wmu marketing 2500 midterm- Dr. J
Which of the following is true of advertising in the new marketing communications model?
Advertisers are increasingly shifting toward digital media.
_______ is any paid form of nonpersonal presentation and promotion of ideas, goods, or services by an identified sponsor.
Advertising
Which of the following is most likely a difference between advertising and sales promotion?
Advertising can be used to build up a long-term image for a product while sales promotion effects can be short lived.
Millie Foods, producers of baby food, offers a monetary sum to retailers who agree to feature its new products on their shelves for a considerable time period. In this case, the promotion tool used by the company is referred to as a(n) ________. A) price pack B) rebate C) sample D) allowance E) discount
Allowance
Serivce
Any activity that fulfills a human want or need and returns money to those who provide it.
product
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
Positioning
Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers
The Changing Marketing Landscape
As a result, advances in digital, social, and mobile media have taken the marketing world by storm. . And today's big data and improved marketing analytics, such as artificial intelligence, not for profit, globally enaged responsibility
____ is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.
B) Marketing research
Which of the following is most likely a true statement about generational groups in the United States?
B) The Generation Xers are the most educated generation to date.
The objective of ________ research is to gather preliminary information that will help define the problem and suggest hypotheses.
B) exploratory
as with other types of marketers, a primary goal in wholesaling is to
Build value adding customers relationships
experimental research
Burger Town introduced a new hamburger and released it in two different cities at two different prices. Marketers of Burger Town then analyzed the sales records of their outlets at the two cities, determined the price that resulted in better profits, and used the information to set a nationwide price for their new offering. This is an example of ________.
Which of the following is true of a good marketing information system?
C) It balances the information that a firm wishes to have with the information a firm actually needs.
7) The marketing manager at Frizzles' Eateries targets customers who are working to lose weight but who still want to dine out. The restaurant chain offers a wide variety of low-fat, low-calorie meals that appeal to dieters. Frizzles' approach is best referred to as ________ segmentation.
C) benefit
Which of the following is a traditional direct marketing tool?
Catalog
attraction
Companies that practice marketing by ________ create offerings and messages that engage consumers rather than interrupt them.
market offerings
Consumers' needs and wants are fulfilled through ________.
Rather than just creating and placing "TV ads" or "print ads" or "Snapchat branded story ads," many marketers now view themselves more broadly as ________ managers.
Content Marketing
descriptive research
Coolers Inc. has decided to launch a new energy drink that will have the fewest calories among its competitors. To understand the market potential for the new drink and the demographics and attitudes of consumers who are likely to buy the product, Coolers should most likely use ________.
Which of the following statements is true of international marketing research?
D) Language translation in international marketing research typically increases costs and raises the risk of errors.
attitude
Describes a person's consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea
Which of the following is most likely true able the digital age with regards to marketing
Digital networks allow marketers many ways to build customer relationships
Which of the following is most likely true about the digital age with regards to marketing
Digital networks allow marketers many ways to build customer relationships
________ Marketing involve engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships
Direct and digital
Which of the following account for the largest portion of firms' online advertising spending?
Display and search related advertisements
Which of the following is most likely true about business legislation?
E) Business laws that are enforced by government agencies have a major impact on a company's marketing performance.
Silkskin Cosmetics is advertising its newest line of eye makeup. Made from all-natural ingredients, the products are hypoallergenic. Silkskin is selling the products in specially designed tubes that make application easier. Which of the following is a core customer value for Silkskin's line of eye makeup? A) the natural ingredients B) the Silkskin brand C) the products' revolutionary packaging D) the hypoallergenic properties of the products E) the desire for having beautiful eyes
E) the desire for having beautiful eyes
Sales promotions constitute the interpersonal arm of the promotional mix
False
Similar consumer needs around the world suggest that a strategy of adapted global marketing is appropriate for most international firms.
False
The goal of any logistics system should be to maximize sales, not profits
False
The more loyal a firm's profitable customers, the lower its customer equity.
