WMU MKTG 2500 FINAL
Sleek Designs Inc. is producing its first eReader. The company is striving to overcome some of the issues communicated by customers about competitive products including screen glare and product bulkiness. Sleek Designs Inc. is using a ________ approach in their new product development process.
customer-centered
Producers use marketing intermediaries because they ________.
create greater efficiency in making goods available to target markets
Moving products and materials from suppliers to the factory is known as ________ logistics.
inbound
Dividing a market into several sections of customers is known as ________.
market segmentation
Which of the following terms best describes the process of designing and producing a container or wrapper for a product?
packaging
The second part of a marketing strategy statement describes the ________ of a new product.
planned price, distribution, and marketing budget
Flores Fashions promotes its clothing by emphasizing the durability and quality of the fabrics it uses. The company has positioned its brand based on ________.
product attributes
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
According to the BCG matrix, products or businesses with a low share of market in a high-growth industry are considered ________.
question marks
The third part of a marketing strategy statement describes the ________ of a new product.
sales, market share, and profit goals
Which of the following is a type of off-price retailer?
warehouse club
Department stores are most likely characterized by ________.
wide varieties of product lines
Leading "big-box" stores, such as Walmart and Target, now dominate the retail scene. However, even "small-box" stores like Dollar General, are thriving in the current economic environment. All three retailers are considered ________.
discount stores
Many companies are taking a ________ approach today, viewing quality as an investment and holding quality efforts accountable for bottom-line results.
return-on-quality
When Toyota announces a product recall on its Camry model due to a faulty igniter, they are using ________ to coordinate with dealers and car owners.
reverse logistics
________ is the study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.
Demography
The ________ environment is perhaps the most dramatic force shaping the destiny of individuals and offering exciting opportunities for marketers.
technological
If a product passes both the concept test and the product test, the next step is most likely to be ________.
test marketing
Which of the following best describes a company's business portfolio?
the collection of businesses and products that make up the company
Companies have responded to consumers' back-to-basics sensibility in their lifestyle and spending patterns through ________.
value marketing
A brand's ________ is the set of benefits that it promises to deliver to consumers to satisfy their needs.
value proposition
A(n) ________ is considered a marketing intermediary.
wholesaler
American Honda purchases over $20 billion worth of auto parts and materials every year. ________ are key players in the company's success.
Suppliers
________ is the stage where a product and its proposed marketing program are introduced into realistic market settings.
Test marketing
Which of the following is true of product positioning?
To simplify the buying process, consumers are likely to position products in their minds.
________ are the form human needs take as they are shaped by culture and individual personality.
Wants
Which of the following products would the electronics company CypressSound classify as a cash cow in its BCG matrix?
Xpress — an MP3 player that has a high market share in a market that is not expected to grow significantly
Which of the following would be considered an upstream partner in a company's supply chain?
a firm that provides technical expertise in the production of a product
A shoe company's ads feature the members of a popular country music band. Product sales increase significantly among the band's fans. From the fans' viewpoint, the band is a ________.
reference group
Which of the following is most likely true about people's beliefs and values?
Core beliefs and values have a high degree of persistence.
________ refer to two or more outlets that are commonly owned and controlled.
Corporate chains
In which of the following cases 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 licensing?
Berry, a fruit juice company, uses a well-known cartoon character to promote the company's line of children's products and pays the creator of the cartoon character a fee.
BerryBerry is a fruit juice company that has traditionally sold three varieties of mixed-fruit juices: DazzleBerry, AquaBerry, and GloBerry. The company wants to add more products to its product line. In this case, which of the following is an example of co-branding by BerryBerry?
BerryBerry teams up with SFX, a sporting goods company, to introduce a line of energy bars called BerryBerry SFX.
Vertigo is an electronics company. According to the BCG matrix, which of the following products of Vertigo would most likely classify as a question mark?
Blue — a cell phone that is designed for music lovers and has a very low market share in a market that is growing steadily
________ involves enlisting or even creating opinion leaders to serve as brand ambassadors who spread the word about a company's products.
Buzz marketing
________ occurs when two established brand names of different companies are used on the same product.
Co-branding
________ is a discomfort caused by postpurchase conflict.
Cognitive dissonance
Which of the following is true of logistics?
