E) core values

C) business culture

When McDonald's introduced its low-fat McLean Deluxe hamburger, it used __________ to avoid direct competition with Wendy's and Burger King. A) head-to-head positioning B) lateral positioning C) differentiation positioning D) competitive positioning E) cognitive positioning

C) differentiation positioning

What are the moral principles and values that govern the actions and decisions of an individual or group called? A) beliefs B) values C) ethics D) personal conduct code E) societal norms

C) ethics

A forecasting method that starts with the last known value of the item being forecast, lists the factors that could affect the forecast, assesses whether they have a positive or negative impact, and makes the final forecast is referred to as A) trend extrapolation. B) direct forecasting. C) lost-horse forecasting. D) linear trend forecasting. E) a survey of buyers' intentions.

C) lost-horse forecasting.

Enlightened carmakers hired women designers, engineers, and marketing executives to better understand the way women decide to buy cars. They learned that A) women have simpler, more easily met expectations than men. B) both sexes care about the speed of the vehicle, albeit in different ways. C) most women dislike the car-buying experience. D) men, more so than women, value storage space and effortless parking from a car. E) sleek interiors and exteriors are really not too important in the final car-buying decision.

C) most women dislike the car-buying experience

When organizations purchase Dell computers for their employees, they are called A) ultimate consumers. B) resellers. C) organizational buyers. D) marketing channels. E) entrepreneurs.

C) organizational buyers.

Gerber sells baby food with vegetables and rabbit meat in Poland, and with freeze-dried sardines and rice in Japan. These are examples of what type of global product strategy? A) product extension B) product customization C) product adaptation D) product invention E) product integration

C) product adaptation

Last autumn, Will was raking leaves. After making several large piles, he went into the garage and discovered that he had no more large garbage bags. He couldn't finish the job without them. Will has just begun the A) usage buying sequence. B) VALS typology. C) purchase decision process. D) consumer purchase procedure. E) stages of consumption.

C) purchase decision process.

Many companies have broadened their buying objectives to include an emphasis on A) purchasing from as many vendors as possible to avoid stockouts. B) purchasing as few suppliers as possible to minimize transactions. C) purchasing from women-owned suppliers and vendors. D) diversifying product lines to include products from global vendors. E) diversifying product lines to minimize political risk overseas.

C) purchasing from women-owned suppliers and vendors.

Which of the following concept embodies profit, societal, and stakeholder responsibility? A) cause marketing. B) moral idealism. C) social responsibility. D) utilitarianism. E) green marketing.

C) social responsibility.

Which of the following most directly impacted the legal concept of caveat emptor in the U.S.? A) the Sherman Antitrust Act B) changing corporate cultures C) the Consumer Bill of Rights D) utilitarianism E) sustainable development

C) the Consumer Bill of Rights

When following the five-step marketing research approach, collecting relevant information is the __________ step. A) first B) second C) third D) fourth E) fifth

C) third

McDonald's does not sell beef hamburgers in its restaurants in India because the cow is considered sacred by almost 85% of the population. Instead, McDonald's sells the Maharajah Mac made with chicken. McDonald's respects Indian __________ by not selling beef in India. A) moral idealism B) codes of ethics C) values D) segmentation preferences E) cognitive attitudes

C) values

__________ paved the way for Walmart to move to Mexico, Target to move to Canada, and Mexican supermarket Giante to move into the United States. A) The General Agreement on Tariffs and Trade Treaty B) The World Trade Organization C) The Trilateral Economic Cooperation Accord D) The North American Free Trade Agreement E) The CanAmerMex Union

D) The North American Free Trade Agreement

__________ decides on trade disputes between members across the world, and issues binding decisions. A) The IMF B) The NAFTA C) The FCPA D) The WTO E) The EU

D) The WTO

Which of the following statements about word of mouth is MOST ACCURATE? A) Word of mouth is the second most powerful information source after product endorsements. B) Teaser advertising campaigns are meant to correct consumer beliefs that produce negative word of mouth. C) Music and humor in advertising diminish the effectiveness of word of mouth activity. D) The power of word of mouth has been amplified by the Internet. E) Word of mouth is perceived as lacking credibility by all but Generation Y consumers.