False
in consumer product companies such as P&G or Nike, the sales force works directly with customers
False
Introducing intermediaries into a distribution chain increases the number of direct channel transactions between a manufacturer and its customers
Flase
change the packaging of the toy
Gershwin, a musical toy for toddlers, is in the maturity stage of the product life cycle, and Gershwin managers have decided to modify tterm-39he product. What will Gershwin managers most likely do to achieve this goal?
Charging higher prices on an everyday basis, coupled with frequent sales and other price promotions to increase store traffic, create a low-price image, or attract customers who will buy other goods at full prices is referred to as pricing
High-low
business analysis
Hollingsworth is a retail company that is planning to release a new line of luxury personal care products. Its managers are now reviewing the sales history of similar products and conducting marketing surveys to estimate minimum and maximum sales for the product. In which of the following stages of the new product development process is the product?
Which of the following is a characteristic of an inside sales force?
It conducts business from an office via telephone
Which of the following is true of a conventional distribution system?
It has each channel member acting as a sperate business unit trying to maxmize its own profits
Which of the following is true of a vertical marketing system
It has one channel member owning all the other channel members or has contracts with all other channel members
Which of the following is true of direct and digital marketing?
It is suited for highly targeted marketing efforts and for building one-to-one customer relationships.
Which of the following is true of an intensive distribution strategy
It strives to make products available where and when consumers want them
Providing a host-country partner the right to use a company's manufacturing process, trademark, patent, trade secret, or other item of value is referred to as ________.
Licensing
marketing myopia
Many of Zappos' more traditional rivals focus greater attention on the attributes of the products and services they sell rather than on the benefits and experiences produced by their market offerings. This trap is sometimes referred to as __________.
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 ?
Market penetration
Which of the following best describes the term "Madison and Vine"?
Merging advertising with entertainment
________ can provide on-the-go product information, price comparisons, advice and reviews from other consumers, and access to instant deals and digital coupons
Mobile Marketing
Fargo Inc. is a carbonated beverage manufacturer that has many manufacturing plants around the world. It is planning to shift from using thermal power to wind power for its manufacturing plants in the Netherlands to decrease dependency on nonrenewable sources of energy. This scenario depicts Fargo's concern for its ________ environment.
Natural
Which of the following is the first stage of the buyer decision process
Need recognition
________ creates a seamless cross-channel buying experience that integrates in-store, online, and mobile shopping.
Omni-channel retailing
In managing their international marketing activities, most companies first ____
Organize an export department
8. Window Concepts has introduced a new line of windows that offer the same benefits as solar panels in reducing heating and cooling costs in homes. The state-of-the-art windows will also contribute to the slowing of global warming while providing energy reliability. The company sends a team of representatives to the National Doors and Windows Trade Show to promote the new line of windows. Which promotion mix tool has Window Concepts used in this scenario?
Personal Selling
Some companies intentionally manufacture their products with materials or components that will break, wear, rust, or rot sooner than they should. This practice is called
Planned obsolescence
Cracker Jack, an American brand snack of caramel-coated popcorn and peanuts, has been in existence since 1896. The brand became popularized due to its free prize inside every box. Which of the following promotion tools does this exemplify?
Premium
Veggie delight, a leading manufacturer of frozen vegetarian burgers, has recently entered the middle east markets. Based on its research, consumers in the middle east prefer spicier burgers than in the United States and other countries. So the company alters the ingredients in its burger to meet the local preferences. in this scenario, veggie delight is using an _________ strategy to market its product.
Product adaption
Karen Rogers is a salesperson for Solar Panels Inc. She attends builder trade shows to identify potential customers in an effort to build long-term profitable relationships. Karen Rogers is engaging in which step of the selling process?
Prospecting
Buyer Decision Making Process
SEE CLASS NOTES
managing the marketing function begins with a complete analysis of the companies situation. a though ________ is typically undertaken to guide decision making
SWOT
In a marketing communications mix, ________ refers to any short-term incentive that encourages the purchase or sale of a product or service.
Sales promotion
Food Galore is a regional chain of supermarkets in the Midwest. The primary role of the staff is to restock shelves and operate cash registers. Customers locate, compare, and select their groceries and other sundry items. Food Galore is most likely a ________.