Companies can gain a powerful competitive advantage by using improved logistics to enhance customer service or lower prices.
________ products are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
Convenience
________ is the act of obtaining a desired object from someone by offering something in return.
Exchange
Which generational group is characterized as the most educated and the least materialistic?
Generation X
Which generational group consists of the kid, teen, and tween markets?
Generation Z
Which of the following statements is most likely true about the product life cycle?
Growth is a period of rapid market acceptance and increasing profits.
Which statement is most likely true about idea generation in the new product development process?
Idea generation is usually followed by procedures that reduce the total number of ideas.
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.
________ is the process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behavior.
Market segmentation
________ are sets of interdependent organizations that help make the product or service of a company available for use by consumers or business users.
Marketing channels
________ is the art and science of choosing target markets and building profitable relationships with them.
Marketing management
Technology is a way of life for ________, the largest generational group.
Millennials
________ are defined as states of felt deprivation.
Needs
________ is the process by which people select, organize, and interpret information to form a meaningful picture of the world.
Perception
________ 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
________ segmentation factors divide buyers into different groups based on social class, lifestyle, or personality characteristics.
Psychographic
________ refers to the activities involved in selling products or services directly to final consumers for their personal, nonbusiness use.
Retailing
________ refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible.
Services
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 baby boomers?
They are the wealthiest generation in U.S. history.
Which of the following is true of perceptual positioning maps?
They are used to analyze consumer perceptions of a brand relative to competing products
BerryBerry is a fruit juice company that has traditionally sold three varieties of mixed-fruit juices: DazzleBerry, AquaBerry, and GloBerry. The company wants to add more products to its product line. Which of the following is an example of brand extension for BerryBerry?
The company introduces BerryBliss, a dried berry snack mix for kids.
Omni Healthcare's analgesic drug Cetaprin has a 40% share in the analgesics market in the country of Terrania. Its closest competitor, Febex, has a 25% share in the market, while four other analgesic brands split the remainder. Which statement indicates that Cetaprin is a cash cow according to the BCG matrix?
The demand for analgesic drugs in the Terrania market is expected to remain stable.
Which of the following is a desirable quality for a brand name?
The name should translate easily into foreign languages.
________ can describe a product class, a product form, or a brand.
The product life cycle concept
One reason demographic variables are the most popular bases for segmenting customer groups is because they ________.
are easier to measure than other variables
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
Companies that practice marketing by ________ create offerings and messages that engage consumers rather than interrupt them.
attraction
A ________ is defined as a name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.
brand
Which of the following terms is used to describe a specific mix of human traits that may be attributed to a particular brand?
brand personality
As with other types of marketers, a primary goal in wholesaling is to ________.
build value-adding customer relationships
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?
business analysis
The final step in the marketing process is ________.
capturing value from customers
A convenience store ________.
carries a limited line of high-turnover goods for consumer self-service
In the BCG matrix, ________ refer to low-growth, high-share businesses or products.
cash cows
Which term refers to a giant specialty store with a very deep assortment of a particular product line?
category killer
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
A consumer advocacy group challenges a firm's decision to build a new warehouse in a small community. The advocacy group is an example of a ________ public.
citizen-action
The stage in which product ideas are presented to groups of target consumers physically or symbolically is referred to as ________.
concept testing
Marketers are said to suffer from marketing myopia when they ignore underlying consumer needs and focus excessively on ________.
consumers' existing wants
Evans and Hills, a beverages manufacturing company, has developed a new line of specialty teas and is seeking regular input from the test marketing process. To facilitate this process, the firm uses BuyerScan, a software that generates store-by-store, week-by-week reports on the actual sales of tested products and the impact of in-store and in-home marketing efforts. Which of the following approaches does this scenario illustrate?
controlled test markets
In terms of packaging functions, Tiffany & Co.'s robin egg blue boxes ________.
create immediate consumer recognition
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction is referred to as ________.
customer relationship management
Due to the limitations of the BCG and other formal portfolio planning models, many companies are placing responsibility for strategic planning in the hands of cross-functional teams of divisional managers who are close to their markets. In such organizations, strategic planning is ________.
decentralized
Abel now has the buying power to purchase the computer that he wanted to buy six months ago. Abel's want has most likely become a ________.
demand
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
Pediacertain Pet Supplies, a pet-food company, divides the pet market according to the pet owners' gender, occupation, income, and family life cycle. In this case, which of the following variables has the company used for market segmentation?