D) The power of word of mouth has been amplified by the Internet.

Because of vague wording and government inactivity, the Sherman Antitrust Act was not effective enough in accomplishing its goals. So 24 years later, it was supplemented by a second piece of legislation known as the A) FTC Act. B) Robinson-Patman Act. C) Consumer Product Safety Act. D) Lanham Act. E) Clayton Act.

E) Clayton Act.

Which two of the following demographic segmentation variables would firms use to segment organizational markets? A) usage rate and type of outlet B) global region and statistical area C) statistical area and annual sales D) lifestyle and statistical area E) NAICS code and number of employees

E) NAICS code and number of employees

__________ often triggers a business model change, as it has for American newspapers and book retailers.

Technology innovation

shopping product

a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores

Marketing is the activity for creating, communicating, __________ offerings that benefit customers, the organization, its stakeholders, and society at large.

delivering, and exchanging

Beer sales have been flat recently, so Budweiser has been interested in entering the premixed cocktail segment by providing a product that would appeal to those who don't enjoy traditional beer. It recently launched Bud Light Lime-A-Rita, a margarita-flavored beer-based cocktail, sold in cans and bottles and best served over ice. This is an example of

diversification.

In an organization, the __________ overseas the corporate level.

board of directors

An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals is referred to as

strategy.

Social responsibility refers to

the belief that organizations are accountable to a larger society for their actions.

A SWOT analysis would be performed during which part of the strategic marketing process?

the situational analysis step of the planning phase

The American Marketing Association Statement of Ethics identifies all of the following six key aspirational ethical values. These include: _________, responsibility, fairness, respect, openness, and citizenship. A) honesty B) fairness C) charity D) responsibility E) openness

A) honesty

Which type of firm views the world as consisting of unique parts and markets to each part differently? A) multinational B) global C) international D) transglobal E) transnational

A) multinational

People who live active outdoor lives are part of the target market for REI, a retail outdoor outfitter. This suggests that REI would most likely segment the market based on which consumer segmentation base? A) psychographic B) behavioral C) demographic D) socioeconomic E) geographic

A) psychographic

Although not strictly illegal, the U.S. Justice Department frowns on reciprocity because it A) restricts the normal operation of the free market. B) gives an unfair advantage to smaller companies. C) reduces that amount of taxes paid by the parties involved. D) gives an unfair advantage to larger corporations. E) encourages free trade to the detriment of local industries.

A) restricts the normal operation of the free market.

A product line is a group of product or service items that are closely related because they __________, are used together, are sold to the same customer group, are distributed through the same type of outlets, or fall within a given price range. A) satisfy a class of needs B) developed by the same product manager C) are sold to all types of consumers, business firms, and governmental units D) all require high levels of research and development E) all have the same brand equity

A) satisfy a class of needs

The increased use of alternative heating sources such as solar photovoltaic technology to produce environmentally friendly electricity from solar panels installed on roof tops or at ground level is an example of which environmental force? A) social B) economic C) technological D) competitive E) regulatory

A) social

Though the method is simple, __________ assumes that the underlying relationships in the past will continue into the future, which is not always correct. A) trend extrapolation B) sensitivity analysis C) lost-horse forecasting D) statistical inference E) a survey of buyers' intentions

A) trend extrapolation

When a businessperson makes a decision based on his or her fundamental ethical duty to "do no harm," that person is practicing A) cause marketing. B) moral idealism. C) social responsibility. D) utilitarianism. E) green marketing.

B) moral idealism.

Nielson Media Research collects __________ data from consumers with a "people meter" that measures what channel and programs is tuned and who is watching. A) information technology B) observational C) questionnaire D) mining E) dashboard

B) observational

The prevalence of working parents and single-parent households has resulted in A) the elimination of the purchaser role for most children, regardless of age. B) preteens and teenagers increasingly being the information gatherers, influencers, decision makers, and purchasers of family products. C) adults resuming sole control of most family decision making because family interaction is limited. D) the elimination of the information gatherer in family decision making since time is too valuable to waste. E) a stronger reliance on traditional sex roles in family decision making to improve efficiency and harmony within the family.