Self service retailer
Lakeland inc. employees get 40 hours paid leave each year to pursue volunteer projects. The company runs a service day that hosts projects in 25 countries, and it supports a nonprofit that brings young people into public service for a year. lakeland could be most accurately described as practicing __________ marketing.
Sense-of-mission
Which of the following statements is true of retailing
Services like hotels, banks, airlines, restaurants, colleges, and hospitals can be retailed
Which of the following is most likely a true statement about social class?
Social classes show distinct product preferences in areas such as clothing.
idea
The "Stop the Texts. Stop the Wrecks." campaign co-sponsored by the Ad Council and the National Highway Traffic Safety Administration is an example of a marketing offering for a(n) ________.
Which of the following is true about trends in wholesaling
The demand for lower prices and higher quality has increased
market growth rate and relative market share
The two dimensions the BCG approach uses to evaluate and manage SBUs are ________.
Which of the following is true of consumers in the new marketing communications model?
They are better equipped to find product and brand information on their own.
Which of the following is an advantage of primary data?
They are more relevant than secondary data
Which of the following is true of marketing strategies that are being developed in the new marketing communications model?
They are more targeted, social, and engaging
perceptual positioning map
They are used to analyze consumer perceptions of a brand relative to competing products a technique to visually describe where brands are "located" in consumers' minds relative to competing brands
Which of the following statements is true of consumer promotions
They include a wide range of tools like samples, coupons, refunds.
exchange
This act of obtaining a desired object from someone by offering something in return is known as __________.
components of a positioning statement
To (target segment and need) our (brand) is (concept) that (point of difference)
Most international companies strive to adapt global brands to local needs
True
diversification
Under Armour's recent expansion into the digital personal health and fitness tracking market through acquisitions of three fitness app companies is a ________ strategy.
the growth of the internet caused many traditional companies to ________ in response to customer demands and a changing market place
Use omni Channel retailing
A _____ is made up of a company, its suppliers, its distributors, and ultimatly, customers who "partner" with eachother to improve the performance of the entire system
Value delivery network
jetBlue's promise to "put you above all" by "bringing humanity back to travel" is their
Value propisition
more Americans moving to micropolitan areas
Which of the following is a geographic shift that has been observed in the United States in recent times?
family
Which of the following is a social factor that influences consumer buying behavior?
more relevant than secondary data
Which of the following is an advantage of primary data?
undifferentiated marketing
Which of the following is an approach where firms target a whole market based on common consumer needs?
organizational factors
Which of the following is considered a major influence on business buyer behavior?
The Generation Xers are the most educated generation to date.
Which of the following is most likely a true statement about generational groups in the United States?
supplier performance review
Which of the following is most likely the final stage of the business buying decision process?
Safari Unlimited recently conducted national research to generate ideas for a new line of fatigues geared to women. The company uncovered a number of ideas about clothing and accessory preferences as well as important benefits such as built-in sunblock and durability. The Safari Unlimited product development team will most likely use ________ next to arrive at a realistic number of products for the new fatigues line.
idea screening
which of the following sets the upper limit for a products pricing
consumer perceptions of value
The two major citizen action movements to keep businesses in like are __________
consumerism and environmentalism
Which of the following is true of focus group discussions
consumers are not always honest and open about their opinions
marketing offerings
consumers' needs and wants are fulfilled through second of marketing process used to satisfy a need or a want include persons places organizations info and ideas are not limited to phyial products
More than 80 percent of McDonald's Restaurants worldwide are owned and operated by franchisees. This illustrates a __________ marketing system
contractual vertical
Laundry detergent, candy, magazines, and fast food are purchased frequently by customers
convenience
Lovely Skin is establishing a pricing strategy for a new moisturizer. The total cost to produce each unit is $3.50. The company has decided to add a $1.50 markup, so the unit price to distributors will be $5. Lovely Skin is using a ________ approach to price the new moisturizer.