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
Corning produces Gorilla Glass screens that are used in the production of laptops, tablets, and smartphones. Corning promotes its product to final consumers to increase business demand for digital devices made with the specialized, toughened glass. This illustrates ________.
derived demand
Fred's faith in Asics, his favorite brand of running shoes, makes him consider other offerings introduced by Asics. Fred is not a risk-taker, and he tends to evaluate each new product carefully before adopting it. Fred is an opinion leader in his social networking community and best described as a(n) ________.
early adopter
Danko International is a multinational company that targets the BRIC countries (Brazil, Russia, India, and China) because they're fast-growing developing economies and use ________ to segment its world markets.
economic factors
Brands vary in the amount of power and value they hold in the marketplace. Iconic brands like Apple, Google, and Harley-Davidson have achieved substantial brand ________.
equity
Devon is in the market for a new car. She is seriously considering either a Honda Civic or Toyota Corolla because they both have excellent quality and safety ratings and are comparable in price. Devon is in the ________ stage of the buyer decision process.
evaluation of alternatives
Dina loves branded apparel and accessories but cannot afford to buy them too often. Fortunately, Dina lives close to an off-price retail store that is owned and operated by a famous brand. The company utilizes this store to sell its surplus, discontinued, or irregular goods at significantly lower costs. The retail store is best referred to as a ________.
factory outlet
Parvon, a cleaning product, is in the maturity stage of the product life cycle, and Parvon managers have decided to modify the market. Which of the following steps should Parvon managers most likely take to achieve this goal?
find new market segments for the brand
Reseller markets consist of ________.
firms that buy goods and services to sell at a profit
Which contractual system is distinguished by the fact that it is normally based on some unique product or service; method of doing business; or trade name, goodwill, or patent that has been developed?
franchise
Which types of stores are characterized by specialty goods for which customers need assistance and higher operating costs that are passed along to customers as higher prices?
full-service stores
Compared with undifferentiated marketing, differentiated marketing is more likely to lead to ________.
higher costs of doing business
The new product development process usually starts with ________.
idea generation
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 steps of the new product development process would most likely use an R-W-W framework?
idea screening
The distinctive yellow and blue "hands held high" logo of a local daycare distinguishes it from other establishments. The logo is prominently displayed on its building, t-shirts worn by the children, and at fundraising events. The daycare has differentiated itself through ________.
image
Which type of market segmentation is generally used by marketers who sell luxury products targeted to the affluent segments of a population?
income
All the institutions in a channel are connected by several types of flows. When a retailer conveys to a wholesaler that a new line of hip-hop clothing is not selling, this is an example of ________.
information flow
Producers of popular beverages often partner with global music channels to target consumers through a variety of promotional events and advertisements. This approach to marketing is referred to as ________ segmentation.
intermarket
A successful niche marketing strategy relies on a firm's ________.
knowledge of customer needs
Which of the following is a psychographic characteristic of a consumer?
lifestyle
Non-Dairy Delight, a manufacturer of soy milk, attracts new customers by adding cinnamon, pumpkin, and vanilla flavors to its traditional product. In this case, the company has developed its brand with ________.
line extensions
Imaginative Web sites, smartphone apps, and social media allow marketers to deliver messages that are direct and personal so consumers can ________.
live the brand
In the BCG growth-share matrix, question marks refer to products or businesses with a ________.
low market share in a market with high growth prospects
Demographic, economic, natural, technological, political, and cultural forces form the ________ of an organization.
macroenvironment
The two dimensions the BCG approach uses to evaluate and manage SBUs are ________.
market growth rate and relative market share
Consumers' needs and wants are fulfilled through ________.
market offerings
Which of the following is the right order of the steps that companies generally follow in designing a customer-driven marketing strategy?