B) preteens and teenagers increasingly being the information gatherers, influencers, decision makers, and purchasers of family products.

Reverse auctions A) are seller-initiated. B) result in a downward pressure on bid prices. C) have an increasing number of buyers as the auction progresses. D) do not allow sequential bidding. E) result in the bidder with the highest price getting the business.

B) result in a downward pressure on bid prices.

A television ad for Volkswagen features several nervous teens examining the damage immediately following a car accident, and the message, "For your dad to kill you, you have to be OK." Marketers at Volkswagen are attempting to appeal to consumers' __________ needs. A) physiological B) safety C) social D) personal E) self-actualization

B) safety

The last step in the marketing research approach is to A) execute the marketing program. B) take marketing actions. C) examine the alternatives. D) evaluate data collection methods. E) present the findings.

B) take marketing actions.

Powerful buyers exist when A) there are many buyers and switching costs are high. B) when switching costs are low and there are few buyers. C) when the product represents a small share of the buyer's total costs. D) when the product is critical to the buyer. E) barriers to entry exist.

B) when switching costs are low and there are few buyers.

Which of the following is an example of a single product with multiple market segments? A) Reebok makes tennis shoes, running shoes, walking shoes, and Weeboks. B) Reach Toothbrush is available in a soft, medium, and hard bristle for adults and kids. C) Johnson's Baby Oil is advertised as a skin softener for babies and as a makeup remover for women. D) Kellogg's and Post both make bran cereals with raisins to reach health-conscious consumers. E) Quaker Oats oatmeal sells both its hot cereals and cold cereals to people of all ages.

C) Johnson's Baby Oil is advertised as a skin softener for babies and as a makeup remover for women.

Which of the following statements is MOST ACCURATE about "build-to-order" (BTO) manufacturing? A) BTO involves manufacturing products only when a customer places an order. B) BTO manufacturing leads to an increase in work-in-process inventories. C) BTO manufacturing increases delivery times to customers since factories are usually not located near most customers. D) BTO manufacturing, such as the process Apple uses, allows firms to offer many different models for their products. E) BTO manufacturing allows marketers to use a two-tier "Tiffany/Walmart" strategy.

A) BTO involves manufacturing products only when a customer places an order.

Those born between the baby boomers and Generation Y are called A) Generation X. B) millennials. C) hippies. D) depression-era births. E) echo boomers.

A) Generation X.

The first major federal legislation passed to encourage competition in the United States was the A) Sherman Antitrust Act. B) Robinson-Patman Act. C) Miller-Tydings Act. D) Lanham Act. E) Clayton Act.

A) Sherman Antitrust Act.

Which of the following is considered a durable good? A) a blender B) flour C) gasoline D) an airplane ticket E) a massage

A) a blender

Which of the following is the best example of a shopping product? A) an iPod B) a Ferrari sports car C) cash from an ATM D) Roget's Thesaurus E) Chobani Greek yogurt

A) an iPod

A restaurant is collecting comment cards from customers in order to develop ideas about how to improve their business. The restaurant is A) collecting primary data. B) collecting internal secondary data. C) collecting external secondary data. D) performing a sensitivity analysis. E) using neuromarketing.

A) collecting primary data.

Which of the following is a criterion used for selecting a target market segment? A) compatibility with the organization's objectives and resources B) potential for product synergies C) similarity of needs of potential buyers within a segment D) difference of needs of buyers among segments E) potential of a marketing action to reach a segment

A) compatibility with the organization's objectives and resources

What has been the effect of price changes for technology-based products as a whole? A) The increase has put many technology products out of reach for more people. B) The sharp decline in the cost of technology has meant that customers often now focus on other dimensions like quality or service. C) The modest increases have been acceptable to customers because they have resulted in large time savings. D) The government's intervention to stabilize them has helped many technology retailers stay in business. E) The steady decline has caused customers to suspect that quality has also declined.

B) The sharp decline in the cost of technology has meant that customers often now focus on other dimensions like quality or service.