cost plus
Which differences to promote
important, distinctive, superior, communicable, preemptive, affordable, profitable
a company adding new features to a product will most likely assess each features value to customers relative to its
cost to the company
Pricing involves setting prices based on the expenses involced in producing, distributing, and selling a product plus a fair rate of return for a company's effort and risk
cost-based
For most companies, the first step in conducting online marketing is to
create a web site
The nation's poor areas have 30 percent fewer supermarkets than do affluent areas. As a result, many low-income consumers find themselves
in food deserts
A country's ______ shapes its product and service needs, income levels, and employment levels.
industrial structure
When demand hardly changes with a small change in the price of a product, then the demand for the product is best described as ________.
inelastic
a doctor performing hip surgery on a patient illustrates how a service can be produced and consumed simulatniously
inseperability
Four Service Characteristics
intangibility, inseparability, variability, perishability
Susan Hart, the manager of a children's boutique, collects data from her monthly records of sales, costs, and cash flow. In this case, Susan is making use of ________ databases.
internal
In which stage of the product life cycle will promotional expenditures be significantly high in an attempt to create consumer awaremeness of a product and its features
introduction
Which of the following is generally regarded as the toughest issue of public policy and ethics confronting the direct marketing industry
invasion of consumer privacy
What do most companies today focus on when it comes to protecting the environment
investing heavily in pollution prevention
Crowdsourcing
inviting broad communities of people - customers, employees, independent scientists and researchers, and even the public at large - into the new product innovation process
Defining the problem and research objectives
is often the most difficult but most critical step in the research process.
market
is the set of actual and potential buyers of a product or service
price
is the sum of all the values that customer gain the benefits of having of using a product or service
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
which of the following statements about break-even anaylsis is most likely true
it fails to consider customer value and the relationship between price and demand
Which of the following is true about the product life cycle
it is generally difficult to forcast the sales level at each plc stage
Companies often form ___________ ventures to merge their complementary strengths in developing a global marketing opportunity
joint ownership
________ is a method of entering a foreign market by associating with foreign companies to procduct or market products or services
joint venturing
when establishing prices, its important for a manager to understand that "good value" is not the same as
low price
demographic, economic, natural, technological, political, and cultural forces for the
macroenvironment
A common criticism of the marketing system is that intermediaries
mark up prices beyond the value of their services
the first target store opened in 1972, its initial strategy was to set prices low to attract a large number of buyers wuickly and win a large market share
market penetration pricing
the first generation apple ipod was introduced in 2001 and sold for $500 the following year a mini version was introduced for $250. Apple initially used a _____ strategy to price their digital music innovation
market skimming
product, price, place, and promotion make up the elements of a firms marketing mix
marketing mix
Exploratory Research
marketing research to gather preliminary information that will help define problems and suggest hypotheses
generational marketing
marketing to members of a generation, who tend to share the same outlook and priorities
refer to a form of of products that consist of activities, benefits, or satisfactions offered for sale that are essentially intangible
services
Which of the following is most likely a true statement about shipping products
shopping less than convience
Grace and her fiance visit several furniture stores in and around their hometown of Milwaukee. They use their smartphones to capture information about manufacturers and pricing, and ultimatly decide to purchase their favorite items online
showrooming
product positioning
simplify the buyers process consumers are likely to position products in their minds
Cosmetic retailer Lush knows that doing what's right benefits both customers and the company. Their premium beauty products are made by hand from the freshest possible natural ingredients. This is an example of the ________ concept.
societal
When a company makes marketing decisions by considering consumers' wants and interests, the company's requirements, and society's long-run interests, it is most likely practicing _____ marketing
societal
The american tie company, a necktie retailer, offers a deep assortment of Man's neckties. The American tie Company is best described as an
specialty store
Chips of Joy, a leading chocolate chip cookie manufacturer, has decided to use the same marketing strategy approaches and marketing mix worldwide for all of its brands. The only change that will be made is language translation on the various packaging. Chips of Joy is using a(n) ________ marketing strategy.
standardized global
Which of the following statments is true in the context of the BCG growth share matrix
stars often need heavy investment to finance their rapid growth
Retailers must decide on three major product variables: Product assortment, services mix,
store atmosphere
Managing upstream and downstream value-added flows of materials, final goods, and related information among suppliers, the company, resellers, and final consumers is known as ________.