market segmentation, market targeting, differentiation, and positioning
Doggie World concept tested an idea for a new chew toy that would entertain dogs while simultaneously cleaning their teeth. Dog owners were pleased with the results. The next stage in developing the new product concept is ________.
marketing strategy development
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 product life cycle.
maturity
The practice of tailoring products and marketing programs to suit the tastes of specific individuals and locations is referred to as ________.
micromarketing
A ________ is purposeful, specifying what an organization wants to accomplish in the larger environment.
mission statement
A business buyer is considering a change in product specifications, terms, and possibly suppliers. This buying situation is referred to as a(n) ________.
modified rebuy
Appliances Galore is continually updating its line of refrigerators to reflect market trends and customer needs. Although the product class is in the maturity stage of the product life cycle, they maintain healthy sales of their line of refrigerators by continually ________.
modifying the product
Sportware, a leading shoe manufacturer, markets sneakers under the brand name "Athletix" and dress shoes under the brand name "Cameo" in order to target the two different market segments. What branding strategy is most likely being used by Sportware?
multibrands
Gold Class Electricals, a consumer-electronics firm, targets market segments based on factors such as country, age, social class, usage rate, and benefits sought. The company divides its markets based on ________.
multiple segmentation bases
Xenon, a leading consumer-electronics manufacturing company, markets its products under the company's own brand name. In this case, Xenon has sponsored its products by promoting them as ________ brands.
national
Which of the following is the first stage of the buyer decision process?
need recognition
Product mix width refers to the ________.
number of different product lines the company carries
Bakeries and coffee bistros that offer pumpkin-flavored items only during the autumn season target their consumers primarily through ________ segmentation.
occasion
Zeal is a popular automobile brand, and its positioning statement is: "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?
point of difference
Fred's, a national supermarket chain, sells its own brand of items across all categories. Such items are considered ________ brands.
private
A detailed version of a product idea stated in meaningful consumer terms is a ________.
product concept
Taco Bell test marketed Doritos Locos Tacos for three years and developed 45 prototypes. Once the decision was made to launch the new taco shell, it moved into the ________ stage of the new product development process.
product development
Clorox sells five major product lines including cleaning, household, lifestyle, professional, and international. Together the product lines make up Clorox's ________.
product mix
During which stage of the business buying decision process is a buyer most likely to conduct value analysis by carefully studying components to determine if they can be redesigned, standardized, or made less expensively?
product specification
PC manufacturer, Lenovo, focuses on low labor costs and mass distribution to ensure the continuous availability of its products at reasonable prices. Lenovo most likely follows the ________.
production concept
Outbound logistics refers to moving ________.
products from the factory to resellers and ultimately to customers
Which of the following needs in Maslow's hierarchy is generally satisfied last?
self-actualization
Hallmark's classic "When you care enough to send the very best" slogan appeals to which need category in Maslow's hierarchy?
social
The American Tie Company, a necktie retailer, offers a deep assortment of men's neckties. The American Tie Company is best described as a(n) ________.
specialty store
According to the BCG matrix, products or businesses with a high market share in a high-growth market are classified as ________.
stars
Colonial furniture has been in existence since the 1600s and continues to adorn homes today. According to the product life cycle concept, it would be described as a ________.
style
When a market segment is large or profitable enough to serve, it is termed ________.
substantial
Which type of retailer is much larger than a regular supermarket and offers a large assortment of routinely purchased food products, nonfood items, and services?
superstores
A company's external sources of new product ideas include its ________.
suppliers
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 management
The first part of a marketing strategy statement describes the ________ of a new product.
target market, planned value proposition, and sales goals
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?
the desire for having beautiful eyes
Which of the following is part of the microenvironment of a firm's marketing environment?
the suppliers who work with the company
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
The responsibility for setting a company's mission, objectives, broad strategies, and policies primarily lies with its ________.
top management
Many marketers now embrace a ________ strategy, integrating ethnic and cross-cultural perspectives within their mainstream marketing.
total market
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 where firms target a whole market based on common consumer needs?
undifferentiated marketing
Fads are characterized by their ________.
unusually high sales and rapid decline
Shampoo marketers segment buyers as light, medium, or heavy product users. This is an example of ________ segmentation.
usage rate