Research shows that __________ is the single most important factor for a new product to defeat competitive ones—having superior characteristics that deliver unique benefits to the user. A) market attractiveness B) a distinctive point of difference C) good execution of the marketing mix D) a complete market and product protocol E) economical access to buyers

B) a distinctive point of difference

There are five steps involved in segmenting and targeting a market. What should a marketer do once he or she has grouped both potential buyers and products to be sold? A) execute marketing program actions B) develop a market-product grid and estimate size of markets C) identify market needs D) take marketing actions to reach the target market E) group prospective buyers into market segments

B) develop a market-product grid and estimate size of markets

Who in a buying center controls the flow of information and may keep it from reaching others? A) influencers B) gatekeepers C) deciders D) buyers E) users

B) gatekeepers

Effective marketing for a product that is considered to be a continuous innovation depends on A) completely reeducating customers to learn new behaviors. B) generating awareness of the product. C) reducing price to that of the lowest-priced competitor. D) educating consumers through product trial and personal selling. E) reducing the number of channels of distribution.

B) generating awareness of the product.

A business firm uses market segmentation to respond more effectively to the wants of groups of potential buyers in order to A) maintain market share. B) increase sales and profits. C) be more socially responsibility. D) use fewer of the firm's resources. E) provide the best quality products on the market.

B) increase sales and profits.

In an inflationary economy, which of the following is true? A) Costs to produce products are increasing but prices are going down. B) Gross incomes are declining. C) Discretionary incomes are declining. D) Both the costs to produce and buy products are increasing. E) Incomes and costs are not changing, but prices are decreasing.

D) Both the costs to produce and buy products are increasing.

Which of the following is the MOST IMPORTANT reason that tobacco companies should not consider preteens to be in the market for their products? A) Marketers should only target adults, regardless of the product. B) Evidence shows that preteens have no desire to purchase these products. C) Tobacco products do not satisfy any unmet needs for preteens. D) Preteens to not have the ability to buy because of legal restrictions. E) The preteen market is already heavily targeted.

D) Preteens to not have the ability to buy because of legal restrictions.

Which of the following statements concerning cause marketing is MOST ACCURATE? A) The profits generated by cause marketing are usually paid in "good will" rather than actual revenue. B) The positive effects of cause marketing are significant during the promotion, but they lose their benefit almost immediately after the promotion runs its course. C) Cause marketing "causes" are determined by senior management, who authorizes the board of directors to provide direct donations to charitable contributions selected by the organization's stakeholders. D) The vast majority of consumers under 25 say they will switch to a brand that supports a good cause provided the price and quality of the brands are equal. E) Women are much more suspicious about the sincerity or integrity of cause marketing than men are; therefore, their contributions are significantly less.

D) The vast majority of consumers under 25 say they will switch to a brand that supports a good cause provided the price and quality of the brands are equal.

Consumer products are classified based on the: (1) effort the consumer spends on the decision; (2) frequency of purchase; and (3) A) amount of money the customer is willing to spend. B) number of competing products or product substitutes. C) demographics of the consumer. D) attributes used in making the purchase decision. E) consumer psychographics.

D) attributes used in making the purchase decision.

Kia Motor's 10-year, 100,000 mile warranty is most effective at A) speeding up cognitive learning. B) increasing cognitive dissonance. C) increasing experiential learning. D) decreasing perceived risk. E) increasing brand loyalty.

D) decreasing perceived risk.

Which of the following is NOT an environmental force? A) competitive B) technological C) social D) ecological E) economic

D) ecological

Selective __________ is defined as paying attention to messages that are consistent with one's attitudes and beliefs and ignoring messages that are inconsistent. A) perception B) retention C) acuity D) exposure E) comprehension

D) exposure

The United States is the world's perennial leader in terms of ___________, which is the monetary value of all products and services produced in a country during one year. A) balance of trade B) net domestic economic value C) national domestic sales D) gross domestic product E) national economic production

D) gross domestic product

Mining and construction firms are examples of A) consumer markets. B) global markets. C) reseller markets. D) industrial markets. E) government markets.

D) industrial markets

What are society's values and standards that are enforceable in the courts? A) ethics B) norms C) codes D) laws E) rights

D) laws

The process of defining a marketing problem and opportunity, systematically collecting and analyzing information, and recommending actions is referred to as A) market analysis. B) marketing management. C) intelligence gathering. D) marketing research. E) data mining.