supply chain managment
________ marketing calls for socially and environmentally responsible actions that meet the present needs of consumers and business while also preserving or enhancing the ability of future generations to meet their needs
sustainable
undifferentiated
targeting a whole market based on common consumer needs
actors in the microenvironment
the company, suppliers, marketing intermediaries, competitors, publics, customers
brand equity
the differential effect that knowing the brand name has on customer response to the product or its marketing
how has the internet most likely affected direct and digital marketing
the expenditures on direct and digital marketing have increased
wants
the form of human needs take as they are shaped by culture and individual personality like junk food jewelry makeup these become demands
value proposition
the full positioning of a brand - the full mix of benefits on which it is positioned
marketing
the process that companies engage customers build strong customer relationships and create customer value in order to capture value from customers in return capturing value is the final step
which of the following demonstrates the real value of a company's marketing research and information systems
the quality of customer insights it provides
the value chain of the a company
the series of departments that design produce market deliver and support the companies products
Which of the following is part of the micro environment of a firm's marketing environment
the suppliers who work with the company
marketing research
the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization
Which of the following statements is most likely true about direct and digital marketing
they build customer engagement and constitute a complete and rapid model for doing business
Which of the following is most likely true about a sales force in the field
they build relationships with customers through face-to-face collaboration
Which aspect of niche online social niche online social media makes the medium most appealing to marketers
they cater to the needs of small communities of like minded people
Which of the following is most likely true about direct and digital marketing
they provide buyers with anytime, anywhere access to products.
Which of the following statements is true of salespeople
they represent a company to its customers by communicating and selling
Which of the following is an impact of the Great Recession on retailing trends
tighter consumer spending patters
Cosmetics firm SatinSilk is revamping its mission statement and advertising strategy. The CEO stresses that the new mission statement should be market-oriented rather than product-oriented. Which of the following mission statements will best suit the company?
to give customers the complexion they dream about by providing products suited to their needs
Sales promotion tools used to persuade re sellers to carry a brand, give it shelf space, promote it in advertising, and push it to consumers are collectively called promotions
trade
A business marketer normally deals with far fewer buyers than a consumer marketer
true
A firms marketing department must partner with other company departments to produce superior value for customer
true
Branding has become so strong today that hardly anything goes unbranded
true
Business and consumer marketers use many of the same variables to segment their markets
true
people who buy magazines that they like or who opt into email, social media, or mobile marketing programs rarely complain about ads bc they involve products/service interest. This is counter to the claim that marketing system creates __________
cultural pollution
factors that influence consumer behavior
cultural, social, personal, psychological
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
the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is
customer relationship management
Which sustainable marketing principle emphasizes building long-run consumer engagement, loyalty, and relationships?
customer value marketing
which of the following is true of the new product development proccess
customers, competitors, distibutors, and suppliers are major sources of new product ideas
Which of the following is a difference between the marketing concept and the selling concept?a. The marketing concept focuses on customer conquest, whereas the selling concept focuses on targeting the right customers.
d. The marketing concept focuses on customer needs, whereas the selling concept focuses on existing products
------ is often the most difficult but most critical step in the research process
defining the problem and research objectives
Which of the following is a function of an integrated marketing communications system?
delivering a clear, consistent, and compelling message on the product to each brand contact
Harry's caters to the clothing needs of men, manufacturing two different lines of fashion based on the purchasing power of its customers. One product line caters to the needs of affluent, middle-aged men, and the other line targets younger, up-and-coming professionals. Harry's most likely segments the consumer market based on ________ variables.
demographic
Jones & Company, a major retail chain across the United States, offers a wide range of consumer goods such as clothing, furniture, home appliances, cosmetics, jewelry, and food. Jones & Company is best described as a ________.
department store
descriptive research
describe characteristics of a population or phenomenon being studied
Product Life Cycle
describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline
Eric Dylan is the marketing director of a charity that raises funds to help provide educational services to children and families in developing countries. Eric targets a selective market of individuals who have recently donated to international charities by sending them a letter with the proposed plan for charity and instructions for those who are interested to participate. Eric uses ________ in this scenario.