D) marketing research.

The purpose of the Robinson-Patman Act is to A) provide incentives for interstate competition. B) encourage pure competition. C) repeal the Sherman Antitrust Act. D) outlaw price discrimination for purchasers of the same product. E) protect inventors from having their intellectual property stolen.

D) outlaw price discrimination for purchasers of the same product

Which of the following groups would be the MOST LIKELY target market for the Toyota Highlander hybrid SUV? A) people with annual household incomes less than $25,000 B) people who are concerned with fuel efficiency rather than safety C) people who want to drive off-road to enhance their image as hardcore adventurers D) people who want to drive fuel-efficient but roomy and safe vehicles E) people who love to drive fast and are not concerned about the price of gasoline

D) people who want to drive fuel-efficient but roomy and safe vehicles

Cognitive dissonance is most likely to occur in which stage of the purchase decision process? A) information search B) routine problem solving C) problem recognition D) postpurchase behavior E) alternative evaluation

D) postpurchase behavior

A consumer will use one of three general problem-solving variations, extended, limited, or routine, based on level of involvement and A) advertising awareness. B) competitors' actions. C) demand for the offering. D) product knowledge. E) communicate style.

D) product knowledge.

"To operate the Company in a way that actively recognizes the central role that business plays in society by initiating innovative ways to improve the quality of life locally, nationally, and internationally" is part of Ben & Jerry's A) economic mission. B) underlying goals. C) product objectives. D) social mission. E) cultural objectives.

D) social mission.

Back translation is A) incorporating a hidden meaning behind the written term in order to capitalize on ethnic diversity. B) the practice of translating words from one foreign alphabet to another or when necessary, creating new internationally recognized symbols. C) recording the spoken word into a foreign transliteration for universal understanding. D) the practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors. E) the practice of hiring a professional interpreter to attend all major business meetings to prevent misunderstandings.

D) the practice where a translated word or phrase is retranslated into the original language by a different interpreter to catch errors.

A disadvantage of the North American Industry Classification System (NAICS) is that A) it only lists the top ten firms in any particular industry. B) it is too complex for the average business person to navigate. C) it only covers organizations with sales in excess of $1 million. D) the three respective governments will not reveal data when too few organizations exist in a category. E) it makes it impossible to determine how a firm's customers are coded.

D) the three respective governments will not reveal data when too few organizations exist in a category.

Maddie's mom needs a new tablet device, so you recommend that she read the latest ComputerWorld magazine because it has reviews of Apple's new iPad Air and Samsung's new Galaxy S 5. Maddie finds a copy of the magazine in the student bookstore. What is needed next in order for marketing to occur? A bookstore employee needs to show her not only a copy of ComputerWorld but also copies of PCWorld and similar publications. A) A bookstore employee needs to show her not only a copy of ComputerWorld but also copies of PCWorld and similar publications. B) She needs to call Geek Squad tech support first to see if they fix tablet devices. C) She must leave the bookstore, go home, and see if there is a free online version of ComputerWorld magazine that she can read about the new iPad Air. D) She must find out if the publication is privately or publicly owned. E) She must check to see if she has sufficient cash (or credit) to purchase the magazine at the bookstore.

E) She must check to see if she has sufficient cash (or credit) to purchase the magazine at the bookstore.

Which of the following is a criterion used in forming market segments? A) A firm's competitors have identical segments. B) There are differences between potential suppliers or distributors. C) There are differences of needs of buyers within segments. D) A firm's customer base is growing rapidly. E) There is potential for a marketing action to reach a segment.

E) There is potential for a marketing action to reach a segment.

Which of the following products at the time of their introduction was the BEST EXAMPLE of a dynamically continuous innovation? A) pocket calculator B) DVD player C) disposable lighter D) personal computer E) automatic dishwasher

E) automatic dishwasher

Through the use of __________, a catalog retailer might determine from its database that customers who purchased silver frames would also have a high probability of buying vintage hatpins. As a result, its sales representatives were instructed to offer a special price on hat pins when a customer places an order for a silver frame. A) queries B) suggestive selling C) sales driver analysis D) database management E) data mining

E) data mining

Material6 makes beautiful hardwood backs for the iPhone, which adds to the smartphone's __________ utility. A) time B) place C) possession D) market E) form

E) form

Which form of global market entry into a foreign market requires the least commitment and risk? A) direct exporting B) direct investment C) joint venture D) licensing E) indirect exporting

E) indirect exporting

Governments such as China's may require or strongly encourage a(n) __________ before it allows a foreign company to enter its market. A) supply partnership B) tactical relationship C) dumping exception D) microfinance agreement E) joint venture

E) joint venture

On a traditional market-product grid, the horizontal axis (rows) represents __________, which represent potential for __________. A) market segments; product synergies B) product groupings; market synergies C) product groupings; relative market share growth D) potential profits; market growth rates E) market segments; marketing synergies

E) market segments; marketing synergies

Andrea was having trouble sleeping so she was watching television at about 2:00 A.M. When she saw an ad for Lunesta, a prescription sleep aid, she promised herself to make a doctor's appointment in the morning. Andrea's information search was shortened by a perfectly timed advertisement, which is a __________. A) personal source B) consumer-controlled source C) public source D) family source E) marketer-dominated source

E) marketer-dominated source

The right to be informed means that A) companies have a right to know who purchases their products or services. B) the government has the right to know what and when you buy. C) consumers have the right to know all trade secrets of the companies with which they do business. D) consumers have the right to know the profit margins of manufacturers' offerings. E) marketers have an obligation to give consumers complete and accurate information about their products and services.

E) marketers have an obligation to give consumers complete and accurate information about their products and services.

A supplier's forestry management and sustainability practices are among JCPMedia's __________ when evaluating its potential paper vendors. A) procurement conditions B) buying behaviors C) supplier audit measures D) buy class assessments E) organizational buying criteria

E) organizational buying criteria

The make-buy decision is typically made during which stage of the organizational buying process? A) information search B) supplier search C) alternative evaluation D) purchase decision E) problem recognition

E) problem recognition

Distribution is important in __________, but other elements of the marketing mix have little impact. A) cross-market competition B) oligopoly C) monopolistic competition D) monopoly E) pure competition

E) pure competition

South American countries wish to limit the quantities of high-value and frozen beef products that are imported to their countries from the EU. They are seeking a A) WTO tax. B) gray market. C) tariff. D) fair trade exception. E) quota.

E) quota.

A proposed law in New Jersey would ban the use of tanning beds by anyone under the age of 18. This restriction would be an example of which environmental force? A) social B) economic C) technological D) competitive E) regulatory

E) regulatory

Steps in the Business Buying Process

Problem Recognition General Need Description Product Specification Supplier Search Proposal Solicitation Supplier Selection Order-routine specification Performance Review

A __________ with active hyperlinks is useful when a chief marketing officer (CMO) wants to see daily what the effect of a new TV advertising campaign is on a product's sales.

marketing dashboard

If an organization does not have a replacement for a declining cash cow, which occurred with Kodak and its film business, it will have a harder time filling in a(n) __________ because revenues do not keep pace with planned growth targets.

planning gap

An important __________ for Medtronic's Champion pacemaker is its long, nine-year life, which cannot be matched by competitors.

point of difference

The essence of successful marketing and gaining loyal customers is for firms to focus on __________.

providing customer value

In the Boston Consulting Group (BCG) business portfolio analysis model that assesses a firm's strategic business units (SBUs), the horizontal axis of this growth-share matrix represents the

relative market share.

A question about an instructor's behavior in the classroom, with a five-point scale ranging from "enthusiastic" on one end to "unengaging" on the other end would be what type of marketing research question? A) open-ended B) Likert scale C) dichotomous D) single response E) semantic differential scale

semantic differential scale

A company is interested in producing self-stick decorative posters. It selects a representative sample of middle school students who currently have one or more standard posters on their walls. After interviewing them and collecting other relevant data, the firm then makes generalizations about what all middle school students want in their posters. The method used is A) sensitivity analysis. B) new product concept assessment. C) extrapolation. D) statistical inference. E) secondary data collection.

statistical inference.