direct mail marketing
cognitive dissonance
discomfort caused by post purchase conflict
Changes in technology and the explosive growth of direct and online marketing are having a profound impact on the nature and design of marketing channels. One major trend is toward ________ insofar as product or service producers cut out intermediaries and go directly to final buyers or when radically new types of channel intermediaries displace traditional ones.
disintermediation
Segmentation
dividing a market into several sections of customers is known as dividing a market into smaller pieces based on one or more meaningfully shared characteristics or behaviors and who might require separate marketing strategies or mixes
personal
effective sources of info about a product tend to be
Brands very in the amount of power and value they hold in the marketplace, iconic brings like apple, google, and harley davidson have achieved substantial brand
equity
High-end luxury brands like Bentley for cars, Louis Vuitton for handbags, and Rolex for watches use ________ distribution, giving a limited number of dealers the sole right to sell products in a specified geographic territory.
exclusive
The simplest way to enter a foreign market is through
exporting
In the marketing mix, product refers to activities that communicate the merits of a product and persuade target customers to buy it
false
Most producers sell their goods directly to final users
false
People use the same products and services as they progress through each life-cycle stage.
false
acquisitions are not considered a source of new products for organizations
false
marketers typically limit their market segmentation anaylsis to a single variable in order to simplify the process
false
unlike the other marketing mix elements, price plays a major role in creating customer vlaue and building customer relationships
false
Which of the following is a social factor that influence consumer buying behavior
family
needs
felt deprivation like food water shelter things that are needed for everyday life.
capturing value from the customer
final step in marketing process
more for less
firms that position themselves as caterers of the best products at economical prices
check 8 qustions
fjlksnl
what is the last step in the selling process
follow up
Consumer Insight
fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships
P&G was among the first to use ________ segmentation when it introduced Secret, a deodorant brand specially formulated for women's chemistry.
gender
When marketers want to promote their products and services through word-of-mouth marketing programs, they typically begin by ________.
generating person-to-person brand conversations
Many organizations no longer have a clearly defined home market. Nor do they have home-office staffs. Instead, multicultural managers operate out of facilities located all around the world, bringing diverse cultural perspective
global organizations
In the ___________ stage, a firm most likely faces a trade off between high market share and high current profits
growth
which of the following statments is most likely true about the product life cycle
growth is a period of rapid market acceptance and increasing profits
Value Marketing
has become a watch word
compared with undifferentiated marketing, differentiated marketing is more likely to lead to
higher costs of doing business
ColaBlue, a soft drink manufacturer, is sued by an environmental group for not meeting certain safety standards in its waste disposal. ColaBlue remedies the problem by adding higher-grade filters and purifiers. Which of the following actions by ColaBlue would constitute a public-relations effort to address the effects of the lawsuit and the consequent damage to its brand image?
holding a press conference to explain the remedial steps that ColaBlue has taken
A channel Arrangement in which two or more companies at one level join together to follow new marketing opportunity is refered to as a
horizontal marketing system
The new product development process usually starts with
idea generation
Casey's is a large supermarket that practices everyday low pricing. Therefore, consumers should expect few discounts or sales if shopping at Casey's regularly
true
Dynamic pricing is particularly suitable for internet-based companies like amazon who want to be responsive to shoppers desired and market place changes
true
Even if a segment has the right size and growth and is structurally attractive, the company must consider
true
In today's digital, mobile, and social media environment, many buyers are more receptive to or even prefer phone and online contact versus the high level of face-to-face contact once required
true
Some retailers in the United States are growing faster than product retailers
true
The distinction between a consumer product and an industrial product is based on the purpose for which the product is purchased
true
While the societal marketing concept considers the future welfare of consumers and the sustainable marketing concept considers future company needs, the strategic planning concept considers both.
true
during the decline stage of the product life cycle, product sales may plunge to zero or may drop to a level where they can continue for many years
true
some cmpanies deemphasize price and use other marketing miz tools to create non-price positions in the market place
true
the moral of the product life cycle is that companies must continually innovate: otherwise they risk extinction
true
when consumers react more favorably to a brand than to a generic or unbranded version of the same product, the brand is said to have positive brand equity
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
which of the following is an approach to where firms target a whole market based on common consumer needs
undifferentiated marketing
Critics who assert that the marketing system promotes too much interest in material possessions are most likely concerned that the result of successful marketing will be ________.
unsuitable overconsumption
not for profit
use informal research methods to obtain marketing insights
A pricing strategy for an offering begins with an assesment of customer needs and perceptions. then a target price is set based on customer needs and perceptions of worth
value based
Which of the following is most likely a true statement about diversity in the united states
various ethinic groups mix together but also retain their diferences
life insurance
which of the following is an example of an unsought product
________ includes all the activities involved in the selling goods and services to buying them for resale or business use
wholesaling
Which of the following is most likely true about a global organization
worldwide policies are planned by top corporate management
false
Acquisitions are not considered a source of new products for organizations.
actors in the macroenvironment
1. Demographic 2. Economic 3. Natural 4. Technological 5. Political 6. Cultural
Requirements for Effective Segmentation
1. Measurable 2. Accessible 3. Substantial 4. Differentiable 5. Actionable
Evaluating Market Segments
1. Segment size and growth 2. Segment structural attractiveness 3. Company objectives and resources
inseparability
A doctor performing hip surgery on a patient illustrates how a service can be produced and consumed simultaneously. This is an example of which service characteristic?
Which of the following is most likely true of a global firm?
A global firm manufactures and markets goods wherever it can do the best jobs
customer lifetime value
A key metric that measures the long-term profitability of individual customers or groups of customers is known as __________.
Zeal is a popular automobile brand, and its positioning statement reads as follows: "For upscale American families who require large vehicles, Zeal is the automobile of choice." Which of the following mandatory elements is missing from the positioning statement?
A) point of difference
Kevin Pinker is a freelance computer programmer who writes computer algorithms for companies such as SoftStar and BlueHill. SoftStar and BlueHill use these algorithms to make specific programs based on online market research. These programs are then sold to the online retailer, Abundon, which then sells them to individual consumers and businesses. Which of the following is a marketing intermediary in this chain? A) SoftStar B) BlueHill C) the consumer D) Abundon E) Kevin Pinker
Abundon
Buying attitudes and preferences
__________ are a type of buyer response.
In which stage of the following cased is crowdsourcing used for new product development
a company creates a forum where anyone can contribute new product ideas
Which of the following is an example of a combination of sales promotions and direct marketing?
a company sending an e-mail to a customer about a discount on a product during a holiday season
Which of the following would be considered an upstream partner in a company's supply chain?
a firm the provides technical expertise in the production of a product
product line
a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
Brand
a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products
brand
a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products
motive
a need that is sufficiently pressing to direct the person to seek satisfaction of the need
competitive advantage
a set of unique features of a company and its products that are perceived by the target market as significant and superior to those of the competition
customers are the most important
actors in the micro environemtn
Critics charge that high advertising and promotion costs unnecessarily increase retail prices. Marketers most likely respond to this criticism by arguing that advertising ________.
adds value by giving consumer product information
Harry potts is a salesperson for a national pet food company. He meets karen sharp, a buyer for a large, specialty pet retailer, and speaks to her at length about the product categories and brands of pet food the retailer currently carries as well as future needs. At which step of the selling process is harry potts in the above scenario?
approach
focus group participants
are not always honest
marketing stimuli
are such things as product, price, place, and promotion and are considered part of the environment that influences the buyer's black box.
product positioning
arranging for a product occupy a clear distinctive and desirable place relative to competing products in the of the target consumers
Online visitors can't buy anything at ESPN.com. Instead, the site creates a virtual experience for sports enthusiasts and fans that can be customized to meet their needs. This is most likely an example of a(n) ________.
branded community website
Consumer buyer behavior
buying behavior of final consumers
establishing prices for razor companies must be used with a razor blade system is known as
captive product pricing
____________ is a discomfort caused by post purchase conflict
cognitive dissonance
Which of the following sources of product information can marketers control completely
commercial
Introducing a new product into the market is called ________.
commericaliation
When adapting advertising messages, media may also need to be adapted internationally because media availability and regulations vary from country to country. This illustrates ________.
communication adaptation
competition
companies that practice marketing --- create offerings and messages that engage consumers rather than interrupt them.
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
product mix
consists of all of the product lines offered by an organization
Craft Inc.'s Krayons is a multi-color chalk material that was released in the market over a century ago. Since the release, the company has had remarkable sales and Krayons has remained unchanged. However, over the last few years, sales of Krayons have been stagnant. Competitors have begun marking prices down, and increasing their advertising and sales promotions. Craft's Krayons is most likely in the ________ stage of the PLC. A) introduction B) maturity C) growth D) decline E) incubation
maturity
compared to standardized global marketing, adapted global marketing
modifies marketing strategies to meet local needs
differentiated market
more likely to cost more
Which of the following strategies is most likely to be followed by firms that position themselves as caterers of the best products at economical priced
more- for less
a baby boomer decides to purchase a BMW to impress others with her success. This illustrates the importance of understanding the role of ______ in the marketing process.
motive
A marketing intermediary would most likely help a firm by
moving the firm's goods from production points to distribution centers firms that help the company to promote, sell, and distribute its goods to final buyers
Victoria's Closet, a manufacturer of bohemian-style clothing and accessories, sells its products through its online Web site, a catalogue, and specialty boutiques that target women. Which kind of channel arrangement does Victoria's Closet employ to distribute its products?
multichannel distribution system
Which of the following would most likely use informal research methods to obtain marketing insights?
not for profit or family owned
According to the text, the most logical budget-setting method in advertising is the ________ method.
objective and task
Co-branding
occurs when two established brand names of different companies are used on the same product
refers to marketing via the internet using company web sites, online advertising and promotions, e-mail marketing, online video and blogs.
online marketing
Which of the following is considered a major influence on business buyer behavior
organizational factors
____ is the process by which people select, organize, and interpret information to form a meaningful picture of the world
perception
the most effective sources of information about a product tend to be
personal
the most effective sources of information about product tend to be
personal
Wisconsin Cheddar has introduced an aged jalapeno cheddar. Displays are set up at various retail cheese stores in the state and patrons are offered free samples as well as $2 off coupons. Which promotion tool is Wisconsin Cheddar most likely using?
point of purchase promotions
PRIZM
popular geodemographic technique that stands for Potential Ratings Index by ZIP Market
VALS
popular psychographic method in consumer research that divides consumers into groups based on resources and consumer behavior motivations
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
Salon Du Jour offers special combination packages at a reduced price. Separately, a haircut is $30 and a conditioning treatment is $35. But the combo price is $50. This is referred to as ________ pricing.
product bundle
Clorox sells five major product lines including cleaning, household, lifestyle, professional, and international. Together the product lines make up Clorox's ________.
product mix
Bass Pro Shops recognizes that outdoors enthusiasts are a diverse group. Likely segments include hunters, campers, and boaters. What is this segmentation method called?
psychographic
Which of the following promotion mix approaches involves a producer promoting a product to different channel members who in turn promote the product to customers?
push
marketing surveys
quantitative approach to research
How have social media tools most likely affected personal selling?
reducing the use of person-to-person selling efforts
Market Targeting
refers to the process of evaluating each market segments attractiveness and selecting one or more segments to enter involves evaluating each market segment's attractiveness and selecting one or more segments to enter
_________ refers to their activities involved in selling products or services directly to final consumers for their personal, non business use.
retailing
innovative marketing most likely involves
seeking real product and marketing improvements
Segmentation Variables
segmentation, targeting AND differentiation and positioning 6.1
Both market penetration strategies and market development strategies primarily involve ________.
selling a companies current products
A class action lawsuit was brought against a national burger chain, charging that its food contributed to the national obesity epidemic. The suite was eventually dismissed, but critics continue to point out the health dangers of many fast food menu items. It can be concluded that these critics are concerned that the fast food industry is
selling harmful products
When a company chooses to divest a particular strategic business unit, it
sells off or phases out the strategic bus unit
